Yield App adds Address book feature for extra security

  • Yield App has introduced the Address book feature to allow customers to whitelist trusted withdrawal addresses
  • Customers are able to turn on this feature inside the web platform and mobile app to create a list of whitelisted addresses
  • After this feature is turned on, every new withdrawal address must be whitelisted and will be subject to a 24-hour hold period
  • Security is important to our customers and the wider crypto user base, and a key focus for us at Yield App

We are excited to announce that we have just launched a brand new Address book feature on the Yield App web platform and mobile app. This feature allows customers to whitelist withdrawal addresses, helping them keep their crypto assets secure. 

The brand new Address book feature will allow customers to create a list of trusted addresses for asset withdrawal, helping to avoid mistakes and ensure they never send assets to the wrong destination. 

The Address book feature is an addition to the enhanced list of security features we introduced with the launch of Version 2 (V2) of Yield App in January 2022. 

Address book – our latest security feature

The new Address book feature allows our customers to create a list of trusted addresses and whitelist them to ensure withdrawals can only ever be made to these addresses. It is the customer’s choice whether to keep this feature turned OFF, or turn it ON for added security.

There are two steps to activating this feature. First, create a list of addresses in the new Address book section of the Yield App platform. This simply acts as your own record of trusted addresses.

After your list is ready, you have the choice to turn ON the Address whitelisting toggle, which will begin the whitelisting process for all the addresses currently on your list.

We highly recommend turning on this additional security feature. Without turning on this toggle, the Address book does not provide any additional security. 

Your Address book options

  1. No addresses have been added to Address book, and the Address whitelisting toggle is set to OFF

You can withdraw assets to any addresses.

  1. Address book has a list of addresses, but the Address whitelisting toggle is set to OFF

You can only withdraw to the addresses specified in your Address book for that specific asset. For those assets for which you have not created a list of addresses in your Address book, you can withdraw to any addresses.

  1. Address book has a list of addresses, and the Address whitelisting toggle is set to ON

You can make withdrawals to addresses that were added to the Address book before the toggle was turned to ON. Any new addresses that are added after this are subject to a 24-hour hold period before you can withdraw assets to these specific addresses.

  1. No addresses have been added to Address book, but the Address whitelisting toggle is set to ON

You cannot withdraw assets until you add addresses to your Address book. Any new addresses that are added to the list after the toggle is turned ON will be subject to a 24-hour hold period before withdrawals can be made. 

A countdown timer on the Address book page indicates how much time is remaining until you can make your withdrawal to this specific address.

Once you have turned this feature ON, you CANNOT TURN IT OFF without contacting our support team. If you need to bypass the 24-hour hold period or turn OFF Address book, please contact support via support@yield.app.

How to activate the Address book feature

1) Open the dropdown menu next to your username, and navigate to Settings.

2) Navigate to the Address Book section.

Address book - 2FA not enabled

3) You must enable 2-factor authentication (2FA) if it is not already enabled.

Address book - 2FA enabled

4) Click on Add new address. Select the Asset and Network, and add the corresponding address. You must label each address you are adding.

Address book - adding new assets

5) You must verify each request with 2-factor authentication (2FA).

Address book - saved addresses

6) Complete your list of trusted withdrawal addresses before turning ON the Address whitelisting toggle!

7) Once you’re ready to activate the Address book feature, click the Address whitelisting toggle to ON.

Address book - Enable whitelisting

This is what the Address book will look like with the Address whitelisting feature enabled.

Address book - Whitelisting toggle on

Now, only those confirmed addresses will be able to receive withdrawals of this particular digital asset from your Yield App account. 

Withdrawing assets

Every time you add a new address to your Address book after turning ON the Address whitelisting toggle, you will need to confirm this action by email.

READ: How does Yield App conduct its due diligence?

Yield App’s enhanced security features

Address book is an addition to the existing extensive list of security features at Yield App, many of which were introduced with the launch of Version 2 (V2) of our platform.

  • Customers can now set a limit on the number of withdrawals per day.
  • The “Forgot Password” feature suspends all your withdrawals for 24 hours.
  • Changing your password will also log you out of all other active sessions.
  • You have the option to enable the automatic logout feature, which will log you out of your account after a certain period of inactivity.
  • In the newly introduced activity log, you can view all recent activity, including date and time, as well as the browser, operating system, and IP address used.
  • Additionally, you are able to see all active sessions and close any that are not in use.
  • If you have set up Two Factor Authentication (2FA) and enter the wrong 2FA code three times in a row, your account access will be suspended for 15 minutes.

READ: How to secure your cryptocurrency

Key takeaway

The security of your crypto is the top priority for Yield App. You can find out more about the measures we take to keep the digital assets on our platform secure by reading this blog.

There are a number of features we offer on the platform to help customers keep their accounts secure, including the newly introduced Address book feature. We hope these features can help you sleep soundly at night, while your digital assets continue to earn daily compounding interest with Yield App!

Do you want to earn secure and sustainable yields on your digital assets? Sign up for a Yield App account today!

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