As the demand for cryptocurrencies has grown in recent years, the global market for cryptocurrency wallets is also expected to expand as more people begin using digital assets.
With cryptocurrency brokers and lending platforms such as Three Arrows Capital, Voyager Digital, and Celsius either collapsing or suspending withdrawals, investors are more eager than ever to store their funds in a cryptocurrency wallet.
Notably, a new report titled “Global Crypto Wallet Market 2022-2026” has revealed that the crypto wallet market is poised to grow by $686.05 million during 2022-2026, which means it is accelerating at a compound annual growth rate (CAGR) of 24.19% during the forecast period, according to a study published by Reportlinker on July 26.
Interestingly, the study notes that the increasing availability of wallets is one of the primary factors behind the predicted growth:
“The increasing availability of crypto wallets is one of the prime reasons driving the crypto wallet market growth during the next few years,” the study said.
Crypto wallet advances
Additionally, the study discusses how users of crypto wallets are able to transfer and receive different cryptocurrencies, as well as how technological advances and improvements in the realm of cryptocurrencies will lead to substantial demand in the market for wallets.
Meanwhile, on July 11, South Korea’s technology giant SK Telecom revealed it would launch a cryptocurrency wallet with the capacity to store several forms of digital assets, including cryptocurrencies, non-fungible tokens (NFTs), and other blockchain-powered tokens that may be used for identity verification.
Elsewhere, given the growth of the metaverse, there have been speculative talks of Mark Zuckerberg’s Meta (NASDAQ: META) repurposing Novi’s resources to develop a metaverse digital wallet as the wallet’s resources could still be deployed in the development of Meta’s metaverse projects.