The Arkane Network (first name of venly wallet) allows users to guide their assets across various block chain via a single account, that is why the Venly Wallet is a multi block chain wallet. The wallet aids 11 block chains like Bitcoin, Ethereum, Litecoin, Polygon, Hedra, etc. You can create a Venly account by filling your social account details or you can also use your email address. After creating a Venly account, you can easily create/import a wallet for any supporting block chain networks. So, in this article we will discuss how to create a Venly account and create a VeChain/Ethereum/Matic wallet connected to your Venly account.
A Step By Step Process Of Creating And Setting Up The Venly Wallet
#1 Create A Venly Wallet Account
To create a Venly wallet account, first you need to visit the official page of Venly.
Then, click on ‘My Wallet’, you can find it in the top corner of the page. After clicking that button, the application will redirect you to the page to find an option to install your wallet.
Moreover, you can create a Velny account through your Google, Facebook, or a Twitter ID. Here, I am giving you an example of creating a Venly account through email address; so, click on “Create Account”. After that it will ask you to write an email address, then you need to create a new wallet password. Next step is to enter the verification code that you will receive in your inbox.
After verifying the code, the application will ask you to set us a Master PIN that may consist of 4 to 6 digits.
So, now your new Venly wallet account is created successfully.
#2 Wallet Setup
You have to select the network, to set up a new Venly Wallet. You need to choose VeChain here; so, you find two options for wallet setup: Create Wallet and Import Wallet. If you are a new user, you need to choose ‘Create Wallet’ and if you are an existing wallet user and using it in new device then you need to select ‘Import Wallet’.
#3 Create New Wallet
Now, click on the ‘Create New Wallet’ option, you can see the screen that we mentioned above. In the next step, the application will ask you to write the master pin. After clicking ‘Ok’ after entering the master pin, you see a blank VeChain wallet in Venly is created for you.
#4 Import Wallet
You can import your current VeChain wallet to any other device by entering the Key store file and password or a private key. Same as, you can set up multiple wallets in the only Venly account to manage the assets or digital coins.
Moreover, you can even choose a various chain and create/import a wallet.
#5 Receive $VET
Now, you need a public address of the wallet, that will help you to receive the $VET token to your Venly wallet. So, you need to click on the copy button against your address or scan the QR code icon to show the QR code.
#6 Transfer $VET From Binance To Another Wallet
Here, in this image you can see some VET tokens in our Binance account that you will transfer to your wallet!
If you want to withdraw the tokens click on Withdraw button and enter the address and the address and the amount of token you wish to send. The application will contain the token that you receive at the destination address after deducting the network fee. The next step is to confirm the process. After completing the steps you can see your tokens in your Venly account.
#7 Visualize Your Tokens In The App
Here in this section of the wallet, you can check the list of the tokens you are holding.
#8 Send Funds To Other Users
The option ‘send funds’ will allow you to transfer your funds to other users. To do so, you need to provide the recipient wallet address or a registered email ID, with the number of tokens that you wish to send. After you have filled in the necessary details, the confirmation process will complete through the master pin.
#9 Swap Tokens
If you want to convert your $VET or $VTHOR to other tokens like $DBET, $OCE, $PLA, $SHA, and $TIC, the swap option allows you to do the same. Choose the input and the output token to swap. Next step is to fill in the amount of input token that you want to convert into the output token. Automatically, the application will show you the amount of output token that you received after swapping. At last, you need to confirm the process, and you can see your desired tokens in the Token section.
#10 Check Transactions
You can verify and check your account related transaction and other details from this teb.
The setting section of the Venly Wallet allows you to change/update the setup related things that will update your account like:
Update Master Pin:
Go to the profile, and click the Change Master Pin option to update the master pin, then you can see a pop up message where you need to enter the new master pin you wish to set up.
You can set various things from this section like password, 2FA settings, social logins, etc.
I hope now you thoroughly understand the process of setting up the Venly Wallet and how to use it. Venly wallet is safe and secure that allows you to safely transect (send or receive) tokens from one block chain to another and from one user to another.