In this guide, we’ll walk you through the process of transferring your assets from Proton Wallet to Coin Wallet. This step can be particularly beneficial if you’re exploring alternative, reliable applications for managing your cryptocurrencies.
Understanding Self-Custodial Wallets in Switzerland
Proton Wallet operates as a self-custodial wallet based in Switzerland, a nation known for its supportive stance toward cryptocurrency. Notably, Proton Wallet exclusively supports Bitcoin, allowing users to transfer only Bitcoin to Coin Wallet.
The Proton team highlights that this exclusivity enhances your privacy, keeping your data, including transaction records, safeguarded by stringent Swiss privacy laws.
Switzerland is recognized as one of Europe’s most crypto-friendly countries. For instance, residents in towns like Zug can use Bitcoin for municipal services, earning the area its reputation as “Crypto Valley.”
Furthermore, Switzerland categorizes non-custodial wallets as non-licensable entities, as they do not manage or store customer funds. The Swiss Financial Market Supervisory Authority (FINMA) only regulates platforms that have custodial access to customer assets. Proton Wallet exemplifies a non-custodial solution: it neither holds customer funds nor intermediates transactions between users.
However, keep in mind that the MiCA regulations apply throughout the European Union. Therefore, while your privacy is generally respected, certain legal frameworks compel official platforms to store and potentially disclose your data if necessary.
The Migration Process: A Unique Insight
During our exploration of migrating from Proton Wallet to other wallets, we noted an interesting aspect.
As a self-custodial wallet, Proton usually does not necessitate personal information, unlike many platforms. Coin Wallet, for instance, does not request your email, name, location, or phone number. In contrast, registering with Proton Wallet entails entering your personal email address to create an account.
Interestingly, Coin Wallet features a unique “Bitcoin via Email” functionality. This allows users to send and receive Bitcoin using just their email addresses. Each transaction is secured with PGP signatures, enhancing privacy and complicating efforts to link transactions.
Steps to Migrate from Proton Wallet
To successfully migrate from Proton to Coin Wallet, you’ll first need your seed phrase. Here’s how to locate it:
- Open the Proton app and click on Settings (the gear icon).
- Select View wallet seed phrase and confirm your action.
- Input your password and click on Authentication.
- Write down your seed phrase manually. Remember, any attempts to screenshot it will result in a black screen.
Setting Up Coin Wallet
Next, download the Coin Wallet application from the App Store, Google Play, or access it via desktop. Once installed, choose the option Open existing wallet.
- Input the seed phrase you retrieved from Proton and click Confirm.
- Set up a PIN and activate Face ID for enhanced security.
- Congratulations! You have successfully transitioned to Coin Wallet.
Our tests indicate that the derivation paths are compatible, exempting you from needing to enter them manually. If you encounter any difficulties, feel free to reach out to support@coin.space.
We’re thrilled to have you on this journey with us! 💚
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