Venly Wallet Review 2023: Is Venly Wallet Safe?
What is Venly Wallet?
Venly is Belgium-based and was launched on the Polygon (MATIC) NFT marketplace in February 2021. Initially, it was named the Arkane network blockchain tech provider, and NFT stands for Non-Fungible Tokens. Venly wallet is a multi-blockchain wallet provider that creates an open network among ecosystems, apps, and individuals. Venly Wallet offers wallets, NFT tools, an NFT marketplace, and applications where customers can tap into a new revenue system without needing blockchain engineering.
Venly Wallet Summary
| Official Website | https://www.venly.io/ |
| Wallet name | Venly Wallet |
| Type of Wallet | Digital Wallet |
| Coins Accepted | 12+ like BTC, LTC, HBAR, MATIC, and more |
| Native Token | No |
| Linked Exchange | Yes |
| Supported Hardware Wallet | No |
| Supported Countries | Most of All |
| Languages | English |
| Charges | There are 4 Cateogory of fees:- Free – $0/month Developer – $49/month Pro – $149/month Enterprise – On Demand |
| Mobile App | Yes |
| Cloud Storage | Yes |
| Cold Storage | No |
| Customer Support | Live Chat & Help Center Support |
Venly market supports the largest blockchain layers to offer a set of products related to blockchain as per our research and many Venly wallet reviews. It also concentrates on Non-Fungible Tokens, NFT collectibles, and fungible tokens. It partners with Binance, Polygon, Hedera, and Avalanche to carry out its functions. Using this powerful wallet, users have trustworthy partners, and they can take advantage of minting. They can use Venly market APIs to scale their blockchain project. It also offers a community governance program for its users.
How Does Venly Wallet Work?
Venly is based on Ethereum, Binance Smart Chain, and Polygon blockchains. It is described as a preferred partner by the Polygon network and the Binance Smart Chain. There are several ways in which users can pay and interact by using cryptocurrencies.
Venly provides marketplace services that help blockchain projects integrate with the customer by offering blockchain-agnostic wallets in both the primary market and secondary market.
As per reviews, Venly marketplace business information can be accessed on mobile, desktop, and web browsers. Users can use the widget integration solution to bridge the current dApps and work closely with cryptocurrencies.
If the team wishes to utilize the platform’s customized service, it offers a platform, and the user experience can be customized completely. Venly provides full-potential serverless developer tools. API features allow its users to adapt to its different metrics, including prices. Venly’s features will provide businesses and users the opportunity and freedom to adjust to the metrics for NFTs, meeting their demands with market demands.
Key Features of Venly Wallet
Founded in 2018, Venly was initially known as Arkane network, and it is a blockchain technology provider that focuses on important features such as:-
Powerful Services
Venly Wallet is one of the top crypto wallets and provides powerful services, thereby helping blockchain projects onboard their customers by offering blockchain agonistic wallets.
P2P Marketplace
Venly market is often referred to as a peer-to-peer NFT marketplace. Through Venly Market APIs, the client can create an NFT marketplace (non-fungible token) backed by blockchain technology.
Create Secured Projects
Venly market provides NFT (non-fungible tokens) tools, the right tools that are needed to create fast and secured projects on its platform. It provides mining tools for complete asset management that will help webshop plugins or Unity scale faster.
Global Infrastructure
One of the main features of Venly is that it offers global infrastructure, Twilio Build, customizable API (application programming interface), and interoperability for wallets, upcoming chains, and the marketplace.
Effective dApps
Through vendor plugins and its dApps, users are provided opportunities in distributing, minting, and storing NFTs.
Is Venly Wallet Trustworthy?
Each Venly crypto wallet account is designed to manage digital assets over 12 major blockchains. Further, the vast interoperability makes this platform the most preferred platform for NFTs (non-fungible tokens).
Venly is safe and secure, and it permits multi-factor authentication. As per several reviews, Venly provides security by partnering with experienced providers like Blockrocket, which helps in developing secure enterprise custody solutions. It is highly secured for Greenpeace and facilitating donations.
Services Offered by Venly Wallet
Fastest Smart Contract
As per reviews, one of the fastest smart contracts platforms to use blockchain is Avalanche. It is measured through time-to-finality and has numerous validators that secure its activity on its proof-of-stake protocol. Avalanche protocol is low-cost, green, and blazing fast. Any smart contract-enabled app can beat its competition by using Avalanche.
Wide Variety of Games
Venly market houses more than 100K games in its ecosystem and it has more than 5 million USD assets in its custody.
Incredible Uses
Game creators can use the Venly market to create and manage the NFT (non-fungible tokens) and monetize the digital game’s assets. It also permits individual NFTs creators to sign up as verified sellers to sell NFTs and other assets.
Marketplace
Further non-fungible token or NFT auctions and trading can be carried out on the Venly market on upcoming chains like the Ethereum blockchain, the Matic chain, and the Binance Smart Chain.
Is Venly Wallet Free to Use?
Venly has become a trusted global leader by offering information on several blockchain wallet integrations and numerous use cases for wallet integration and non fungible tokens nfts.
The software developed by the platform has served potential companies for integrating blockchain technology in their dApps (decentralized apps) effortlessly. Venly marketplace information can be accessed on mobile, web browsers, and desktops.
It helps users implement widget integrated integration solutions and bridge the existing dApps to collaborate with digital assets. As per reviews, Venly software has a free version and the pricing starts from $0/month.
Venly Wallet Review: Pros and Cons
Pros
Great Opportunity
Venly software provides an opportunity for the users to view the cryptocurrencies, tokens, and crypto-collectibles received from different blockchains like Bitcoin, Vechain, Ethereum, Litecoin, Tron, Gochain, NEO, Aeternity, etc.
Desktop Interface
As per reviews, Venly provides a desktop interface that works on mobile devices. The client needs a web browser or a PC to use Venly. They do not have to add the phone number for accessing two-factor authentication as it uses pin code for security purposes.
Private Keys
Venly does not ask its users to store their private keys for seed words. This is considered one of the major advantages of Venly.
Cons
Even though Venly software offers huge advantages like nfts, mobile wallets, collectibles, users need not worry about any hacking or physical theft of their seed words. Because of this, users have to be cautious about their highly valuable crypto-collectibles and use traditional wallets to sell assets or collectibles. For new users who have small crypto-collectibles, this marketplace is more than enough for their business.
Getting Started with Venly Wallet
As per many reviews, creating an account with Venly is very easy and the user should offer their social account details by providing their email address. After creating the Venly account, the customer can import or create a wallet from any of the supporting blockchain networks.
Here are the few steps to create an account with Venly:-
- They need to visit the official website of Venly NFT marketplace and click on the “My Wallet” option seen on the top corner of the page. When they click on the button, the app redirects the users to the page to install the wallet.
- The customer can also create an account through their Facebook, Google, or Twitter account. If they have an email account, they can use it to open an account.
- If the customer uses their email id, they need to choose a valid password. Venly sends a verification code to the registered email address. After that, they should enter the code to verify their email.
- When the verification is done, the app asks the customer to set up a master pin consisting of 4 to 6 digits. When this step is completed the customer is offered a new Venly account.
- Setting up the wallet is the next step. For setting up a new wallet the customer should choose the network.
- Moreover, users are offered two options for setting up. The first option is to create a wallet and the other one is to import the wallet.
- The customer can choose the option to create a wallet; if they are a new customer, they can choose the import wallet option to import their existing wallet from other devices.
- If the client wants to create a new one, they can click the new wallet option and enter their master pin. When the pin is entered, a wallet is created for the user.
- As far as security is concerned, Venly takes the help of ethical hackers to test their defenses daily instead of assuming they are secured.
Pricing and Fees of Venly Wallet
As per several reviews, in the beta phase, the Venly market charges a commission of 2% per sale which might increase after beta to 4% to sell NFTs, collectibles, and other assets.
It also charges an extra 1% of the earnings on the item sold through the secondary market; profit can be earned from network effect and they can also receive royalty fees.
For example, if the customer is transacting NFT products from an NFT marketplace that has a value of 96 USD at Venly, then the buyer should pay 100 USD for the products to carry out the primary market transaction.
If the transaction takes place in the secondary market an NFT value worth 95 USD will cause the buyer 100 USD which is 5%.
Venly Wallet Supported Coins
Venly Wallet was named as Arkane network earlier. It is a well-known multi-blockchain wallet that helps its users manage their digital assets like tokens with various blockchains through their single account. Further, it supports several blockchains that include Bitcoin, Litecoin, Ethereum, Hedera, Polygon, etc.
Venly Wallet Mobile App
Venly can be accessed on the mobile, web browser, and desktop. Customers are offered widget integration solutions and it helps them close the gap between existing dApps. It also helps them interact with other cryptocurrencies and digital items.
User experience can be customizable if the customer wants it. Venly integrated API features help clients to adjust them to various metrics, including prices. Some of these features will help the user and other businesses the flexibility for adjusting to meet their demands of the market.
Comparison of Venly Wallet with Other Wallets
Several cryptocurrency wallet services available in the market offer new opportunities and solutions. Venly is one of them. It provides several things like outstanding features when compared with other wallets. One of the major advantages of using Venly marketplace solutions is it is reliable and easy to use where you can sell your NFTs without any hassle.
Here are a few comparisons between Venly wallets and other wallets:-
Coinbase
Coinbase is one of the most popular exchanges and provides a Coinbase wallet for its customers. The user can buy, sell, trade different tokens like Bitcoin, Ethereum, Litecoin, etc.
MyEtherWallet
Ethereum has a wallet – known as MyEtherWallet which is a client-side tool and an open-source platform where the user can interact on the blockchain.
StakedWallet.io
StakedWallet.io is a new generation cryptocurrency wallet that permits its user to earn using a proof-of-stake mechanism. It also provides new opportunities and services for its user to exchange cryptocurrencies, a bounty program, a community governance program, and a 5-level referral program.
Jaxx
Jaxx is a well-known wallet that can be used for storing tokens, Bitcoin, ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Dash, Zcash. It has a long list of cryptocurrencies, digital and other items, and blockchain assets. It helps the user to spend, trade, and receive cryptocurrencies using its platform.
Has Venly Wallet Got Hacked Before?
Venly provides its services where it has not been hacked or exploited. Venly marketplace can manage different digital items over 12 blockchains. The interoperability makes the Venly market the best place for NFTs (non-fungible tokens) and businesses. It is secure, safe, and allows multi-factor authentication. It provides strict security as per industry standards and has partnered with different providers for developing secure enterprise solutions for the future.
Venly Wallet Security
Venly encrypts its user’s private key through a Keystore and a password that uses 128-bit encryption. The password is divided into three parts through a secret sharing algorithm. The user’s part is once again encrypted through a pin code.
The three parts are stored in a vault and it is again encrypted for the second or third time. Further, it also uses access control policies to restrict the access of employees through a password. But through cloud wallets, a hacker can get access to the funds if they get the user’s registered email, password, and pin. Venly provides the best security possible for its client and it stores users’ private keys in the cloud.
Venly Wallet Customer Support
Venly market offers an ideal customer experience and dedicated customer support through live chat and FAQs. The customer can chat with customer support or send an email describing their queries. It has a live chat support option on its home page where the client can get answers directly.
Venly Wallet Reviews: Bottom Line
To conclude, Venly market is a multi-blockchain crypto community-owned NFT marketplace and it helps clients to feature their NFT marketplace with their 200k users on its market. It helps the NFT marketplace (NFT stands for non-fungible tokens) to become mainstream and it is offered for free, where the buyer need not pay in crypto or fiat. Venly market allows its user to pay through credit cards, Paypal, and stablecoins.
The customer can sell the NFTs in the NFT marketplace through the Venly wallet or Metamask. The wallet is highly secure and safe. It allows multi-factor authentication and has partnered with industry-leading secure enterprise custody wallet solutions like Blockrocket. It also supports Greenpeace for facilitating donations.
FAQs
Can I Use the Venly Wallet for Bulk Payments?
Numerous NFT marketplaces in the market accept deposits, withdrawals, and payments through debit or credit cards. Some of them even accept PayPal. Venly accepts all of these. This implies that users can purchase in a community-owned NFT marketplace using their currency and sell their NFTs anytime, withdrawing their earnings using their debit or credit cards. When compared with other NFT marketplaces, this is one of the most advantageous features offered by Venly.
What Type of Wallet the Venly Wallet Is?
As per their website, Venly is a multi-blockchain wallet that helps clients to build or create an open network among ecosystems and dApps. Venly is the first P2P marketplace on Binance smart chain, Polygon, Hedera, and Avalanche.
Is Venly Wallet a Good Crypto Wallet?
The interoperability makes the Venly market the best place for NFTs and businesses. It is highly secured and safe and it permits the users to add multi-factor authentication. It also provides tight security and it has associated itself with some of the industry-leading partners like Blockrocket that helps Venly to develop safe secure enterprise custody wallet provider solutions.
Is Venly Wallet Anonymous?
According to several reviews, Venly supports anonymity and more than 10 blockchains. This marketplace is used by over 200K users. The marketplace is developed by associating with experienced partners such as Blockrocket where it provides a 100% secured and complete solution for its users.
Is Venly Wallet Easy to Use?
It is easy to create a wallet where the users can make use of this wallet if they want to play games, even though they do not require prior knowledge about products or blockchain. Further, it is very easy to use the wallet, even if they are a new customer.