What is up with the KYC on primal soap wallet? Anyone else using it? What are the downsides? #asknostr
Discussion
Primal's built-in wallet is being provided by Strike, a regulated business due to touching the fiat financial system. Additionally, the wallet is an on-ramp to purchase Bitcoin, so it will absolutely be KYC.
Good news is, you don't need to use the built in wallet if you don't want, and if you are on Android, you can even connect another wallet you already use if it is Nostr Wallet Connect enabled.
It's KYC and custodial. What more downsides do you need?
I didn’t know how they were doing it and you are correct about custodial being a downside. A big one.
Custodial is actually more common than not for a zap wallet, as running Lightning is nontrivial. Being KYC is the bigger issue.
It goes with being an onramp so more power to that mission. But if you know enough to be asking the questions you probably know enough to go with another option, too.
Didnt know Strike was on the backend. Love them as an exchange. I'd just as soon keep my exchange and my zaps separate.