With Sling Money, you own and control the funds in your wallet. Access to your wallet is controlled using a secure enclave if you use an iPhone and a trusted execution environment (TEE) if you are using Android that is securely generated and stored on your phone, protected by your phone’s unique cryptographic security system and your biometrics or PIN code.

When you generate your keys and sign up for a Sling Money account, your keys are 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 you used to sign up to Sling Money.

Your wallet can only be accessed with this private key, and no one other than you can access it, including Sling Money. This means you are always in control of your wallet. Wallets that work like this are known as “self-custody” wallets.