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Crypto wallet: What is it and how does it work?

January 7, 2022

A crypto wallet is a digital storage for cryptocurrency, and gives the user access to their digital assets for transactions. The first crypto wallet was created by Satoshi Nakamoto, the brain behind the revolutionary cryptocurrency Bitcoin. This was the wallet that held the very first Bitcoin in 2009. The technology that brought about Bitcoin, Blockchain technology, eventually evolved into an industry that today accounts for millions of digital wallets. The only way to receive cryptocurrency is through your wallet address which sits on a particular blockchain. This is done by simply giving the sender your crypto wallet address. 

* All content presented here is only for informational purposes. It is not to be used as financial, trading or any other sort of advice or endorsement. It is not to be used as a basis for decisions on any monetary operations. Past performance of any assets mentioned is not necessarily indicative of future performance.

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Automata ICO Ltd

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Automata ICO Limited, Reg number 690280 and incorporated in Ireland has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS. It is important to note that a registration as a VASP is a registration for Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) purposes only. While Automata ICO Limited does have certain financial crime control obligations under this registration, cryptoasset services remain largely unregulated. The Financial Ombudsman Service or the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Automata ICO Limited.

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