The global Crypto Wallets market is set to rise by reaching US$

NEWARK, Del., Aug. 14, 2023 (GLOBE NEWSWIRE) — The crypto wallet market is expected to grow at an impressive 9.3% CAGR from 2023 to 2033, ahead of the lower 7.2% CAGR seen between 2018 and 2022, reflecting this significant increase. the rising demand for crypto wallets, driving the market value from US$1,505.9 million in 2023 to an impressive US$3,675.4 million by the end of 2033.

Increased adoption of cryptocurrencies leads to a larger user base that demands secure and convenient methods of storing and managing digital assets. This is driving the demand for crypto wallets as more individuals and businesses try to participate in the cryptocurrency market.

Crypto wallets play a pivotal role in the cryptocurrency market, accounting for around 25% of total cryptocurrency sales. They serve as a secure way to store private keys, ensuring safe and reliable transactions with popular digital currencies such as Ethereum and Bitcoin.

As the value of cryptocurrencies increases, the risk of theft and hacking becomes more significant. Users are willing to invest in wallets that offer robust security measures, such as hardware wallets or multi-factor authentication, to protect their assets. This emphasis on security is driving the growth of wallets that prioritize user protection.

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These wallets can be categorized into two main types: cold wallets, which include hardware and paper wallets that provide offline storage, and hot wallets, which include desktop, web, and mobile wallets, that provide convenient online transaction access. These diverse wallet options offer users different levels of security and accessibility to meet their individual needs.

As the number of cryptocurrencies and blockchain networks grows, users are looking for wallets that can handle multiple assets and offer seamless cross-chain capabilities. Wallets that offer interoperability become more attractive to users, leading to increased demand and market growth.

Key takeaways from this market:

In the United States, the growing interest in cryptocurrencies and the nation’s position as a global financial hub have driven its crypto wallet market to remarkable heights. In 2022, the United States accounted for an impressive global market share of 18.4%. As the adoption of digital assets gains momentum and crypto-friendly regulations continue to evolve, the country is poised to maintain its significant market presence and drive further growth in the crypto wallet industry. CAGR of 12.3% by 2033. This boom comes as the country embraces digital currencies and integrates them across diverse industries, driving increased adoption nationwide. The UK cryptocurrency wallet industry is expected to grow steadily, with a projected CAGR of 10.1% by 2033. This growth is driven by the growing adoption of cryptocurrencies and the increasing demand for secure and user-friendly storage solutions. The Chinese crypto wallet industry is set to experience significant growth, with a projected CAGR of 8.3% through 2033. This boom is fueled by the government’s growing adoption of blockchain technology and the growing interest in digital assets among investors in the country. As these factors converge, the country’s crypto wallet market is expected to experience significant expansion in the coming years. As Australia navigates the legal environment and gradually integrates cryptocurrencies into its financial ecosystem, the crypto wallet industry is expected to develop at a moderate CAGR of 2.5% by 2033. This growth rate reflects the country’s cautious approach to digital assets, while the potential for gradual expansion in the crypto wallet industry.Japan’s crypto wallet market accounted for a notable 3.8% market share in 2022, and this trend is expected to continue upwards. The tech-savvy population of Japan and the increasing integration of cryptocurrencies into traditional financial services are expected to drive significant growth in the crypto wallet industry.

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Competitive landscape:

Well-known cryptocurrency exchanges, technology behemoths, financial institutions and special wallet providers are some of the key participants in the crypto wallet market. To provide their users with a complete platform, well-known exchanges such as Coinbase, Binance and Kraken have expanded into the wallet service market. While this is underway, tech giants like Samsung and HTC have added crypto wallet functionality to their smartphones, broadening the market’s appeal.

On the other hand, startups emphasize innovation and niche markets, with the intention of offering distinctive and specialized wallet solutions that meet certain customer needs. They frequently highlight enhanced security features, decentralized storage, and user-friendly interfaces to differentiate themselves from their competitors.

Top 10 key players are:

Gemini Trust Company LLC.BitGoBinanceBitMEXBreadwinner AG (BRD)TrezorBitPayLedger SASBittrex GlobalExodus

Recent developments:

In June 2023, Ledger, a cryptocurrency custody firm based in Paris, unveiled the launch of Ledger Enterprise Tradelink. This innovative trading system is designed to be secure and compliant with regulations, catering specifically to institutional investors. The primary goal of Ledger’s new platform is to reduce third-party risk for users. It achieves this by enabling enterprise-level investors to establish a personal interconnected network, which includes custodians and exchanges. In June 2022, KuCoin, the cryptocurrency trading platform, ventured into the Web3 domain by launching its decentralized wallet. With this new feature, KuCoin wallet users gain the ability to engage in a range of activities, such as buying, selling and trading, as well as sending and receiving various cryptocurrencies, including Bitcoin (BTC), Ether (ETH) , Tether (USDT), and other similar tokens.

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Segmentation Analysis:

By type:

By application:

E-Commerce and Retail Peer-to-Peer Payments Trade Transfer

By industry:

Retail IndustryBFSIAutomotiveTelecommunicationsMedia and EntertainmentOther

By region:

North America, Latin America, Europe, East Asia, South Asia Pacific, Middle East and Africa (MEA)

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