Global Crypto Wallet Market Report 2024

The crypto wallet market size has grown exponentially in recent years. It will grow from $10.93 billion in 2023 to $14.39 billion in 2024 at a compound annual growth rate (CAGR) of 31.7%. The growth can be attributed to a surge in interest and investment in cryptocurrencies, the expansion of the cryptocurrency ecosystem, increased use of cryptocurrencies for online transactions, heightened demand for user-friendly and accessible crypto wallets, and the growing popularity of non-fungible tokens.

The crypto wallet market size is expected to see exponential growth in the next few years. It will grow to $43.66 billion in 2028 at a compound annual growth rate (CAGR) of 32%. The growth is expected to stem from the rising adoption of cryptocurrencies, increasing acceptance of digital assets, growing popularity of mobile and web-based wallet applications, and heightened demand for hardware wallets. Key trends anticipated in the forecast period encompass the adoption of mobile wallets, advancements in biometric wallet security, emergence of environmentally-friendly wallet solutions, incorporation of gamification elements into wallets, and ongoing technological enhancements.

The escalating volume of crypto transactions is anticipated to drive the expansion of the crypto wallet market in the coming years. Crypto transactions encompass the buying, selling, and transferring of cryptocurrencies among users, often facilitated by blockchain technology. The growth in the number of crypto transactions is fueled by the adoption of cryptocurrencies as a medium of exchange and investment, increasing acceptance by merchants and businesses, and ongoing innovations in blockchain technology that enhance transaction speeds. Crypto wallets provide consumers and organizations with a secure, convenient, and efficient means to conduct Bitcoin transactions, manage digital assets, and engage in the expanding blockchain ecosystem. For example, in January 2022, Chainalysis reported that the overall cryptocurrency transaction volume surged to $15.8 trillion in 2021, marking a remarkable 567% increase compared to 2020. Hence, the rising number of crypto transactions is propelling the growth of the crypto wallet market.

Prominent players in the crypto wallet market are directing their efforts towards introducing solutions that leverage advanced technologies such as multi-party computation (MPC) to deliver secure, self-custodial crypto wallets and gain a competitive advantage. MPC technology enhances security and privacy in cryptocurrency wallets by enabling multiple parties to compute functions over their private inputs without revealing them. For instance, in November 2023, Binance Holdings Limited launched Binance Web3 Wallet, a cryptocurrency wallet seamlessly integrated within the Binance mobile app. This wallet serves as a digital gateway to the Web3, providing users with a secure and user-friendly platform to engage in decentralized applications, trade tokens across different networks, transfer funds between exchanges and wallets, earn returns on cryptocurrency holdings, and more, all within a secure environment. Through the use of MPC, users are relieved from the responsibility of managing or recalling seed phrases while maintaining high levels of security and self-custody.

In February 2021, ConsenSys Software Inc. acquired MyCrypto Inc. with the aim of fortifying ConsenSys' Ethereum wallet Metamask and enriching Web3 experiences by combining the expertise and technologies of both teams. MyCrypto Inc. is a US-based software company specializing in blockchain and cryptocurrency solutions.

Major companies operating in the crypto wallet market are Bittrex Holdings Inc., Digital BitBox Ltd., Coinbase Global Inc., Binance Holdings Limited, Crypto.com, Gemini Trust Company LLC, BitPay Inc., Ledger SAS, Bitfinex, Blockchain.com Inc., Blockstream Corporation, Coinomi Ltd., Trezor Company s.r.o, BitGo Inc., KeepKey LLC, ZenGo Ltd., CoolBitX Technology Ltd., Exodus Movement Inc., Electrum Technologies GmbH, BlockFi Inc., Guarda Wallet, MyEtherWallet LLC, Trustology Ltd., Atomic Wallet.

North America was the largest region in the crypto wallet market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the crypto wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the crypto wallet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A cryptocurrency wallet is a digital tool or software application designed to securely store, send, and receive cryptocurrencies such as Bitcoin, Ethereum, and other digital assets. These wallets come in various forms, including software, hardware, and paper options, offering users a secure and convenient means to manage their cryptocurrencies and conduct transactions on blockchain networks.

The primary types of cryptocurrency wallets include software wallets, hardware wallets, and paper wallets. Software wallets are applications or programs that store cryptocurrency keys on a computer or mobile device, compatible with operating systems such as Android, iOS, and others. They find utility across diverse sectors including retail, banking, financial services, insurance, automotive, telecommunications, media, and entertainment.

The crypto wallet market research report is one of a series of new reports that provides crypto wallet market statistics, including the crypto wallet industry global market size, regional shares, competitors with a crypto wallet market share, detailed crypto wallet market segments, market trends, and opportunities, and any further data you may need to thrive in the crypto wallet industry. This crypto wallet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The crypto wallet market consists of revenues earned by entities by providing services such as crypto storage, address management, and security services. The market value includes the value of related goods sold by the service provider or included within the service offering. The crypto wallet market also includes sales of brain wallets, multi-signature wallets, and custodial wallets. values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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