1. Can I import a recovery phrase generated by another wallet into Cobo Vault?
Cobo Vault supports importing 12/18/24-word recovery phrases generated by any BIP39 wallet.
Cobo Vault supports segwit addresses for BTC, which require less in fees than legacy addresses for the same transaction. You cannot manage assets on legacy addresses with Cobo Vault. We recommend you create a new recovery phrase and transfer assets to the address of the new recovery phrase if you used legacy addresses to manage BTC in your previous wallet.
We recommend users create a new recovery phrase on Cobo Vault. Doing so can effectively isolate risks associated with an old recovery phrase that may stem from previous use (such as entering the recovery phrase on a mobile phone connected to the internet, taking pictures of it and saving them in a smartphone photo album, etc). Recovery phrases are generated from physical entropy by the Cobo Vault and never leave the Secure Element. We recommend they be recorded physically rather than stored digitally.
2. If my Cobo Vault is lost or broken, how can I retrieve my assets?
Cobo Vault is a hardware wallet (decentralized wallet) which requires users to take complete control and ownership of the private keys (recovery phrase).
If the Cobo Vault is lost or broken, the Secure Element will protect the private keys from being leaked. Cobo Vault Ultimate and Pro also have a self-destruct mechanism, which will automatically erase all the information including private keys upon detection of disassembly.
Different brands of wallet use different derivation paths. If users import the recovery phrase into another brand’s wallet, assets on parts of the addresses may be hidden and not displayed for management. If your Cobo Vault is lost or broken, we recommend you first recover with the Cobo Vault mobile app’s HD wallet, which shares the same derivation path with Cobo Vault.
If you have any other concerns, please submit a request to us. Our admins will reply to you ASAP.
3. What is a hardware wallet? How does Cobo Vault work?
A hardware wallet is an air-gapped device used to help users to manage and store cryptocurrencies securely. Hardware wallets are decentralized, requiring users to take complete control and ownership of the private keys (recovery phrase). During transaction signing, a hardware wallet will only use the private keys to sign in an offline environment to avoid exposure to web-based attacks.
Like most hardware wallets on the market, Cobo Vault devices need to bind with the mobile app, which connects to the internet and can be used to refresh balances, calculate fees, broadcast transactions and check transaction statuses on a blockchain explorer, etc. Cobo Vault uses QR codes to transmit information with the app during transaction signing. Compared to USB, Bluetooth, and NFC communications, QR code interaction is more transparent and less vulnerable to attack. By using any normal QR code reader apart from the Cobo Vault or Cobo Vault app, you can verify all information that comes in and goes out of the Cobo Vault. We also use QR codes because they do not have the connectivity and compatibility issues of USB, Bluetooth, or NFC.
How Cobo Vault works:
4. What are the differences between the Cobo Vault Essential, Pro, and Ultimate?
Cobo Vault Ultimate is our first-generation hardware wallet, which was not only made to be highly secure, but also to pass extreme tests of durability. It is made of aerospace aluminum and has military-grade durability, which is the main reason for its pricing.
The Cobo Vault Essential and Pro (second-generation) have made compromises in durability to be available at a more accessible price point, which mainly comes down to differences in body materials and accessories. However, we do offer accessories such as fireproof bags that can provide resistance to physical damage. In terms of hardware security and protections against hacking, we have not made any compromises with the Cobo Vault Essential and Pro. The Pro also incorporates a fingerprint sensor for more discrete use in public. Pro comes with a rechargeable battery, while Essential comes with AAA battery support, but both battery options are available through accessories.
5. Which cryptocurrencies and tokens does Cobo Vault support?
Cobo Vault supports BTC, ETH, BCH, DASH, DCR, EOS, ETC, IOST, LTC, TRON, XRP, XZC and ERC20, TRC20, EOS Tokens. For ease of management, the Cobo Vault hardware wallet only displays main-chain Assets. You can add and manage Tokens on the mobile app. Check our list of supported assets.