Top 5 Web3 Software Wallets for 2023: Empowering the Next Million Users

Today, we're going to chat about the top 5 most popular cryptocurrency software wallets in the space and what they are currently doing to onboard the next million users in the space. These magical wallets are perfect for keeping your internet assets safe and sound. So, let's dive right in and explore our fantastic five!

‍Coinbase Wallet:One of the darlings of the digital wallet world, Coinbase Wallet is one of the most user-friendly wallet out there that makes it super easy to manage your cryptocurrencies. Their seamless onboarding experience makes them a preferred choice for a person just starting in web3. Coinbase understands that one of the biggest problems in the space is still is user-onboarding. Recently, they rolled-out "wallet as a service" which enables companies and brands to create custom wallets for their customers and tailor experiences.

Their new wallet APIs use some cool tech called multi-party computation (MPC) to keep users' assets safe. It means we can split, encrypt, and share the keys among different parties for extra security against theft or unauthorised access. Lastly, one of the biggest misconceptions about Coinbase wallet is that it is custodial. The wallet can be used without an exchange account, and it's non-custodial, meaning your private key is stored on your device, not on Coinbase's servers. This keeps your currencies secure and prevents them from being locked or exposed to cyberattacks on the website.‍

‍MetaMask: This adorable little fox is your gateway to the world of decentralized applications (dApps) in the Ethereum World. MetaMask not only keeps your coins safe but also lets you interact with all the exciting things happening in the web3 universe.

A little bit of rewind, MetaMask was created by ConsenSys in 2016 and keep shipping a list of burgeoning features year after year, from adding user portfolio view, bridges and swaps. Metamask proves itself to build with the market. This year it really became the gateway to web3 as they kicked 2023 with MetaMask Staking in the Portfolio Dapp. Where we can now stake your ETH through MetaMask with liquid staking providers, Lido and Rocket Pool before releasing the "Buy Crypto" function is integrated into the Portfolio Dapp, allowing users to purchase approximately 90 cryptocurrencies using local payment methods.‍

Trust Wallet: Trust is a big thing, and this wallet has got it! Trust wallet’s best feature is their multi-asset support as we all know that having loads of different wallets is a headache and it’s always easier to have everything in one place. With support for over 50 blockchains it has the biggest number of supported cryptocurrencies.

In 2018, Trust Wallet became part of the Binance ecosystem and is now the official mobile wallet for Binance. It offers a secure and user-friendly place to store your funds outside of Binance, packed with features to elevate your crypto experience.‍

MyEtherWallet: Fondly known as MEW, MyEtherWallet claimed to be “Ethereum’s original wallet that is secure, intuitive and the prettiest way to manage Ethereum-based assets. It's like their cozy little home, keeping them safe, warm and instantly swap ERC-20 assets due to exclusively compatibility within the Ethereum ecosystem.

The official wallet for ETHDenver 2023 is often referred to as a ‘paper wallet’ because its private key is stored offline and therefore requires the users to print the private key on paper and keep it in safe places. You store your assets on your own computer instead of keeping them online. It's a free, open-source, and user-friendly interface that lets you interact directly with the Ethereum blockchain network and create your very own online crypto wallets.

MEW is user experience is also evolving with the ever changing landscape of web3 users as it definitely showed new features during ETHDenver2023 where in a user can do the following during the event:

- Claim your $BUIDL token for free food from food trucks.
- Grab token drops, NFTs, attendance badges (POAPs), and a surprise gift from MEW!
- Access ETHDenver resources like maps and schedules.
- Enjoy fun activities at the Blockchain 101 education area.
- Discover wallet and crypto quick guides: buying ETH, trading tokens, using Layer 2 networks, etc.
- Plus, explore NFTs, staking, market tracking, dapps, and web3.

ZenGo:Last but not least, the uprising tiger ZenGo which gained popularity because of their innovative keyless security feature eliminates the need for private keys, making it easier for users to get started. The wallet claim to be the ***only self-custodial wallet with no private key vulnerability while having secure asset recovery built-in.

Besides freeing users from managing seed phrases, ZenGo also safeguards them during web3 transactions. Its integrated firewall, ClearSign, enables users to comprehend the permissions they're granting, avoiding the approval of risky transactions.

Over 800,000 users trust ZenGo's MPC technology to keep their digital assets secure, making it the most widely used wallet in its category.

With this seamless user-onboarding process no wonder it became the preferred wallet choice in the Polygon ecosystem.

As wallet solutions keep evolving, they're opening doors for a billion more people to explore crypto. These wallets, with their cool security features and easy-to-use designs, are making the world of digital assets more accessible. Soon Ryder will be a part of this movement as the first hardware wallet that will make you say goodbye to seedphrases, complex transactions and asset loss. Until next time, for now just keep on #ryding! 💖