“Not your keys, not your coins” is short for “Don’t leave your crypto on exchanges.” Here are three soft wallets that are trusted by millions of investors.
Nearly every segment of the crypto sector underwent explosive growth in 2021. The steady inflow of institutional funds could possibly be interpreted as a signal that the best is yet to come.
For new users, figuring out how to obtain cryptocurrency can be a tedious task, and the challenge of securing the assets off exchanges is another hurdle some investors find difficult to overcome.
Here’s a rundown of some of the most used cryptocurrency soft wallets that support a wide swath of tokens and offer users access to decentralized finance (DeFi), nonfungible tokens (NFTs), staking opportunities and airdrops.
MetaMask was originally launched to support the Ethereum blockchain and decentralized applications (DApps) that run on top of it. It is now available as a browser extension and smartphone application.
The company launched in 2016 and has largely benefited from a first-mover advantage to become one of the most popular and widely integrated wallets, and it is one of the few to support nearly every blockchain network.
A quick scroll through the supported networks on Chainlist, a platform that provides a list of Ethereum Virtual Machine- (EVM)-compatible networks and instructions on how to add any listed network to their MetaMask wallet, shows hundreds of blockchain networks supported by MetaMask including many of the top smart contract competitors.
Currently, MetaMask supports Avalanche, Fantom, Binance Smart Chain, Polygon, HECO Mainnet, Optimism and Arbitrum, and it’s easy for users to use various bridges to transfer tokens between the supported networks.
MetaMask has also integrated a swap feature directly into the wallet to give users access to an aggregated list of decentralized exchanges (DEXs). According to data from Dune Analytics, the daily swap volume on MetaMask swap has steadily increased throughout 2021.
The rise in swap volume has also come alongside rumors that MetaMask will eventually release a token of its own and many users are anticipating an airdrop.
Phantom is a popular software wallet and browser extension available for Solana network users.
Similar to MetaMask, the Phantom wallet has a built-in DEX that allows users to make direct swaps within the software, thus avoiding the risk of connecting to a scam website or paying gas fees to transfer the funds out of the wallet to another exchange.
There are rumors that Phantom could launch its own token and airdrop a portion of the supply to early adopters. So far, however, this is nothing more than pure speculation and nothing has been mentioned by the developer yet.
The wallet also has an NFT tracking feature and users can also transact with available NFT marketplaces.
Similar to other wallets, Phantom users can stake Solana (SOL) tokens without needing to transfer the assets. Recently, the team announced a partnership with MoonPay that will allow users to use fiat currency and credit cards to purchase tokens in the Solana ecosystem.
We’re live on @Phantom!
MoonPay’s integration will make onboarding even easier for those new to the @Solana ecosystem, bringing a fiat on-ramp directly to Phantom’s 1M+ users.
— MoonPay (@moonpay) November 17, 2021
The project is also developing smartphone applications that will allow users access to the Solana network directly from their smart devices.
Keplr wallet is the first inter blockchain communication– (IBC)-enabled wallet and browser extension for the Cosmos network that allows users to store and access tokens within the ecosystem.
It currently supports more than 15 networks including Cosmos, Secret Network, Kava, Crypto.org, IRISnet and Persistence, and the team regularly adds support for new chains with several projects currently under beta access.
Holders of the supported tokens are able to stake their holdings directly through the Keplr wallet and the app works on Android and iOS devices.
UPDATE: Keplr Mobile is now LIVE
See our latest post for the app store links:https://t.co/LUyHzzekHE
— Keplr Wallet (@keplrwallet) October 14, 2021
At the moment, there are no rumors of a possible Keplr token or airdrop to users, but one can never be sure about what might happen in the crypto sector. If Keplr integrates popular features like its own swap interface or an NFT marketplace, then the chance of a native token is always a possibility.
Want more information about trading and investing in crypto markets?
- Brave launches browser-native crypto wallet to combat fake extensions
- Building multichain is a new necessity for DeFi products
- ‘We’ll see about 200 chains connected through Cosmos’ IBC next year,’ says Tendermint CEO Peng Zhong
- Exodus wallet integrates with SportX to enable esports betting with crypto
- Coinbase launches standalone browser extension for Coinbase Wallet
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.