Everything You Need to Know About DeFi Crypto Wallets

• By Rimma
• 09-08-2022
• Cryptocurrency

If blockchain is allowing its users to gain profits solely by utilizing technologies, then naturally, the profits should be stored online as well. DeFi Crypto wallets, or smart contract wallets applications that store users' private and public keys without the need of third-party companies. Decentralized Cryptocurrency Wallets offer an additional layer of security for your crypto assets and easy access all the time.

There are a number of variations of DeFi wallets, and learning about them would do no harm.

What is a DeFi Wallet?

A common phrase that you might come across in the crypto community is " not your keys, not your crypto." But, luckily DeFi Wallets are non-custodial, which means that only the users with the seed phrase or private key can access the wallet.

The major difference between non-custodial wallets and centralized exchanges is the ownership of the assets. Centralized exchanges operate pretty much like bank accounts, where users give the privilege of managing their savings to the bank.

But the non-custodial wallets themselves separate into two different groups of wallets based on their purpose and the services provided by them. Non-custodial wallets are divided into hardware and software wallets.

Hardware wallets serve the purpose of holding the assets offline. They are remotely similar to USB chips storing huge amounts of information.

Software wallets, on the other hand, are online wallets that can be browsed on the web or used as an app. Software wallets are going to be the main focus of this article. So, let's explore the vast variants of software wallets.

What are the best DeFi Crypto Wallets?

The very first DeFi wallets were launched on top of the Ethereum blockchain. Since then, a lot has changed technology vise and also based on the platforms offering non-custodial wallets.

MetaMask

MetaMask wallet is a browser extension which means that while using it, you can access your assets through the computer. MetaMask is built upon the Ethereum blockchain; hence it supports all the tokens related to it. Currently, MetaMask is working on launching a DApp for mobile users.

Binance Chain Wallet

Binance Exchange established Binance Chain Wallet as their platform's official cryptocurrency wallet. Binance Chain Wallet is an extension that can be implemented to any browser comfortable for you to use, like Google Chrome, Firefox, etc. Binance Smart Chain Wallet gives its users the privilege of registering to the platform just by using their Google account. If they lose access to their wallet, they can use Gmail and the devices to restore it.

Coinbase

Coinbase is known to be one of the few DeFi wallets that supports Bitcoin. Yet, the significant part of Coinbase is that it doesn't require the users to create an account. Users just have to set up an account. The only thing left for them to do is to create a nickname, and they are set to go.

It is one thing to know the popular DeFi wallets and choosing the most suitable one for you to use, but it is a totally different thing to find the best crypto wallet development company. Exio.Tech is one of the most experienced companies in the industry, and working with them will guarantee your success in the vast market of DeFi Crypto Wallets.