Analysis Reveals Metamask as Top Hot Wallet for Self-Custody

Blockchain enthusiasts continue to embrace self-custody services through various crypto hot wallets.

MetaMask leads the way in popularity, garnering over 22.66 million app downloads as per a recent CoinGecko report.

The analysis delves into the key players in the field and the dynamics shaping their growth.

MetaMask holds the crown as the most favoured crypto hot wallet, boasting an impressive 22.66 million app downloads.

What is a Hot Wallet?

A crypto hot wallet refers to a type of digital wallet that is directly connected to the internet.

It's like having your money readily available in your pocket for day-to-day expenses.

These wallets are often used for quick and convenient access to cryptocurrencies, making them suitable for transactions and trading.

On the other hand, there are also "cold wallets," which are like secure vaults offline.

They are less accessible but offer higher security for storing larger amounts of cryptocurrencies for the long term.

How Did Other Hot Wallets Fare?

Chasing closely are Coinbase Wallet, Trust Wallet, and Blockchain.com Wallet, each securing slightly over ten million installations.

The Bitcoin.com Wallet occupies the fifth spot with a respectable five million installations.

Together, these top four wallets account for a significant 66.6% of total wallet installations, equating to a combined 54.06 million downloads.

This comprehensive report titled "Most Popular Crypto Hot Wallets for Self-Custody" emphasizes the dominance of the ten leading crypto hot wallets, which collectively amass four times the installations of less prominent alternatives.

Of the top ten wallets, half enjoy support or ownership by centralized crypto exchanges, showcasing the pronounced interest these entities possess in self-custody services.

Coinbase Wallet and Crypto.com DeFi Wallet originate from their respective exchanges, while Trust Wallet became part of Binance's portfolio in 2018.

BitKeep is partially affiliated with the Bitget exchange, while Binance Labs invested in SafePal's hardware wallet integration.

Presently, the report identifies a pool of at least 54 crypto hot wallets.

Notably, Android mobile devices boast nearly three times the installations found on web browsers.

Conducted on August 1, 2023, the CoinGecko study scrutinized hot wallet installations on both browsers and mobile devices.

The research leveraged CER.live and public data, focusing exclusively on Android mobile devices and browsers such as Chrome, Brave, Edge, Firefox, and Opera.

Data for iOS, Safari, MacOS, Linux, and Windows platforms remained unavailable for assessment.