Report Overview:
Blockchain technology is used to store cryptocurrency holdings, and only private keys kept in crypto wallets may be used to access them. Protecting these private keys is crucial since they serve as ownership proof. The strong security offered by crypto wallets is anticipated to spur demand, propelling the market’s future expansion.With a compound annual growth rate (CAGR) of nearly 24.2% between 2022 and 2028, the market for crypto wallets is expected to reach approximately USD 686 million by 2028 from an estimated value of USD 252 million in 2021.
Any service, software, or physical medium used to hold private or public keys that support cryptocurrency transactions is referred to as a crypto wallet or cryptocurrency wallet. Asymmetric cryptography using private and/or private keys utilises key pairs, with each pair consisting of a private key and a public key. These keys are produced using one-way functions, which are mathematical calculations. They differ from typical wallets in that they do not store actual currency, or in this case, cryptocurrency.
Adults who are financially savvy and digitally savvy are becoming more prevalent, which has led to a rise in the use of cryptocurrencies and the related infrastructure, such as crypto wallets. The number of businesses accepting cryptocurrency payments has considerably expanded along with the rise in demand for cryptocurrencies.
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Regional Perspectives:
Over the course of the projected period, the Asia Pacific region is anticipated to have the quickest growth. It is anticipated that the Asia Pacific will play a significant and essential part in blockchain innovation. The vast population of the area, which includes financially astute and technologically interested individuals, is what’s spurring local innovation in crypto wallets. More companies in the area are accepting cryptocurrency payments. For instance, Asia Pay and Triple A, a provider of cryptocurrency payment gateway services, joined in August 2022 to enable retailers to accept cryptocurrency payments.
Due to the increased demand for cryptocurrencies, which has increased the requirement for crypto wallets, North America is expected to lead the global market for crypto wallets throughout the projection period. This can also be ascribed to the significant investments made in cryptocurrencies on a regular basis in countries like Canada and the USA, which encourage service providers to update their systems to meet the rising expectations of their customers. The region’s advanced economies enable it to invest in better technologies, which raises the adoption rate of cryptocurrencies and spurs regional growth.
Crypto Wallets Competitive Analysis:
- ELLIPAL Limited
- CoolBitX Technology Ltd.
- BitLox
- ShapeShift
- Sugi (zSofitto NV)
- OPOLO SARL
- Satoshi Labs SRO
- Ledger SAS
- Shift Crypto AG
Crypto Wallet Market Segmentation:
By Channel
- Online
- Offline
By Type
- Cold Wallet
- Hot Wallet
By End-User
- Individual
- Commercial
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