Global Crypto Wallets Market Size, Share, Growth, and Forecast 2030

The global crypto wallets market was valued at approximately USD 252 million in 2021 and is expected to rise to approximately USD 686 million by 2028, at a compound annual growth rate (CAGR) of approximately 24.2% between 2022 and 2028. The study examines the worldwide crypto wallet market’s drivers, restraints/challenges, and the impact they will have on demand during the forecast period. Furthermore, the paper investigates emerging potential in the crypto wallet sector.

Overview of the Crypto Wallets Market:

A crypto wallet, also known as a cryptocurrency wallet, is any service, program, or physical medium that is used to hold private or public keys that aid in cryptocurrency transactions. Private and/or private keys are a type of asymmetric cryptography that use key pairs comprised of a private key and a public key. These keys are generated using arithmetic calculations known as one-way functions. These are not like traditional wallets that store currency, or cryptos in this case.

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However, provide access to blockchain assets via the private key, which serves as a password for cryptocurrencies. In addition to protecting the key, they enable other services such as signing and encrypting data. Signing information is often associated with the execution of a smart contract, which is a crypto-related transaction that deals with identifying and legally signing a virtual contract. A cryptocurrency wallet works by creating a collection of random numbers, the length of which is determined by the size of the algorithm and the technological needs of the cryptocurrency.

Crypto Wallets Market: Growth Drivers
Increasing cryptocurrency acceptance will drive market expansion.

The worldwide crypto wallet market is predicted to expand due to the increasing adoption and use of cryptocurrencies globally. According to crypto.com, the research agency, the number of crypto users worldwide was over 300 million in January 2022, and the figure is expected to exceed 1 billion by the end of 2022. According to Comscore, the cryptocurrency market reached 17 million users in March 2021, up from 6 million users in March 2020, and the market surged by a whopping 421% from 2021 to March 2022, reaching a total of 90 million people.

Crypto Wallets Market: Segmentation

The global crypto wallet market is classified according to channel, type, end-user, and region.

The global market is divided into two channels: online and offline. The offline channel dominates the global market since it is largely preferred by users in terms of security. Numerous platforms provide these services to protect their crypto assets from cyber-attacks. According to Chain analysis, hackers stole around USD 3.2 billion in cryptocurrencies in numerous cyber-attacks.

The global market is separated into two types: cold wallets and hot wallets. A cold wallet is one that is not connected to the internet and is also known as a hardware wallet. These technologies allow cryptos to be kept safe in an offline environment, protecting them from online threats.

Individual and commercial end-users are the global market categories. Individual categories controlled the global market share in 2021 and are expected to generate more revenue in the next year as well. Coinbase Wallet is the most common type of crypto wallet. According to the company’s official report, more than 103 million verified users utilize the Coinbase exchange brand to trade cryptocurrency.

Crypto Wallets Market: Competitive Analysis

The global crypto wallets market is dominated by players like ELLIPAL Limited, CoolBitX Technology Ltd., BitLox, ShapeShift, Sugi (zSofitto NV), OPOLO SARL, Satoshi Labs SRO, Ledger SAS, and Shift Crypto AG

The global crypto wallets market is segmented as follows:
By Channel

Online
Offline
By Type

Cold Wallet
Hot Wallet
By End-User

Individual
Commercial
By Region

North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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