Since their conception, one of the central issues plaguing cryptocurrency wallets has been high theft and scamming rates. During one single month in 2023, scammers stole nearly 8,000 crypto wallets, emptying the currency from inside without users even realizing it. This issue has reduced public trust in blockchain wallets and resulted in reduced onboarding to blockchain systems.
To counter the prevalence of cryptocurrency theft, those in the blockchain space have begun to resort to cold wallets. Cold wallets are blockchain wallets that aren’t directly connected to the internet. This method of cold storage ensures that all private keys are kept safe and away from where scammers or hackers could steal them.
To celebrate how effective cold wallets have become, we’re collecting a list of the top three wallets that are actively changing the tide of crypto adoption. We’ll dive into the benefits, features, and utility of the following cold wallets:
- Ledger
- Trust Wallet
- Tangem
Let’s dive right in.
Ledger
Ledger has over 6 million customers, offering a comprehensive cold wallet solution for those new to crypto storage. Ledger wallet includes a range of security elements, portfolio tracking, and buy/sell functions to keep crypto flowing.
Here are some of the features they offer:
- Buy and Swap: Users are able to buy cryptocurrency from the application and exchange from one currency to another with ease. For traders or those looking for a more hands-on crypto experience, this is highly effective.
- Stake Crypto: Users can stake cryptocurrency from their digital application, allowing them to earn rewards on PoS cryptos like Ethereum and Solana.
- Hardware Wallet Selection: Ledger offers a range of hardware wallet formats, allowing you to store your crypto in cold storage and always have it near you. You can choose from Stax, Nano X, or Nano S models, depending on how you want to manage your crypto.
- Ledger Academy: Alongside a comprehensive cold wallet offering, Ledger also offers an academy that allows people to learn more about cryptocurrency. This is a fantastic resource for beginners and experts alike, allowing people to get more from their interaction with decentralized assets.
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Trust Wallet
Trust Wallet is another leading method to securely store, buy, and collect digital assets. There are currently over 60 million people using Trust Wallet, making this one of the most popular entries on this list. Part of what has made the brand so popular is its widespread availability, having Chrome Web Store, Android, Google Play, and App Store integrations.
Binance, a leading cryptocurrency exchange platform, acquired Trust Wallet in 2018, which further launched them into the spotlight. Over the years, they’ve developed a range of additional features that make them a great choice when looking for a crypto wallet. Here are some of their most popular features:
- Track Charts: For users who are looking to buy and sell cryptocurrency, live charts allow for easy price monitoring from within the application.
- DApp Browser: Users are able to use the Trust Wallet app to browse through different decentralized applications and find new favorites, all from the comfort of their wallet.
- Interest: By holding crypto on the platform, users are able to generate interest in cryptocurrency.
- Buy Crypto with a Card: Users on the Trust Wallet platform are able to buy major cryptocurrencies with their debit and credit cards, making this a very user-friendly and accessible platform for those just getting started with crypto.
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Tangem
Tangem has been making waves in this community. Tangem offers a bank card-shaped cold wallet, providing a sleek and adaptable cold storage system. By tapping your phone to the card anytime you need to sign a transaction, you get a secure method of accessing your cryptocurrency funds.
One of the leading features that is pulling customers to Tangem is its advanced security protocols, having the highest level of security certification (EAL6+). This certification is the same granted to electronic passports, demonstrating their efficiency in security. Their protective measures have ensured that not a single one of Tangem’s wallets has been hacked across their entire history.
Here are some of their other compelling features:
- Fast Activation: Activating a Tangem wallet only takes up to three minutes, meaning you can get started with your wallet as soon as possible.
- 25+ Year Guarantee: Tangem offers a number of features like water and dust protection that keep the hardware wallet in top quality. Due to their confidence in their own product, they offer a 25-year guarantee.
- Three Cards: Tangem offers a 3-card set, giving you backup cards if you ever were to lose a card and forget your access code. This additional feature creates another preventative measure to protect your cryptocurrency wallet.
- Smartphone App: The digital app, which is going through a full renovation in October 2023, will offer a range of additional features that make this wallet extremely functional and appealing for users. Updates include the ability to hide balances, disable the access of the access code, and more.
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Final Thoughts
The cold wallets on this list represent some of the very best innovators in the industry. With a diverse range of features, effective user-first utility, and impressive security precautions, these blockchain businesses are paving the way for cold wallet adoption.
By using a cold wallet, as opposed to typical hot wallets, users are able to keep their cryptocurrency safer from scammers, hackers, and those with malicious intent. Users can utilize any of the cold wallets on this list to effectively protect their crypto and bring their storage in line with cutting-edge blockchain technology.
