Introduction to Keyless Wallets
A Keyless Wallet is a specialized cryptocurrency wallet that leverages Multi-Party Computation (MPC) technology. Unlike traditional wallets, it distributes key generation and storage across multiple parties, ensuring no single point of failure while maintaining confidentiality. This approach enhances security and resilience against threats through decentralized collaboration.
Supported Functions
| Function | Description |
|---|---|
| Secure Holdings | Safeguard long-term assets with self-custody, send/receive tokens securely. |
| DApp Interaction | Seamlessly use dApps without exposing private keys. |
| Daily Transactions | Manage everyday crypto transactions effortlessly. |
👉 Discover advanced Web3 security solutions
Coming Soon:
- IDO participation
- Staking via Bybit Web3
How to Set Up a Keyless Wallet
Currently, Keyless Wallets are exclusive to the Bybit App (mobile). However, you can connect to dApps on PC via WalletConnect.
Step-by-Step Guide
1. Create a Keyless Wallet
Scenario A: No existing wallet connected to Bybit Web3.
- Open the Bybit App (v4.33.0+).
- Navigate to Web3 → Create a Bybit Wallet → Keyless Wallet.
- Set a wallet password (store securely; Bybit cannot recover it).
- Tap Create Now.
Scenario B: Already connected a wallet to Bybit Web3.
- In your Bybit Wallet, select Add Wallet(s) → Create Wallet → Keyless Wallet.
- Set a password and confirm.
- Tap Create Now.
2. Back Up Your Wallet
- Go to Wallet Backup in your Keyless Wallet profile.
- Enter your password → Confirm.
- Choose a cloud drive (e.g., Google Drive, iCloud).
- Set a recovery password (backup this securely).
- Log in to your cloud drive to complete backup.
Note: Backup files are labeled “DO NOT DELETE Bybit Wallet Backup”.
3. Import an Existing Wallet
- Go to Web3 → Import Existing Wallet → Keyless Wallet.
- Set a new device password.
- Select the cloud backup and enter your recovery password.
- Confirm to restore.
Critical Notes:
- Recovery passwords cannot be reset.
- Deleting cloud backups permanently deletes your wallet.
4. Reset Wallet Password
- Uninstall and reinstall the Bybit App.
- Re-import your wallet with a new password (recovery password remains unchanged).
👉 Learn more about secure key management
FAQs
Q1: Is a Keyless Wallet safer than traditional wallets?
A: Yes. MPC technology eliminates single-point vulnerabilities by distributing key management.
Q2: Can I use Keyless Wallet on desktop?
A: Indirectly via WalletConnect to dApps. Full functionality requires the Bybit mobile app.
Q3: What if I lose my recovery password?
A: Bybit cannot restore it. Always back up passwords securely.
Q4: Are there fees for using Keyless Wallet?
A: No additional fees beyond standard blockchain transaction costs.
Q5: When will staking be available?
A: Follow Bybit Web3 updates for IDO and staking announcements.
Conclusion
Keyless Wallets redefine secure, convenient crypto management with cutting-edge MPC technology. Bybit’s integration ensures easy setup, robust backups, and hass-free recovery—ideal for both beginners and seasoned users.
Ready to upgrade your security?