Wallet Service Market Insight

Hot Wallet

  1. Metamask

    1. mobile / extension wallet
    2. more than 10 million users (the most used wallet), 30 Million Monthly Active Users
    3. linked to cold wallet (Ledger, Trezor)
    4. Mobile wallet has browser features which can access multiple dapp protocols
    5. login (biometrics), regular key phrase for recovery
    6. metamask institutional (MMI)
      1. https://metamask.io/institutions/

      2. (1)integrates institution-required custody, (2)operational efficiency, (3)risk minimized, (4)compliance features

      3. partners: Gnosis Safe, Hex Trust, GK8, and Parfin

        1. Gnosis Safe
          1. multiple signature based crypto self-custody
          2. open source and battle tested since 2017,
          3. DAO treasury management with ~$90bn worth of assets stored in self custody.
        2. Hex Trust
          1. https://hextrust.com/hex-safe
            1. Enterprise-level full custody service
            2. IBM LinuxOne Hardware Secure Module (HSM) with FIPS 140-2 Level 4 Certification.
            3. Full custody and settlement APIs and SWIFT/FIX interface for integrations.
            4. Multi-wallet Infrastructure
            5. Address whitelisting to conduct transactions with verified entities.
          2. institutional-grade digital asset custodian that delivers custody, DeFi, brokerage, and financing solutions to customers in APAC and EMEA.
        3. GK8
          1. Military grade hardware, offline cold vault with a keyless MPC with an unlimited number of automatic co-signers.
          2. SOC2 Type 2-compliant and provides custody solutions for banks, exchanges, family offices, and hedge funds globally.
          3. support for any Ethereum Virtual Machine-compatible layer-1 networks as well as instant integrations with level-2 protocols.
        4. Parfin
          1. modular platform for secure digital asset custody using MPC technology, trading and management.
          2. SOC2 compliant and provide custody solutions for institutional players such as banks, exchanges, family offices, and hedge funds globally.
          3. strong presence in LATAM(South America) with offices in Rio de Janeiro, Brazil
      4. partners: custodians BitGo, Qredo, and Cactus Custody™ for small and large organizations with access to DeFi (institution-required security, operational efficiency, and compliance needs.)

        1. Bitgo:
          1. one of the largest custody and security solutions for clients including big crypto exchanges
          2. the integration of MetaMask Institutional with BitGo wallets allows for key management and custom policies to remain in BitGo
        2. Qredo
          1. offers decentralised crypto custody secured by Multi-Party Computation (MPC)
          2. MPC removes the operational risk around private keys. (It enables multiple parties to evaluate a computation without revealing any of their private data to computing parties.)
          3. Qredo supports institutions—from small-cap crypto funds to global asset managers—that are very active in their DeFi yield farming.
          4. Its Layer 2 blockchain aims to enable cross-chain trading and liquidity opportunities.
        3. Cactus Custody™
          1. a trust company based in Hong Kong with over USD10 billion in assets under custody.
          2. Cactus Custody™ offers cold and warm storage, enterprise crypto management features, and DeFi connectivity for miners, corporates, funds and projects.
  2. Trust Wallet

    1. 10 million users

    2. official crypto wallet of Binance
    3. dapp browser support
    4. biometrics login
    5. mobile wallet which promotes BSC network
    6. NFT view enabled
    7. Trust Token exists and is listed on Binance and other exchanges
    8. https://www.investopedia.com/trust-wallet-cryptocurrency-wallet-review-5270400
  3. Exodus mobile wallet

    1. mobile & desktop wallet $ Trezor hardware wallet
    2. 1 million users

    3. multichain support
    4. Staking service (Solana, Algorand, Cosmos, Cardano, Tezos, Ontology, Vechain)
    5. Fast easy UX
    6. Solana/FTX funded
    7. https://www.investopedia.com/exodus-wallet-review-2022-5221908\
  4. Fortmatic

    1. login with Email address, passwords and Two-factor(Google OTP)

    2. once trying to login, it generates code which is sent to Email address or Phone number

    3. no extension download, simple to use but has no UI for multichain and multi tokens.

    4. SOC 2 Type 1 compliant with a non-custodial HSM architecture.

    5. Integration with apps

    6. customizable, embedded,

    7. Delegated Key Management (pat. pend. USPTO 62/904689), as it delegates  encryption and decryption operations to a trusted 3rd-party service.

      1. Refer to: https://medium.com/fortmatic/security-infrastructure-at-fortmatic-4a95c3688997
    8. Entrusts Amazon Web Services’ (AWS) Key Management Service (KMS) and Cognito



    9. User have access to: OTP code, device 2FA, recovery email


  5. Argent

    1. 0.1 million users

    2. the first zkSync based wallet / mobile and extension wallet
    3. built on Zksync (L2)
    4. L2 wallet supporting bridge between L1(Ethereum) and L2(zysync).
    5. Argent X as a Chrome browser plugin wallet for StarkNet
    6. Argent Vault service for ETH L1 wallets with $50K plus, providing multisig security, social recovery and no need for a seed phrase.
    7. Uses a combination of encryption and cloud storage.
      1. uses cloud services such as Google Drive and iCloud for key recovery.
    8. Google drive, phone number and email address are required to register for Argent X.
    9. Biometrics (Fingerprint) is used to log into the wallet.
    10. Argent Guardian
      1. Guardians are people and devices you choose to help keep your wallet even more secure.
      2. Guardians can:
        1. Lock your wallet
        2. Approve a wallet recovery
        3. Approve an untrusted transaction
      3. Guardian types:
        1. A hardware wallet or other device (e.g. another phone) that you own yourself.
        2. A person you’ve selected because you trust them (e.g. a friend or family member).
        3. A third party service. An example is the default Argent guardian, which uses 2-factor authentication.
      4. https://www.argent.xyz/blog/a-new-era-for-crypto-security/
  6. Clover

    1. ETH-multichain support
    2. Dapp browser support
    3. CLV chain as its own chain and token
      1. Fair incentive mechanism
        1. CLV incentivizes dApp builders by automatically sharing a percentage of the transaction fees with them.
        2. The redistribution is to ensure a vibrant developer community and foster an innovative DeFi ecosystem on CLV.
      2. CLV’s smart relayer
        1. Relayer will act on behalf of the sender so that relayers can cover gas fees with the same token from the amount users transact, without depending on base currency like ETH.
      3. CLV’s Dynamic Fee Schedule
        1. brand-new gas calculation method which allows CLV users to get gas discounts proportionally to the frequency of their network activity.
        2. Users with less interaction pay more gas, and users with more interactions will less gas over time according to a usage curve.
      4. Supports cross-chain explorer
        1. multi-chain indexing across Bitcoin, Ethereum, Binance Smart Chain, and Polkadot
  7. Torus / Web3Auth

    1. user-friendly wallets and authentication tools powered by multi-party computation (MPC) and threshold-key cryptography
    2. SNS Login Experience
      1. Simple login experience to create user’s wallet