A. Ahmad An open-minded individual that's enthusiastic about Bitcoin, with all of its freedom and purity that it provides.

An Introduction To Multi-Asset Cryptocurrency Wallets

1 min read

a multi asset crypto wallet surrounded by multi crypto coins

The rising popularity in the cryptocurrency scene after the launch of Bitcoin resulted in the creation of various cryptocurrency projects, a decent number of which have their blockchain and native coins, and some of which allow the creation of various tokens within one blockchain like on the Ethereum network, Tron, Terra, RootStock and so many other blockchains. The pricing of creating a token and the available functionalities that can be done with it regarding their smart contracts would be different from one chain to another.

With that said, it would be too troublesome for users to have a unique wallet app for each of the cryptocurrencies that they hold. It would be a massive nightmare to manage and keeping those private keys safe. So, that’s why the industry created various multi-currency crypto wallets that would support a lot of these popular blockchains and their tokens with enhanced user experiences (UX) and user-interfaces (UI), with simple yet effective security measures.

What are the types of multi-currency cryptocurrency wallets?

When dealing with a multi-currency wallet, which is a type of wallet that’s different from a single-currency wallet, and ones that support various cryptocurrencies and their tokens like ETH, TRX, XRP, LINK, LUNA, various Stablecoins, and so on, there are a few types that you need to know before you decide which is the most suitable for you.

There are custodial and non-custodial wallets, where a custodial cryptocurrency wallet means that someone else knows and your private keys and as a result have access to your funds and transactions, while with a non-custodial cryptocurrency wallet, only you know your private keys.

Also read: Custodial VS Non-Custodial Wallet: Comparing Security, Privacy, and Usability

There are also hot and cold wallets, which usually relate to hardware and software wallets, where hot ones have online connectivity to the internet, and cold ones have no connection at all (some of which are air-gapped, meaning no Bluetooth or any other types of connections). Generally speaking, it’s advised to have a hardware wallet to store most of your funds as cold storage for decent security purposes.

More on hot and cold wallets: The Difference Between Hot & Cold Wallets | The Best Way to Keep Your Crypto Safe

What are the best multi-asset cryptocurrency wallets?

There’s a lot of factors to consider which multi-asset cryptocurrency wallets are the best ones, from how many crypto coins do they support, to how they handle security, how open their development is (if it’s open-source or not), what other features do they have, and so on. We’ll separate the most popular ones as software and hardware wallets, and focusing on non-custodial ones.

Sofware wallets

  1. Trust Wallet, a mobile-only cryptocurrency wallet.
  2. Exodus, a crypto wallet available as a mobile app and as PC software.
  3. Guarda, a mobile and desktop wallet with multisig support.
  4. Atomic Wallet, also a mobile and desktop wallet.
  5. BRD, one of the first multi-currency crypto wallets in the market.

Hardware wallets

  1. Ledger Nano X/S (the X is not air-gapped, since it has Bluetooth).
  2. Trezor Model T/One, an open-source hardware wallet.
  3. KeyStone Essentials/Pro/Ultimate, military-grade designed hardware wallet.
  4. SafePal, a hardware wallet with crypto traders in mind.
  5. SeedSigner, a low-cost open-source air-gapped hardware wallet that you can build yourself.
A. Ahmad An open-minded individual that's enthusiastic about Bitcoin, with all of its freedom and purity that it provides.