With Sling Money, you own and control the money in your wallet. Access to your wallet is controlled using a private key from a secure enclave (iPhone) or a trusted execution environment (TEE) (Android).
This key is securely generated and stored on your phone, and is protected by your phone’s unique cryptographic security system and your biometrics (Face ID or fingerprints).
You will receive a key when signing up for a Sling Money account. Your key is backed up in an encrypted form in case you lose your phone. This is done in partnership with a company called Evervault, a provider of secure computation services, to support the encryption and backup of your private key.
Your Evervault account backup is secured using the same account details you used to sign up for Sling Money.
Your private key is the only way to access your wallet. No one other than you can access your key, including Sling Money. This means that you are always in control of your wallet. Wallets that work like this are known as self-custody wallets.