Crypto wallet and exchange company raises $300 million at $5.2 billion valuation

Best crypto wallet 2021: Crypto wallet and Exchange Company raises $300 million at $5.2 billion valuation

Cryptocurrency is the new talk of the town these days. With news pouring in from around the globe, one can safely assume them to be the next generation currency.  Many companies and firms are now accepting it as a mode of payment for their various services. Some even go a step further and provide financial services related to cryptocurrencies. But before you step into the deep sea of this virtual world, there are a few things you need to know to own crypto and take advantage of the related services:

• A cryptocurrency exchange account: it is a digital marketplace that allows traders to buy sell and hold cryptocurrencies and other digital assets using traditional fiat money or altcoins based on current market prices. However, users don’t actually own the cryptocurrency they keep on an exchange probably because they don’t have the keys related to the wallet. A crypto exchange is based on either centralized or decentralized control or even better, a hybrid control.
• A cryptocurrency wallet: Although many exchanges have inbuilt wallet features yet it doesn’t provide the private key which is essential to keeping your account safe. A crypto wallet is a software that allows its owner to track, receive and send virtual coins using Blockchain technology. A bank account can serve as a perfect analogy. Every wallet has a unique public key and a private key that gives it a high level of security.

With these extra tight security features, a wallet is a must-have for every crypto trader. Let us give you some quick tips to choose just the right wallet for you.

TYPES OF WALLETS

Keeping all your crypto savings in exchanges can be risky. With no ownership of the crypto you hold, they can be easily wiped out of the exchange in case of any hacking activity or simply can be deleted. This is due to the fact that you don’t have any private key to the wallet. You get access to the coins you hold by logging into the exchange. Whereas a wallet comes with a private and public key that is exclusively unique, providing cutting edge security as well as full ownership of the coins you hold in the wallet. There are basically four types of wallets:

• COLD WALLETS: Also known as hardware or offline wallets. These wallets require an offline storage device for example hard disk or USB to store the cryptocurrency
• MOBILE WALLETS: These are applications that can be installed on mobile phones and can be then used as storage to hold the cryptocurrency. Mobile wallets can be custodial; meaning the company owning the app can control your coins.
• DESKTOP WALLETS: These wallets can be installed on desktop computers and are compatible with Mac, Linux and Windows. These wallets can be used offline and have the keys stored in the computer. Desktop wallets are more advanced as compared to mobile wallets. They have more technically complicated features that increase privacy.
• PAPER WALLET: It is the safest wallet to store the cryptos. Paper wallets are basically a piece of paper that includes the public and private key, or a QR code enabling smooth transactions. All you have to do is scan the QR code and add the keys to the software wallet to make transactions.

Now when you are aware of the types of wallets, let’s jump to the best amongst these.

BEST CRYPTO WALLET 2021

With the passage of time and a deeper understanding of Blockchain technology, many wallets and exchanges are now introducing various advanced features. These are intended to expand the use-cases of Blockchain technology. Much affected is the finance sector. With the elimination of intermediaries, many services that once were very difficult to avail of are now just a click away. With the aim of aiding in financial independence and providing curated services that are no longer offered by traditional banks, Celsius is beating all the odds. Only recently Celsius, the leading cryptocurrency platform famous for its reward-earning features, announced its nomination as the Winner of the “Best Cryptocurrency Wallet” award in the fifth annual FinTech Breakthrough Awards program conducted by FinTech Breakthrough. This Cryptocurrency wallet is empowering people by providing financial independence through crypto lending. In addition to that, Celsius is a proud provider of services like high yield, zero fees, and lightning-quick transactions as well as weekly rewards. Celsius customers can also earn up to 15% APY in rewards on their crypto assets. Furthermore, they can apply for loans for as low as 1% interest rates. With the Celsius app, sending crypto to one another is as simple as sending a text message. Celsius manages around $10 billion in cryptocurrency and is now operating in over one hundred countries around the globe. Another company moving forward at an unbeatable pace is Blockchain.com. This company offers a wallet, exchange, explorer and many other services under one umbrella. It is best known for its open-source non-custodial wallets. Although a startup, thirty-one million users have verified themselves on Blockchain.com and the numbers have increased over the past twelve months. Blockchain.com rocked the headlines a few days ago when it announced that it raised $300 million from a funding round. This helped the company’s post-money valuation soar to $5.2 billion. This speaks volume of the success of the company and also point towards the raising interest people now have in cryptos. Blockchain.com is a go-to service provider for institutional investors. It is of great help when it comes to buying and selling cryptos, custody, large over-the-counter transactions, etc.

SIX MOST VOTED CRYPTO WALLETS ON REDDIT

Even now if you are not sure which wallet to choose, Reddit is always there to save the day. Reddit users rate the crypto wallets based on two broad classifications: HOT and COLD WALLETS. Cold wallets are offline wallets whereas hot wallets are connected to the internet. Mobile, desktop and web wallets are all hot wallets. The three most liked cold wallets include:

• Ledger Nano X and Ledger Nano S
• TREZOR T and TREZOR One
• Coldcard
• The three hot wallets recommended by the Reddit community are:
• Exodus
• Edge
• Wasabi

Choosing the right wallet is as crucial as choosing the best bank to open the bank account. At the end of the day, it all comes down to the services the bank provides to its account holders. The same theory is applicable while choosing wallets. Before opting for one, make sure to do all the research on your part to have a hassle-free crypto experience.