A crypto wallet works similarly to a bank account but at a highly advanced level. If you want to own cryptos, you should consider having a crypto wallet for all coins before earning tokens. For that matter, amulti-coin wallet is an excellent option for all crypto enthusiasts looking forward to diversifying their holdings on multiple blockchain protocols.
Let’s take a closer look.
What is a multi-coin wallet?
As the name suggests, amulti-coin wallet is a wallet supporting more than one cryptocurrency asset.
Through these wallets, you can hold numerous cryptocurrency assets at one location and earn passive rewards via active user rewards or staking. Also, these wallets include integrations which allow users to interact directly with several DeFi protocols.
List of the top multi-coin wallets
AtomicDEX is a crypto wallet that supports over 30 coins and tokens. This includes KMD since it is integrated with Komodo.
Also, AtomicDEX comes with built-in DEX features. Owing to the atomic swap technology, individuals can directly swap tokens and coins with other users from their wallets. And as the atomic swap is peer-to-peer, there is no requirement to make deposits to centralised exchanges. Notably, users always stay in possession of their private keys.
Exodus offers a remarkable UI and seamless performance. This desktop wallet is not available for mobile devices. Users' private keys stay secure on their devices and never leave them. Also, Exodus can encrypt the private keys for the users.
The crypto exchange, ShapeShift, is incorporated into Exodus, offering efficient one-click trading options.
Coinomi offers native support to more than 1500 coins and over 125 blockchains while implementing vital privacy and security standards. Over 2.5 million users trust Coinomi.
Coinomi is a hierarchically deterministic wallet, implying that it utilises a unique algorithm to generate the seed of the account. This wallet supports multi-seed setups, and there can be encryption settings for every seed phrase.
This is an exclusive feature that this wallet provides - the seed refers to a series of random words serving as a sort of ‘master password.’ It certainly doubles the security layer of the account.
Bottom line:
You must have a cryptocurrency wallet if you are willing to hold your assets securely off of exchanges. Storing coins in amulti-coin wallet will simplify trading them on DEXs, hence offering a streamlined way to keep track of the whole portfolio.
FAQs
A multi-coin wallet is, as the name suggests, a wallet that supports more than one crypto asset. One wallet to store a user's coins makes it easier to trade them on decentralized exchanges and provides a streamlined way to keep track of their entire portfolio.
How does a multi-coin wallet work? ›
As the name suggests, a multi-coin wallet is a wallet supporting more than one cryptocurrency asset. Through these wallets, you can hold numerous cryptocurrency assets at one location and earn passive rewards via active user rewards or staking.
How do multichain wallets work? ›
A multi-chain crypto wallet allows you to store assets on—and interact with—multiple blockchain networks (as opposed to just a single network). Multi-chain wallets typically have an interface for controlling which blockchain you're connected to, making it easy for users to switch between networks as needed.
Is it smart to have multiple crypto wallets? ›
Enhanced security: Having several wallets can protect your assets from being compromised all at once. If one wallet is at risk, it doesn't spell disaster for your entire crypto portfolio. Organizational clarity: Different wallets can be allocated for various purposes — daily spending, long-term savings, or trading.
What is the best multi currency crypto wallet? ›
Best multi-chain crypto wallets: Comparison table
| Wallet | Type | Coin Support |
|---|
| Exodus Wallet | Software | Up to 100 |
| Coinbase Wallet | Software | 240+ |
| Ledger Nano X | Hardware | 1,800+ |
| Crypto.com DeFi Wallet | Software | 1,000+ tokens across 30+ blockchains |
5 more rowsMar 22, 2024
Here are the steps:
- On the Assets tab, select Cashout. ...
- Select the payment method you want to cash out to.
- Enter in the amount, and select which asset you'd like to cash out.
- Select Continue to view the confirmation page details.
- You can complete the transaction by selecting Confirm.
A wallet generates a multi-sig address and requires that a certain number of addresses from a given group of addresses must sign the transaction using their public keys. For example, if there are three addresses in the multi-sig group, only two of the three addresses need to sign the transaction.
Is Multichain safe to use? ›
It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain." The unexpected outflows stripped Multichain's Fantom bridge of nearly its entire holdings in wBTC, USDC, USDT and a handful of altcoins. Together, the assets were worth over $130 million.
What are the benefits of multichain? ›
Multi-chain architectures offer scalability, customization, and isolation of functionalities within a single ecosystem. They allow for tailored solutions optimized for specific use cases, such as decentralized finance (DeFi), gaming, supply chain management, and enterprise solutions.
How do multi currency wallets work? ›
At their core, multi-currency wallets can either operate through a single account, e.g. multi-currency IBAN that holds virtual balances in different currencies, or they can aggregate several separate accounts, from different banks, each in a different currency, accessible via a single unified platform.
CoinStats. Boasting over one million users, CoinStats is one of the easiest ways to track your cryptocurrency within one single dashboard. Whether you are trading on centralized exchanges like Binance or DeFi protocols like Uniswap, CoinStats can help you track your assets across all of your wallets.
Which cryptocurrency wallet is the most trusted one? ›
The best software wallets
- Coinbase Wallet. Best for Beginners. ...
- MetaMask. Best for Ethereum. ...
- Guarda. Best for cryptocurrency selection. ...
- Crypto.com DeFi Wallet. Best for DeFi staking. ...
- Trust Wallet. Best for Binance and Binance.US users. ...
- Exodus. Best for customer support. ...
- ZenGo. Best for easy account recovery. ...
- Ledger.
It might sound counterintuitive to consolidate your crypto wallets just after diversifying them, but it can be a smart move for several reasons. In fact, we think consolidating your crypto wallets is a crucial final step that will allow you to gain complete control over your crypto portfolio.
What is the safest wallet to store crypto? ›
Our Top Picks for the Best Crypto Wallets of September 2024
- Coinbase Wallet - Best for Beginners.
- MetaMask - Best for Ethereum.
- TrustWallet - Best for Mobile.
- Electrum - Best Desktop Bitcoin Wallet.
- BlueWallet - Best Mobile Bitcoin Wallet.
- Exodus - Best for Desktop.
- Crypto.com - Best DeFi Wallet.
- Zengo - Best MPC Wallet.
To transfer crypto to a bank account, you can use centralized crypto wallets to sell crypto for fiat money and withdraw them to your bank account. Some popular crypto wallets that enable this functionality are Coinbase, Binance, Crypto.com, Kraken, and swissmoney.
How do multi-signature wallets work? ›
A multisig wallet is like a bank's safe deposit box that requires multiple keys to be used at the same time to open it. By requiring two or more private keys, a multisig wallet adds additional security to the practice of crypto asset storage. It also secures the underlying funds represented by those assets.
What are the benefits of Multisig wallets? ›
When used properly, a multi-sig wallet aims to offer additional security by eliminating the single point of failure risk associated with having one private key. It makes it difficult for hackers to steal funds from a wallet, because they must have the different keys to complete any action.
How does coin wallet work? ›
A cryptocurrency wallet is a device or program that stores your cryptocurrency keys and allows you to access your coins. Wallets contain an address and the private keys needed to sign cryptocurrency transactions. Anyone who knows the private key can control the coins associated with that address.
