Once you've opened the Thane App, the first step of the setup is to create or import a wallet.
Wallet Setup
What is a Crypto Wallet?
A crypto wallet is a secure digital wallet used to store, send, and receive cryptocurrencies. It contains a pair of cryptographic keys: a public key, which serves as your wallet address, and a private key, which grants access to your funds.
Creating a new wallet on Thane
When you create a new wallet on Thane, you'll be given a recovery phrase—a series of 12 or 24 words that serve as a backup to recover your wallet.
Importing a wallet to Thane
If you already have a crypto wallet, which you would like to import, select import wallet in the onboarding flow and enter your 12 or 24 word recovery phrase.
Importance of the Recovery Phrase
Your recovery phrase is the root of your account. It's critical to keep this phrase in a secure location because it is the only way to recover your wallet if you lose access to your device. Never share your recovery phrase with anyone and avoid storing it digitally to prevent hacking risks. Anyone who has your recovery phrase has full access to your wallet.
Store your recovery phrase is a secure location and never share with anyone! Please refer to this article to learn about best practices for managing your recovery phrase.
Accessing Your Account on Multiple Devices
The private key is securely stored on the device via which you create your account. This means that if you log in with your Telegram account on a different device, you will not automatically be able to access your account. You'll need to import the recovery phrase to access your wallet from multiple devices.
Setting Up Your Security PIN
You'll be asked to create a 4-digit PIN during the setup process. This PIN adds another layer of security to your account. You will be required to enter this PIN before any transaction, ensuring that only you can authorize access to your assets and perform operations.
Making Your First Deposit
Once your PIN is set up, you can make your first deposit. Select the chain you want to deposit to, then copy the wallet address or scan the QR code provided. This allows you to transfer funds into your Thane wallet and start using them for your DeFi activities.
Always ensure you are depositing on the correct chain and to the correct address. Any mistakes can result in the permanent loss of your assets. Double-check all details before proceeding with your transaction to avoid any errors.