An Insight into the Increasing Adoption of Crypto Wallets: A Global Scenario

Cryptocurrencies are gaining mainstream adoption and are being rapidly used among the masses. However, the increased adoption of cryptocurrencies is also leading to increased security threats. This has resulted in an indispensable need for a secure solution to store and transfer crypto assets.

Those regularly observing crypto wallet trends believe that one aspect that has been majorly overlooked until recently was user experience (UX). However, now it is gaining consideration, enabling crypto traders to perform transactions efficiently and easily. The wallets with a great user interface can onboard a large number of users.

[sc_fs_multi_faq headline-0=”h3″ question-0=” Is there any business opportunity for start-ups?” answer-0=”Yes, whether you are a large multinational corporation, medium-to-small scale enterprise or an individual visionary, all are equally accepted in the crypto market. You just need to have a novel idea to edge out the competition.” headline-1=”h2″ question-1=” Where are we heading with the crypto wallet adoption?” answer-1=”There are immense business opportunities as according to Deutsche Bank, the total number of crypto wallets is projected to reach 200 million by the year 2030.” headline-2=”h2″ question-2=” Which are the major areas to get started with the crypto journey?” answer-2=”Companies and independent parties are looking forward to starting their cryptocurrency journey with crypto wallets and centralized and hybrid exchanges.” count=”3″ html=”false”]

Enterprises Adopting Crypto Wallets

The crypto world is constantly evolving since its inception. Every day, new news or updates pop out about crypto wallets and exchanges. It is not only the crypto and blockchain development companies that admire the announcements but even the individuals from banking and payment industries take a keen interest in these platforms.

Many multinational corporations such as MasterCard, Bank of America, Rakuten and others have embarked on the journey to develop blockchain wallet, hybrid wallet and exchange platforms to capitalize on the growing crypto business opportunities. Samsung is also eyeing to integrate bitcoin (BTC) into its fully functional blockchain-enabled smart phones. The competition at this stage is booming and businesses are continuously working to tap into a larger crypto audience.

For instance, large enterprises like MasterCard and Bank of America already have a large user base and they also have resources to put at disposal for value proposition. And for start-ups planning for ERC 20 wallet development, they can also benefit from developing their crypto wallets, given that their offerings are different from that is already being offered to users by the big companies aforementioned.

Rakuten, a giant online retailing Japanese e-commerce company recently launched spot exchange for trading Bitcoin, Ethereum and Bitcoin Cash on their platform. They already have a large active user base and now they will be able to trade the above-mentioned cryptocurrencies against Japanese Yen through their Android app. Authorities certified in the announcement that all the customers who have a bank account with Rakuten Bank only need to download the Rakuten wallet for transactions. It does not charge any fee for opening, buying, selling, or depositing crypto assets.

The same approach is being followed by MasterCard. The company is hiring a best-in-class blockchain team to build a leading crypto wallet team and be a prime firm in the crypto industry.

Volatility in the crypto market breeds instability and firms look for alternatives to generate revenues. Researchers show that stablecoins are outperforming various other crypto products in the market. MasterCard is most likely to enter the market with a stablecoin-based payment method to capture the global audience.

Additionally, Samsung has acknowledged the needs of crypto users and has come up with the “Blockchain Keystore” app under their Galaxy S10 mobile phone to allow mobile users to send, receive and store crypto assets. This feature allows users to transact internally, without the need to download any additional app.

Final Thoughts

Apart from multinational organizations, many start-ups are disrupting the crypto market with their ingenious ideas. Currently, the industry is progressing towards gaining mass adoption.

If you are considering developing a crypto wallet to tap into the crypto market, Antier can help. Possessing over 15 years of experience in technology, we offer business-oriented services to navigate the blockchain development journey of our global clients. We specialize in building custom wallets as per business needs and at the same time deliver white label cryptocurrency wallet solution to help you launch your wallet in just 3 weeks.

Schedule a free demo of our white label multi-currency wallet or connect with our subject matter experts to share your needs for a custom wallet.