What is Krystal Wallet? How to install and use it

What is Krystal Wallet? How to register and use this type of e-wallet? What are the outstanding advantages of the platform? What does it have that attracts lots of investors? BHO Network will help you answer all your questions about Krystal Wallet in the article below right now!

Read more: What is a crypto wallet? All you need to know about crypto wallets

1. What is Krystal Wallet?

Krystal - a technology platform developed in the direction of All-in-one, focusing on decentralized wallets. Standard features in DeFi such as Swap, Lending and the ability to support Multi-chain are also integrated.

Krystal's primary purpose will be to enhance the customer experience. Users can do all the work with just one app without moving assets elsewhere.

2. Advantages of Krystal wallet

Krystal's development team also built Kyber Network - one of the most successful projects in Vietnam. This explains why the product has many amazing benefits. Specifically:

• Krystal Wallet has a lot of functions in DeFi, such as Wallet, Lending or AMM, etc. Therefore, all users' jobs can be handled right on the application without moving other assets.
• Krystal chose to be Aggregator instead of AMM to get more liquidity, helping when swapping large orders and avoiding slippage.
• Besides, Krystal is a Non-custodial wallet - an electronic wallet that does not hold customer assets. This helps users avoid the effects or losses of having passive investments. A big plus compared to transferring money to exchanges, where assets are easily lost when the market fluctuates or the exchange is hacked or maintained.

3. Some notable features of the Krystal wallet

It is a project that has raised capital of 6.6M USD from famous funds in Crypto. Some can be mentioned, such as Hashed or Crypto.com. So what made Krystal have such high expectations? Let's look at some outstanding features of this platform.

3.1 Administration features

Watch Wallet (wallet tracking) and Import Wallet (wallet creation/restore) are two outstanding administrative features of the Krystal wallet. For Watch Wallet, customers can track assets most comprehensively. In addition, users can create or link Krystal with wallets supported by the platform through the Import Wallet function.

3.2 Swap feature

Krystal was developed to connect to various liquidity protocols running on multiple separate chains such as Kyber Network, Uniswap, Quickswap, or PancakeSwap. From there, players are allowed to trade with more token swaps. In the future, the platform is expected to support and integrate more protocols to bring the best exchange rate to users.

3.3 Earn

The Earn feature is developed to help customers access savings platforms such as Aave, Compound or Venus on the Krystal application. Each application will have different interest rates for users according to their needs.

3.4 Krystal Points Accumulating Points

Another unique feature of the product is that users can accumulate points through successful transactions made on the wallet. This Krystal accumulation can be converted into the chain's token that the player is using.

Read more: What is Blockchain wallet? How to use Blockchain wallet

4. How to install and create a Krystal wallet

Like other technology products, users need to learn how to register for a Krystal wallet to get started. Here are the specific steps to install and create a new wallet:

4.1 Step 1: Download Krystal wallet

Currently, Krystal has developed both Web and Mobile apps. Therefore, users can download the wallet on the Website or on mobile phones with iOS or Android operating systems.

4.2 Step 2: Create or restore Krystal wallet

After downloading the application to your computer/phone, users can create a new account by selecting "Create Wallet" or "Import Wallet, to initialize the wallet.

If the user already has an account, you need to restore the wallet to keep using it:

• Select "Import Wallet."
• Displaying on the screen are three recovery methods: JSON file (usually this method will be for those who save files on the computer), Private Keys and Seeds (12-character passphrase). Here, we will give an example of how to recover 12 characters.
• Click on the Seeds section.
• Enter the 12-character passphrase in the "Enter your seeds" box.
• Put the wallet name in the "Name of your wallet" box.
• Enter the referral code in the box "Paste your referral code."
• Select Connect to complete the restore process.

If using the platform for the first time, users need to create a new wallet:

• Select "Create Wallet."
• Enter the referral code in the "Paste your Referral Code" field
• Select "Confirm."

After completing the entry of the referral code, the interface will display the Passphrase to Backup Key. Since the passphrase is required information to complete the process of creating a new e-wallet, you need to write it down on paper to avoid forgetting or confusion.

First, the wallet will show 12 divided equally among three turns. Each turn takes four words. After each turn, select "Next" to continue if you have finished saving. After saving the above 12-word order, Krystal will test the user again with two characters with corresponding positions.

As the example in the picture, at position 3, you enter text in the box "Word #3" and position 7 in the box "Word #7", then click Continue to finish.

4.3 Step 3: Activate the security pin

After saving and checking the passphrase, the user needs to create a security PIN with six numbers to complete creating a new wallet at Krystal.

5. How to use the Krystal wallet

What are the specific features of the wallet? In the next part of the article, let's learn and go through the instructions for using the Krystal wallet.

5.1 Top-up and transfer

The way to top up and transfer money on Krystal App is pretty simple:

• Top-up: Users click on "Receive" and then press "Copy" or "Scan QR," then top up the wallet to complete the payment.
• Transfer money: You choose the Chain wallet and enter all information about the amount, the receiving wallet address, customize the gas fee and finally press "Transfer" to transfer money.

5.2 Dashboard

At the main interface of the dashboard, users can get the wallet's balance. You can still switch which one to track if you have multiple wallets in different Chains. Currently, Krystal supports 4 Blockchains: Ethereum, BSC, Avalanche and Polygon.

The dashboard includes eight main functions:

• Change between Blockchains.
• Select a wallet containing assets.
• Receive section.
• Transfer section.
• Wallet Details (3 dots icon above): where to adjust the functions.
  • Change Currency: Change the display currency.
  • Copy Address: Copy the wallet address.
  • Share Address: Share the wallet address.
  • Rename Wallet: Rename the wallet.
  • Show history: Show transaction history.
  • Export Wallet: This allows the wallet to export Private keys and essential information for recovering users' wallets.
  • Delete: Delete the wallet.
  • Etherscan: The user tracks the transactions of the wallet address in use.
• Tokens Data (3-dot icon below): You can select what to track:
  • Show supply: The money customers provide to the project in the Earn section.
  • Show Asset: Existing assets.
  • Show NFT: Show NFTs Tokens.
  • Show Market: Monitor Crypto prices.
  • Favourite: List of Tokens put into choices and preferences.
• Notifications: Where to display important information.
• Search: Used to search for Tokens.

5.3 Swap

To place a Swap order on the wallet, users need to perform the following steps:

• Step 1: Click on the "Swap" box.
• Step 2: Select Blockchain.
• Step 3: Select the wallet whose assets you want to Swap.
• Step 4: Enter the number of Tokens you want to Swap and need to convert.
• Step 5: Select the floor. It will help if you choose which exchange is most suitable for each different token.
• Step 6: After considering the exchange rate, the reader selects the cog icon to adjust the Gas fee and loss rate if the liquidity pair slips (leading to temporary loss).
• Step 7: Click Swap, Approve the transaction and wait for confirmation.

Read more: What is Metamask wallet? Everything about the Metamask wallet

5.4 Explore

Explore has the main feature of helping users join DeFi projects supported by Krystal wallet. Here are the specific instructions:

Step 1: Click the "Explore" tab.

Step 2: There are three main sections:

• A section for current and upcoming featured programs.
• Attachment of 4 other utilities (Swap, Earn, Transfer, Krystal Point). Krystal Point, where players will earn accumulated points when they invite friends to join the project and will get points together. Depending on your used Blockchain platform, this point can be converted into different Tokens.
• Projects and platforms that support connecting and interacting with the Krystal wallet.

Step 3: Select one of the Dapps you want to make depending on your needs and Click. The user will be redirected to the Link of the project.

5.5 Earn

Tab Earn is a place that allows customers to profit from depositing Tokens into their wallets. Following is the specific process to provide Tokens through Krystal wallet:

Step 1: Transfer Blockchain.

Step 2: Switch between wallets (switch to the wallet containing the asset you want to supply).

Step 3: Click "Supply tokens to earn interest."

• Considering APY (Annual Percentage Yield), the user chooses the type of Tokens and the desired amount of Supply.
• After clicking on one of the Tokens (e.g. SUSD).

Step 4: Select SUSD.

Step 5: Enter the amount of SUSD you want to send in the "Enter the amount" field.

Step 6: Click on the "Gear" icon (top right) to customize the Gas charge within the allowable limit.

Step 7: Select Supply in platforms with different APY levels (e.g.: AAVE with 9.93%) and click Next to confirm and complete.

5.6 Settings

Some features can be adjusted in Settings, such as:

Account:

• Manage Wallets: This allows customers to add/create new wallets or track other wallets.
• Contacts: Save addresses of wallets that players trust to send or receive.

Custom tokens:

• Add Custom Tokens: add the hidden tokens
• Manage Tokens: Manage existing Tokens in the wallet.

Security: The user changes the PIN to log in to the wallet. If the user switches to another Tab or exits the interface, they need to enter the PIN code to re-enter the wallet.

Support: Where users seek the support of platform staff when having problems through Email and Help Center.

Others: Where the policies and terms of use are located.

6. Krystal wallet project investor and partner

With a novel initiative in developing a multi-chain DeFi platform, Krystal has been quite successful in calling for investment capital and finding partners. This further affirms the position and prestige of the technology products of the Kyber Network development team.

6.1 Investor

Krystal has shown credibility when raising capital from leading investors such as Hashed, Crypto.com, Signum Capital, BlockTower, HyperChain, Arrington Capital, LD Capital, DeFi Alliance, ArkStream Capital,…

6.2 Partners

Krystal has been cooperating with many leading investment funds and financial companies in Crypto. Some domestic and foreign partners of the application must be mentioned such as:

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Hopefully, readers can answer the question "What is Krystal wallet?" and have an overview of this technology platform through the article. For more helpful information on financial markets, please visit BHO Network. If you have questions about the Krystal wallet, don't hesitate to contact us.