What happens if Exodus goes extinct?
Everything you need to know in the highly unlikely event Exodus closes.
In this article:
- What happens if Exodus shuts down?
- How can you restore your wallet with your 12-word secret recovery phrase?
- Exporting your 12-word secret recovery phrase
- Exporting individual private keys with non-standard derivation paths
What happens if Exodus shuts down?
In the highly unlikely event that Exodus as a company were to shut down, what would happen to your crypto?
Would your crypto go down with the ship?
No. While this question is understandable, there's nothing to worry about.
This is because Exodus is a non-custodial wallet.
A non-custodial wallet like Exodus gives you 100% control over your funds, because the private keys that control access to your funds are encrypted locally on your device.
This also means that Exodus can never touch or move (or even see) any of your digital assets.
This is different than a custodial wallet, where the private keys are controlled by another party, like a cryptocurrency exchange.
As long as you have your 12-word secret recovery phrase, you'll be able to restore funds into another BIP39-compatible non-custodial wallet.
How can you restore your wallet with your 12-word secret recovery phrase?
Exodus is a non-custodial wallet that's stored and encrypted locally on your device.
This includes your wallet's 12-word secret recovery phrase, which is associated with all of your assets' private keys.
While there aren't any accounts with Exodus, your 12-word secret recovery phrase will always grant you access to your funds.
This is because your wallet's private keys, which give you access to each respective asset's funds on the blockchain, are derived from this 12-word phrase.
It's important to note that your crypto assets aren't technically stored inside your Exodus wallet, as they actually "live" on the blockchain.
Exodus provides you with the software (the Exodus app) needed to transact your assets living on their respective blockchains.
Therefore, restoring your Exodus wallet's funds is possible by exporting the wallet's 12-word secret recovery phrase (or individual private keys) into another wallet.
Exporting your 12-word secret recovery phrase
Even if Exodus as a company were to shut down, you'd still be able to open your Exodus wallet since it runs locally on your device.
However, the wallet wouldn't have full functionality - the in-built exchange feature would cease to work, and you might not be able to send certain assets with our servers down.
Regardless, for the assets you can't send out of your Exodus wallet, you can export your 12-word phrase into another wallet. When doing so, it's important to note that not every wallet out there will be compatible with Exodus.
In other words, when restoring your Exodus wallet's 12-word phrase into another wallet, it's possible that not all of your assets will appear in the new wallet. This is due to different wallets using different derivation paths.
If not all of your assets appear after restoring with your 12-word phrase, then it's likely the other wallet may not support the specific asset you hold with Exodus.
Nevertheless, you will be able to export each individual asset's private keys into an asset-specific wallet with the same derivation path.
For more information on how to view an individual asset's private keys, please see this article.
Exporting individual private keys with non-standard derivation paths
As mentioned earlier, it's possible that not all of your assets will appear after importing your 12-word secret recovery phrase into another wallet.
If a specific asset doesn't show up after importing your 12-word phrase, then it's likely that the derivation path of that specific asset isn't supported by the other wallet.
A derivation path is a piece of data that tells your wallet how to derive a specific private key from a tree of different private keys.
Derivation paths are also used in combination with your 12-word phrase to generate the receiving addresses for your wallet's assets.
While most assets in Exodus will follow standardized derivation paths like BIP44 and SLIP44, some assets use non-standard derivation paths.
If you're having difficulty finding a wallet that supports the same derivation path for a specific asset's private keys, you can refer to the table below:
| Exodus asset
|| Compatible wallet
|Tezos (XTZ)||Temple Wallet|