Late last year, when pundits were busy painting the outlook of the crypto space in 2019, no one really thought that crypto wallets would play a major role in the sustenance of the adoption conversation. Many thought that the emergence of a crypto ETF would serve as the perfect launching pad for crypto. While this would have been the case if things had gone to plan, the massive impact of crypto wallets has, to an extent, kept the adoption wheel spinning.
Take, for instance, the recent media hype that ensued when President Nicolas Maduro of Venezuela met with alleged representatives of top wallet company, Trezor. Incidents like this help put things into perspective as regards the role of crypto wallets and how much they have contributed to the community. Bearing this in mind, this article takes a look at the ways wallets are driving the next adoption phase.
Crypto Wallets and Innovation
It is no more news that the crypto space houses some of the most talented minds in the tech industry. And so, innovation always carries the day, as individuals and teams go head to head to introduce impressive solutions to the crypto community. Although the innovative push in some sectors of the crypto space has stalled lately, the crypto wallet market, on the other hand, has done enough to keep things moving.
A case study is Mastercard’s latest show of commitment to crypto development by recruiting experts that would help in its quest to create a crypto wallet. The actions of the payment giant come after Facebook announced openings for similar openings for its ongoing Calibra project. Don’t forget Samsung’s move to make a crypto wallet available to its Samsung Galaxy S10 users. All these additions to the already impressive options available to crypto holders point to the growing awareness that crypto wallets could define the success or failure of the emerging digitals asset market.
For one, every individual interested in participating in the buzzing crypto space must directly or indirectly keep his/her coins in a wallet. These tools primarily function as storage for crypto assets. And the technical ingenuity that each possesses determines its efficacy. Although security continues to be a pressing issue in the crypto space, it is, nevertheless, amazing that many of the security breaches relating to digital assets are due to human errors, as opposed to the frailties of crypto wallets.
Note that this does not mean that crypto wallet providers do not have one or two areas to improve. It, however, highlights that wallet providers are doing enough to ensure that crypto holders remain confident in the viability of digital assets. That said, these entities are going beyond proffering security solutions to the average asset holders. Rather, they are exploring ways to make owning crypto relatively easy. Hence, the proliferation of mobile crypto wallets.
Mobile Crypto Wallets Are Leading the Way
It was only a matter of time before wallet providers rode on the mobile solutions wave sweeping across the tech space. The result is a growing number of quality apps that give users access to their assets on the go, while safekeeping private keys on their devices. Moreover, introducing mobile wallet solutions infuses elements of mobile features, especially layout and designs, that boost user experience.
A crypto wallet that fits into this narrative is Coin Wallet. With the ability to support just about any coin, this app puts the crypto world in the palms of its users. Apart from its compatibility with over 20,000 tokens, this wallet offers a simple and intuitive interface. It allows users to incorporate various coins into one single address to facilitate their crypto activities. Likewise, users can capitalize on its client-based infrastructure, which ensures that the wallet offers cold storage functionalities. Incorporating a sound security protocol with the aforementioned features strengthens Coin Wallet’s claim as one of the promising projects in the space.
Coinbase is another efficient wallet. It is fast, reliable, and easy-to-use. Though it only supports 5 cryptocurrencies, yet, there is no doubt that it packs enough punch to stay ahead of most universal crypto wallets. Mycelium entered the fray to create a wallet that offers usability and security. Nonetheless, this wallet adds special features that put it in contention as one of the top platforms in the space. The app integrates with social networks, functions as cold storage infrastructure, and offers multi-currency mapping.
Then there is Coinomi, a crypto wallet that implements instant crypto exchange features. Also, this platform provides a wallet restoration procedure for users that lose their devices. All the afore-mentioned platforms are available for both android and iOS devices, and they utilize two-factor authentication 2FA. Nevertheless, it’s the simplistic design that these platforms avail that put the crypto world on a pedestal, particularly for new entrants.
You can imagine how difficult it is to decipher the technicalities relating to private keys and wallets. For many crypto holders, they will rather adopt a tool that will save them from the headaches associated with securing their holdings. Wallet providers are coming to terms with this assertion, and they are beginning to prioritize user experience. This, in itself, is a boost for crypto adoption, as it is a development that contributes to the accessibility of digital assets.
However, this growing popularity of mobile crypto wallets puts the onus on providers to ensure that the security of their apps remains topnotch. Users, on the other hand, would sleep easier when they choose to distribute their holdings between two or more wallets.
