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Given the crypto wallet sector's rapid growth and need for regulation, here are several top items you should know.
Crypto Wallet, Types and Market Forecasts
A cryptocurrency wallet is a software or an app used to store a user's private key, which accesses digital currencies. The wallet is divided into two categories: hot and cold. A cold wallet is not connected to the internet and is referred to as a "hardware wallet," while a hot wallet is always connected to the internet and the cryptocurrency network.
The use of crypto wallets surged during and after the pandemic when U.S.-based companies Coinbase (NASDAQ:COIN) and Robinhood Markets (NASDAQ:HOOD) offered wallets to make it easier to invest in crypto.
Zion Market Research noted that demand of Global Crypto Wallets Market size and share in terms of revenue was valued at around $8.24 billion in 2022. It is likely to grow to around $46.72 billion by 2030, marking a CAGR of approximately 24.2%. The cold-wallet market will possibly grow at a CAGR of 27.1% by 2028, a higher growth rate than the crypto-exchange growth rate.
The crypto wallet market is divided into online and offline channels. The market is dominated by offline channels mainly due to security reasons. Based on end-user, individual and commercial are the two segments. The market was dominated by individual segments in 2021 and is forecasted to collect more revenues in the future.
Due to high awareness and presence of key players in the region, North America dominates the crypto markets with a 41% share. However, the Asia-Pacific region is also growing at positive CAGR rates due to the rising popularity. India and Japan are among the ones contributing meaningful revenue to the overall regional revenue. Recently, the Japanese government cleared a new bill for stablecoins regulation to tighten investors’ security.
Also, the recent G20 summit highlighted the importance of — and growing need for — a global crypto framework that will not only protect investors’ interests but also protect a country's monetary sovereignty.
Top Crypto Wallets
A recent survey by Nerd Wallet highlighted the 10 best crypto wallets of 2023, which included seven hot wallets and three cold wallets. Ledger, Trezor and Safepal were the three best cold wallets while Crypto.com Defi wallet, Guarda, Exodus, Coinbase wallet, MetaMask, Trust wallet, and Electrum were the best hot wallets.
Find out more on crypto wallets! Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!
Similarweb data indicated a 31% growth in traffic for MetaMask in 2023, with monthly visits surging from 4.5 million visits in January 2023 to 5.9 million in August 2023. Binance’s self-custody wallet, Trust Wallet, also saw its 2023 traffic grow, inching around 7% higher to 3.1 million monthly visits.
Major DEX Uniswap showed a 28% rise in website traffic, with monthly visits increasing to 5 million in August from 3.9 million in January.
Here's a quick look at some of the top wallets in the crypto space:
While crypto has a widespread popularity among investors, there are many challenges to the sector, including security threats and misuse of digital currencies.
U.S. Senator Elizabeth Warren’s bipartisan crypto anti-money laundering bill received support from 12 senators, including deom notable committee chairs. The bill targets the unlawful use of cryptocurrencies and empowering regulators with additional resources.
Senator Warren has highlighted a potential $50 billion crypto tax gap and warned that the IRS and Treasury could lose almost $1.5 billion in tax revenues for FY24 if the bill is not implemented.
Attend the Benzinga's Future of Digital Assets conference on Nov. 14 to find out more on regulatory matters surrounding the crypto industry.