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QuantDART Defi Digital Assets

Latest release: 1.1.25 ( 27th January 2022 ) 🔍 Last analysed 26th October 2021 . Custodial: The provider holds the keys
0 ★★★★★
0 ratings
18th October 2020

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Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

(Analysis from Android review)

App Description

From Google Play:

QuantDART is a simple yet powerful digital asset investment and management app, fully capable to trade with most popular Digital Asset-to-Digital Asset and Fiat-to-Digital-Asset

From “WHY QUANTDART?”

Safeguard your Digital Assets with Flexible Security Plan : Multi-signature wallets for a flexible wallet security and smooth transaction.

Additionally, here is one of the benefits listed in the description:

  • we store all your digital assets in our proprietary secured storage, for ultimate security.

The Site

We searched the site for any mention of private keys, but couldn’t find any.

Proof that QuantDart is Custodial

Allocate your digital assets into one of our Managed Funds:
Check out all our managed investment products, which range from DeFi to large cap growth and from fixed-income to aggressive quantitative analysis. Let us help you find a product which fits your investment profile. It has never been easier, and yet secured, to invest in digital assets.

Manage your wallets:
Get the full power of QuantDART in the palm of your hand. We designed QuantDART from the ground up to give you the best crypto management experience, right on your mobile device. Smooth, stable and optimal performance – wherever you go.

Ultimate security:
QuantDART is built to be as secure as possible. We store your digital assets in 100% cold wallet storage, for ultimate security. Log in quickly and safely.

There are two kinds of wallets in QuantDart: Personal and Shared.

Here are more details:

A personal wallet is an M-of-N multi-signature digital asset wallet. However, the client only requires a single signature in order to create a transaction. QD is taking care of the other signatures on behalf of the client.

A shared wallet is also an M-of-N multi-signature digital asset wallet. The shared wallet signature holders are other QD users who are chosen by the wallet owner.

Both wallets are capable of M-of-N multi-signature support for the utmost in security and safety as it will provide:

  • Dividing up responsibility for possession of cryptos among multiple parties.
  • Avoiding a single point of failure, making it substantially more difficult for the wallet to be compromised.
  • M-of-N backup where the loss of a single seed doesn’t lead to loss of the wallet.
  • QD is currently supported 2 of 3 multi-signature and will provide more options on the number of the M and N soon.

The App

We tried the app and were greeted by the app’s introduction pages. The third one had some more proof on the app being custodial:

Custody
Using advanced security, our Custody Wallet is secured and protects your digital assets. We are regulated custodian under AIFC and provides industry’s leading insurance to your assets.

Verdict

This app is custodial and thus not verifiable.

(dg)

Verdict Explained

As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!

As part of our Methodology, we ask:

Custodial!

Is the product self-custodial?

If the answer is "no", we mark it as "Custodial: The provider holds the keys".

A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.

Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.

Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.

This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.

We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:

  • Do your own research if the provider is trust-worthy!
  • Check if you know at least enough about them so you can sue them when you have to!
  • Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
  • Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.