Since the inception of cryptocurrencies, a plethora of crypto wallets have emerged, with one of the most popular being the MetaMask browser extension wallet from software technology firm Consensys.
Launched in 2016, MetaMask is now the most popular wallet for interacting with decentralized finance (DeFi).
MetaMask owes much of its popularity to its ease of use and wide range of functionalities.
MetaMask launched as a browser extension that allowed users to transact with Ether (ETH) and other ERC-20 tokens.
The wallet is currently available as an extension to the Chrome, Firefox, Brave, Edge and Opera internet browsers. In 2020, a mobile app for iOS and Android appeared.
In addition to its wallet function, MetaMask also acts as an ID card and can simplify tax reporting for users. It creates a public address to identify an account in various decentralized applications (DApps).
This allows MetaMask users to exchange cryptocurrencies, access non-fungible token (NFTs) markets, and earn tokens in blockchain games.
As a result, most DApps have a built-in integration with MetaMask. This feature positively affects user growth and the popularity of the wallet among DApp developers.
MetaMask’s status as the number-one crypto wallet has recently been challenged, especially since November 2022, when Consensys changed its privacy policy and announced that it would collect users’ internet protocol, or IP, addresses.
The crypto community, which is particularly concerned about privacy, reacted poorly, claiming that Consensys’ actions contradict crypto’s core tenet of decentralization.
While MetaMask is still one of the top wallets, others have emerged that offer similar services and compatibility.
Exodus
Multicurrency software wallet Exodus belongs to the Web3 generation of crypto wallets. In addition to standard wallet features, it supports swap exchange and DApps.
Exodus is one of the most visually appealing and intuitive wallets on the market. Originally a PC-only wallet, It now supports iOS and Android.
One of Exodus’ main advantages is the number of cryptocurrencies it supports. The wallet supports an unlimited amount of cryptocurrencies across over 50 networks. These include recognized altcoins such as Ether (ETH), Litecoin (LTC), XRP (XRP) and Bitcoin Cash (BCH), as well as popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIBA).
The wallet has a swap option, which allows users to exchange one cryptocurrency for another directly in the wallet. This is a convenient way to convert digital assets without needing third-party platforms.
Another feature of the wallet is staking, which is available for Solana’s (SOL), Polygon’s (MATIC) and Cardano’s (ADA) tokens. Users can choose their currency and lock it for a specified time, receiving rewards in return.
Phantom
Phantom wallet has been operating since 2021 and is popular among Solana ecosystem users. It supports Solana, Bitcoin, Ether and Polygon, providing a single platform for managing digital assets and accessing DApps. Phantom’s browser extension and mobile app allow users to interact with major NFT marketplaces and showcase their collections.
Phantom is a non-custodial wallet where users retain complete control over their funds without needing to provide personal information. A fraud detection system immediately identifies suspicious transactions, and the ability to connect Ledger hardware wallets adds an extra layer of security.
Phantom wallet users can top up their wallets using bank cards and transfers. The wallet also has a swap function, which allows users to instantly exchange one cryptocurrency for another.
Phantom also lets users connect to various marketplaces and participate in contests. It also provides a tutorial section for new users.
Brave
Brave Wallet is a cryptocurrency wallet built into the Brave internet browser. It supports multiple cryptocurrencies, including Brave’s native Basic Attention Token (BAT).
Users can buy crypto and NFTs with a bank card and connect to other wallets.
Originally, Brave Wallet was a fork of MetaMask, but as Brave evolved, the project team decided that a higher level of security and privacy could only be achieved with an integrated cryptocurrency wallet built into the browser. The wallet also has a mobile version on Android and iOS.
One of Brave Wallet’s primary functions is to serve as an aggregator for users who want to make quick transactions on one platform.
The wallet has a user-friendly interface, is intuitive and is suitable for novice users.
While it is a versatile wallet, Brave Wallet does not support DApps or Bitcoin.
Zengo
Zengo Wallet has been operating since 2019 and lets users secure their wallets with multiparty computation (MPC).
MPC allows two or more entities to compute an output without revealing their inputs. According to the example on Zengo’s website, “Using MPC, a group of friends can securely calculate their average salary (‘output’), without revealing how much each of them gets (‘inputs’).”
For wallet users, this means they can secure their crypto without a single point of failure, like a seed phrase. MPC can perform all the necessary cryptographic functions for a wallet among multiple parties, such as a remote server and a mobile phone.
It is secure, as there is no one private key to steal, while each party can back up their input that does not “expose or compromise the entire system.”
Zengo’s MPC protocol includes an account password (via email), 3D FaceLock (biometric facial scanning), Zengo’s initial recovery file, dual resource storage (on the personal device and on Zengo’s remote server), and the use of a smart contract to verify the owner’s signature.
Users must authenticate every transaction on Zengo with a facial ID scan so that no one else can access their cryptocurrency.
The wallet itself functions like most cryptocurrency wallets. Users can send and receive over 120 cryptocurrencies and store NFTs.
In early 2022, it also introduced support for connecting to various DApps.
Rabby
Rabby Wallet is a multichain cryptocurrency wallet with a modern design created by DeBank. The wallet supports tokens and coins of 141 Ethereum Virtual Machine (EVM)-compatible networks at the time of writing.
Rabby Wallet has a desktop version for Windows and macOS operating systems. A mobile version is currently in beta on Android and iOS.
Fraudsters have previously tried to create a mobile app and deceive users using the news of the wallet’s supposed mobile release to steal unsuspecting victims’ crypto.
The wallet does not require user identification and provides scam warnings on tokens and projects it suspects are fake or untrustworthy.
As the Web3 space continues to develop, more alternatives appear on the market, and crypto holders have never had more options for storing their assets.