Crypto analysis company CoinGecko released a new report last month establishing the popularity of crypto wallets. But which wallets are the big winners of 2023?
Unsurprisingly, the most popular crypto wallet is… Metamask
Which crypto wallets are the most popular? That’s the question analytics company CoinGecko has set out to answer in its report.
After analyzing download data for crypto wallets on browsers and mobiles up to August 1, 2023, CoinGecko concluded that there are 55 crypto wallets installed on 81.16 million devices. This number is likely to increase with the development of new wallets.
MetaMask is by far the most downloaded crypto wallet, with 22.66 million downloads. It is followed by Coinbase Wallet, Trust Wallet and Blockchain.com Wallet, with 11, 10.4 and 10 million downloads respectively.
These four wallets total 54.06 million downloads, or 66.6% of all crypto wallet downloads.
Centralized exchanges develop …decentralized wallets
The top 10 most popular wallets reveals an interesting trend. Indeed, data from CoinGecko show that these 10 portfolios account for almost 65.90 million downloads, or 81.2% of the total.
Among them, five are linked to centralized exchanges, such as Coinbase, Crypto.com and Bitget. This trend towards the development of decentralized wallets indicates a decline in trust in centralized platforms, which can block funds in the event of bankruptcy. Customers of FTX can testify to this: they have been waiting for their funds since November 2022.
Limitations of the CoinGecko report
Although CoinGecko’s study is very informative, it has certain limitations related to its methodology. For example, it only considers “hot wallets” and ignores “cold wallets”, which are becoming increasingly popular for their security. In addition, the study only covers downloads from Android and certain browsers, thus missing out on a large proportion of users and, therefore, wallets.
Nevertheless, these limitations do not call into question the quality of this in-depth study. The data provided may even serve as a basis for more comprehensive research. In the meantime, if you’re looking for a cold wallet, you can always use D’Cent Wallet, which we have presented on Coinpri.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.