The DeFi Wallet is the non-custodial (or "self-custody") wallet built into the Young Platform app. It does what the Young Wallet can't: it lets you operate directly on the blockchain and access DeFi protocols such as lending, borrowing and tokenised instruments. Because it's non-custodial, the keys to your crypto are stored on your device and Young Platform doesn't act as an intermediary. It's an extra option, not a replacement: the Young Wallet keeps working just as before.
Access DeFi protocols
At launch, the DeFi Wallet lets you swap crypto and access lending protocols, through which you can earn a yield. Over the coming months, more DeFi features will be added, including borrowing and tokenised instruments.
What you can do
From the DeFi Wallet, you can deposit your stablecoins (USDC and EURC) into the integrated lending protocols and open a position that earns a yield, without using an external app. For example, depositing USDC on the Aave protocol gives an average annual yield of 3.5%. Lending protocols are available at launch, and more will be integrated over time.
Young Platform gives you access and an interface: it isn't a counterparty to the transaction, it doesn't manage your funds, and it neither sets nor guarantees the yield, which is determined by the protocol, changes constantly and is not guaranteed. DeFi protocols can't be accessed from the Young Wallet. To understand how a position works and what it involves, read the guide Lending and yields in the DeFi Wallet.
Send and receive crypto from any wallet
From the Young Wallet, you can only send to and receive from external wallets that you own, and only for crypto listed on Young Platform. From the DeFi Wallet, you can receive crypto from any self-custody wallet on the Ethereum network and send it to any address, including one that belongs to someone else. You can also receive and hold stablecoins and crypto that Young Platform doesn't support. Transactions remain subject to anti-money laundering regulations. Young Platform reserves the right to carry out further checks in the event of anomalies or significant risk profiles.
Swap one crypto for another at low cost
The Swap feature lets you convert one cryptocurrency directly into another on the blockchain, without going through euros and with no intermediation by Young Platform. Costs include network fees, which are always shown on the preview screen, plus, where applicable, a provider fee and a service fee. For more information, see the "Fees and pricing - DeFi Wallet" page.
Move funds between the two wallets
The two wallets sit side by side in the same app, and you can move crypto from one to the other depending on what you want to do: to the Young Wallet to buy and sell in euros, or to use Staking and Moneyboxes; to the DeFi Wallet to operate on-chain. Only crypto supported by both wallets can be moved, and each transfer is a blockchain transaction with its own network fee.
Stablecoins follow a different rule. USDC and EURC that you already hold can't be moved between the two wallets, in either direction: for regulatory reasons (MiCA), they stay in the wallet they're in. You can, however, make a different choice when you buy them.
When you buy stablecoins (USDC or EURC) with euros, you can choose which wallet to credit them to: Young or DeFi. If you start the purchase from the DeFi Wallet, in the Add funds section, they're credited straight there. In practice: if you want to use stablecoins in the DeFi Wallet, for example for lending, buy them from the DeFi Wallet; any you already hold in your Young Wallet remain available to sell for euros or swap for other crypto. From the DeFi Wallet, stablecoins can still be sent to and received from any other self-custody wallet.
Who holds the keys and what changes from a regulatory point of view
In the Young Wallet, the wallet keys are held by Young Platform: if you lose your account password, you simply reset it and everything is still there. In the DeFi Wallet, the keys are yours, protected by the wallet password that only you know: nobody, not even Young Platform, can move your crypto or restore your access if you lose it. That's why we ask you to store it safely and turn on backup to Google Drive.
What's more, the Young Wallet is a custody service regulated under MiCA, as part of Young Platform's authorisation as a crypto-asset service provider (CASP). The DeFi Wallet falls outside that scope: it isn't a custody service, it doesn't benefit from the protections that apply to regulated services, and there is no deposit guarantee or compensation scheme. In the app, you can tell them apart by the IN CUSTODY and SELF-CUSTODY badges. The differences are explained in more detail in the guides "Custody and self-custody" and "The risks of the DeFi Wallet".
What it doesn't do
The DeFi Wallet is not a protected deposit account: protocol yields are variable and not guaranteed, and your capital is exposed to protocol risks and to fluctuations in the euro/dollar exchange rate. For a clearer picture of the risks, see the Risk Disclosure. For more information about the service, see the Terms and Conditions.