The cryptocurrency market, despite its volatile nature, has exhibited a lot of growth over the last couple of years. To this point, between January and December 2023 alone, the total market capitalization of this burgeoning space has risen from $838 billion to over $1.6 trillion, thereby showcasing a growth of nearly 90%.
Amid this growth, there has also been a huge spike in the number of people who have invested in various crypto assets. In fact, since 2016, the number of active wallet addresses has increased from 10.98 million to a whopping 91.75 million. Not only that, some studies estimate that more than 420 million individuals are now in possession of some digital asset or the other, thereby suggesting that the number of wallets might be much higher than previously expected.
The above chart clearly reflects that digital wallets — be they hardware or software ones — are becoming increasingly integral within today’s digital landscape. However, for new market entrants, software wallets present a more accessible and user-friendly option. They are typically easier to set up and use, requiring just the installation of an app or a browser extension.
Moreover, they tend to offer a more intuitive interface, allowing users to understand and manage their digital assets without the steep learning curve associated with their more complex hardware counterparts.
The Options at Hand
Over the last couple of years, a variety of wallets have carved a name for themselves. Metamask, for instance, has become a staple within the Ethereum ecosystem even though it lacks newer features like ‘NFT minting.’ Another potent option for individuals seeking simplicity is Coinbase’s native wallet solution. It puts forth a user-friendly interface while integrating smoothly with its parent exchange and its various features.
Similarly, Zengo, too, has garnered a lot of traction recently, thanks to its introduction of a partial non-custodial service which eliminates the complexity associated with seedphrase management, thus striking a balance between security and user ease.
Rainbow Wallet, appealing to NFT enthusiasts, supports all NFT standards while offering multiple on-ramping options. Bitski, on the other hand, provides many of the same features, while Phantom stands out for SOL users, tailoring its services to the nuances of the Solana ecosystem. Lastly, Enjin, despite not supporting Ethereum, offers a range of functionalities for users whose interests lie beyond Ethereum-based assets.
That said, one offering that has set itself apart from the rest of the fray is the Kresus SuperApp. This is because it offers a unique blend of advanced features and a user-centric design, allowing clients to maintain complete autonomy over their digital assets as well as maintain a high degree of security when it comes to their crypto transactions.
Much like Zengo and Bitski, Kresus eliminates the need for seedphrase management while offering multiple on-ramping options (as well as free off-ramping), making it exceptionally accessible for its users to engage with the crypto ecosystem at large. Most recently, Kresus launched its very own marketplace, allowing users to delve into the world of decentralized apps (dapps) within the Polygon ecosystem.
In addition to its innovative marketplace, Kresus has also fortified its position in the Web3 arena by forging a strategic partnership with Collectibles.com. The collaboration marks Kresus as the company’s exclusive wallet provider, propelling its community of NFT creators, collectors, and enthusiasts to not only store and trade digital items but also interact with one another in the most seamless manner possible.
Future of Digital Wallets
From the outside looking in, the trajectory for the digital wallet market looks extremely promising, with a recent study suggesting that the sector is set to reach a cumulative valuation of $46.72 billion by 2028 (while showcasing a compound annual growth rate (CAGR) of 9.3%). Therefore, as the digital asset industry continues to expand and grow, projects like the Kresus SuperApp are positioned at the forefront of this ongoing decentralization revolution. Interesting times ahead, indeed!
