Over the past few years, digital currency has witnessed significant traction due to its numerous functional benefits. It offers affordable and quicker bank transfers, making it a preferred choice for transactions in the retail sector. The growing e-commerce retail, surging international remittances, and rising monetary transactions further increase reliance on digital currency, thereby paving new avenues for the crypto wallet market. Additionally, the acceptance of cryptocurrencies is also expected to drive the crypto wallet market’s growth. The growing adoption of cryptocurrency and increasing crypto payments have triggered the demand for hot and cold crypto wallets. Financial institutions’ use of cryptocurrencies for exchange and trading has also provided new opportunities for the crypto wallet market. Despite an initial ban on cryptocurrencies in some regions, their market has been growing at a higher rate, albeit without being regulated by authorities. This factor continues to drive the growth of the crypto wallet market on a global scale.
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Rising Availability Remains the Strongest Booster to Crypto Wallet Market
The growing popularity of cryptocurrency has led to an increased number of companies offering new crypto wallets to users. The availability of various crypto wallets remains a key factor driving the revenue for the crypto wallet market. Some of the prominent crypto wallets like Electrum Bitcoin Wallet, Coinbase Wallet, Mycelium Bitcoin Wallet, MetaMask Wallet, and Exodus Wallet offer safe transactions for users. With the rising popularity of blockchain technology, users can securely gather, transfer, and track their cryptocurrency holdings. The availability and introduction of new cryptocurrency wallets play a crucial role in bolstering the growth of the crypto wallet market.
Hot Wallets to Significantly Contribute Toward Value Share of Crypto Wallet Market
Hot crypto wallets have witnessed a surge in demand in recent years and are expected to maintain their popularity in the coming years. These wallets are user-friendly as they are connected to the internet and can be easily downloaded on cell phones, desktop workstations, and other devices. The convenience and easy-to-use functionality of hot crypto wallets make them a preferred choice for users to receive and send cryptocurrency. Moreover, the growing smartphone industry and internet penetration have further increased the demand for hot crypto wallets. Hot wallets are often used for trading purposes as they provide free recovery backup options, making them suitable for short-term storage. These factors have contributed significantly to the value growth of the crypto wallet market.
North America Reigns Supreme in Global Crypto Wallet Market
From a geographical standpoint, developed economies in North America are expected to hold a prominent revenue share in the crypto wallet market. Several factors govern the adoption of crypto wallets in the region, including the growth of cryptocurrency and the increasing individual inclination towards digital currency. Additionally, the rising cases of hacking of cryptocurrencies have fueled the demand for secure crypto wallets. North America’s early adoption of technology and the inclination towards technologically advanced products have favored the proliferation of cryptocurrency, further bolstering the expansion of the crypto wallet market in the region.
Moreover, the presence of key players like BitGo, BitPay, and Coinbase Global Inc. has further influenced the growth of the crypto wallet market in North America. Companies like PayPal have also played a significant role in promoting cryptocurrency transactions. For example, PayPal announced in 2022 that qualified account holders in the United States could send, receive, or transfer cryptocurrency using the PayPal platform. This initiative enabled all PayPal customers to interact with the broad crypto ecosystem, offering flexibility in moving crypto assets. These factors have played a vital role in propelling the growth of the crypto wallet market in North America.
Crypto Wallet Market: Competitive Scenario
Key players in the crypto wallet market have been actively involved in new product launches, collaborations, and partnerships to strengthen their position in the global market. For instance, in April 2020, Oobit and Coinbase entered a partnership to offer crypto wallet, escrow, and custodial services to Oobit’s Oobit Hunter users. Similarly, in May of the same year, Gemini Trust Company LLC and Samsung Electronics collaborated to power Samsung Blockchain Wallet, offering crypto services to users in Canada and the United States. In June 2021, Ledger SAS raised an amount of US$ 380 million for its crypto wallet. Moreover, financial services company Robinhood introduced a new and independent Web 3.0 crypto wallet in May 2022, covering the transaction costs of clients on the blockchain network without crypto asset management and control. This introduction allowed users to hold keys and experience new opportunities in the open financial system.
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