The Tuyo project has unveiled its self-custodial cryptocurrency storage app, aimed at the DeFi sector.
Crypto shouldn’t be so painful, it’s time to start over
Introducing Tuyo: the all-in-one crypto app that puts power into your hands
Details on how to get early access at the end of the thread ? pic.twitter.com/0huvIdL1ny
— Tuyo (@itstuyo) May 7, 2024
The solution is positioned as a next-generation non-custodial wallet, combining the convenience of centralized exchanges with user freedom “without any compromises.”
According to The Block, Tuyo was created by Jorge Izquierdo, co-founder of the DAO-focused and decentralized governance project Aragon, and Alejandro Perespaya, former head of digital products at Allfunds.
The creators noted that most novice cryptocurrency investors start and end their journey on CEX due to the simplicity and ease of use of centralized platforms.
Therefore, the developers of Tuyo aimed to free users from unnecessary technical details. They claim to have simplified on-chain operations while providing access to DeFi services like yield farming.
“The idea is to build a ‘golden cage’ where even if users keep cryptocurrency under self-custody, they won’t face many complexities,” Izquierdo noted.
He acknowledged that the implementation of the solution became possible only as segments like stablecoins, L2 protocols, decentralized exchanges, and new technologies matured.
For instance, the use of account abstraction eliminates the complexities of interacting with multiple networks for the user. The wallet operates with Ethereum, Optimism, Arbitrum, and Base, but does not burden the owner with cross-chain transaction processes, handling everything independently, Izquierdo emphasized.
For three months, the app operated in a closed beta testing mode. Now, the project has opened a waiting list from which users will be invited in order.
Wider access to the wallet is planned for autumn 2024. By that time, the founders of Tuyo aim to have it added to mobile app stores.
In April, the centralized exchange Kraken launched a non-custodial crypto wallet.