A multi-coin wallet, also known as a multi-chain wallet, allows users to keep more than one crypto asset belonging to multiple blockchain networks.
Crypto wallets are vital for users if they want to securely hold their assets off of exchanges. For crypto newbies, there are a few wallets that only hold one crypto asset or group of only a few crypto assets based on one blockchain network. For example, many wallets today only support coins/tokens based on the Ethereum blockchain; therefore, these can’t be considered true multi-coin wallets. For those keen to diversify their holdings that exist on multiple blockchain protocols, a multi-coin wallet (also known as a multi-chain wallet) is required.
A multi-coin wallet is, as the name suggests, a wallet that supports more than one crypto asset. One wallet to store a user’s coins makes it easier to trade them on decentralized exchanges and provides a streamlined way to keep track of their entire portfolio.
Additional benefits of a multi-coin wallet include the ability to hold hundreds or thousands of crypto assets at one location and earn passive rewards through staking or active user rewards, These also include the integrations that enable users to directly interact with various DeFi protocols.
Kadan Stadelmann is a blockchain developer, operations security expert, and Chief Technology Officer of Komodo, an open-source technology provider that offers all-in-one blockchain solutions for developers and businesses. Komodo works closely with organizations that want to launch their own custom decentralized exchanges, DeFi platforms, and independent blockchains. Its flagship technology and end-user application is AtomicDEX – a mobile and web-compatible non-custodial multi-coin wallet and atomic swap-powered DEX rolled into one dApp. Kadan strongly identifies with Komodo’s open-source vision and ideology. His dedication to the Komodo project is founded on an unwavering desire to make the world a better place. In addition to cryptography, blockchain technology, and development, Kadan is interested in literature, mathematics, astrophysics, and traveling.
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