Ever since decentralised finance (DeFi) became a rage in the market, Web 3.0 has increasingly been seen as the future of cryptocurrencies. Through DeFi, the market participants get exposure to a host of financial products, which would change the way financial services operate in the world. But an essential element of using the DeFi architecture in day-to-day lives is the Web 3 cryptocurrency wallets. These wallets offer a huge range of options, such as lending or staking.
Therefore, in a way, the Web3 wallets are a form of a self-custodial wallet that enables secure, intuitive, and accessible access along with DeFi products. Most Web3 wallets are integrated into various DApp browsers, allowing users to access DeFi applications.
Let’s look at 5 Web 3.0 wallets popular with market participants at present.
The MetaMask is a popular wallet service used by crypto lovers to store Ethereum and other cryptocurrencies with Web 3.0 applications. Boasting more than 30 million monthly active users, MetaMask can easily integrate with majority of the DeFi DApps. Through MetaMask, the users can bridge the gap between a standard browser and a blockchain platform. As its operations are seamless, it’s very easy even for a crypto newbie to enter the DeFi world.
Argent is another popular mobile-only Web3 wallet that acts as a DApp browser and supports Ethereum transactions only. Its unique security mechanism has helped crypto investors to get rid of extra costs that incurred due to high transaction fees. Though it doesn’t have a browser version, through WalletConnect, users can connect to its mobile app.
Trust Wallet is another multi-asset mobile wallet that supports a host of assets. As a blockchain-supported Web 3 wallet, it can store and trade multiple digital assets from different blockchains. Even though it offers a seamless and easy-to-use interface, it provides greater security to its users and a backup facility so that they don’t lose their funds by accident or a hack. Being a multi-asset wallet, it can maximise the potential of every DeFi service available.
Coinbase Wallet is primarily a non-custodial Web 3 wallet service provided by Coinbase, one of the leading cryptocurrency exchanges. Through the Coinbase wallet, the users get an opportunity to take full advantage of DeFi DApps and can trade in more than 500 tokens. The Coinbase wallet also gives the users access to NFTs. One of the unique features of the Coinbase wallet is — it allows the users to send or receive cryptos with a username instead of a traditional wallet address.
Crypto.com DeFi Wallet
Another wallet service from a leading cryptocurrency exchange, Crypto.com DeFi Wallet offers non-custodial wallet services which gives users to gain access to multiple DeFi services. The wallet offers unique security features, such as passwords, biometrics, and two-factor authorisation. This provides an extra layer of security and makes sure that the funds are not sent by mistake. The wallet has integrated a scanner or a QR code, allowing users to connect with DeFi DApps easily.
Overall, the Web 3 wallet service provides many opportunities in the DeFi sector to investors. But one must also note that cryptocurrencies are volatile assets, and one needs to tread carefully before making any investment decisions.