All you need to know about Multi-Coin Wallet

A crypto wallet works similarly to a bank account but at a highly advanced level. If you want to own cryptos, you should consider having a crypto wallet for all coins before earning tokens. For that matter, a multi-coin wallet is an excellent option for all crypto enthusiasts looking forward to diversifying their holdings on multiple blockchain protocols. 

Let’s take a closer look.

What is a multi-coin wallet?

As the name suggests, a multi-coin wallet is a wallet supporting more than one cryptocurrency asset.

Through these wallets, you can hold numerous cryptocurrency assets at one location and earn passive rewards via active user rewards or staking. Also, these wallets include integrations which allow users to interact directly with several DeFi protocols.

List of the top multi-coin wallets

• AtomicDEX

AtomicDEX is a crypto wallet that supports over 30 coins and tokens. This includes KMD since it is integrated with Komodo. 

Also, AtomicDEX comes with built-in DEX features. Owing to the atomic swap technology, individuals can directly swap tokens and coins with other users from their wallets. And as the atomic swap is peer-to-peer, there is no requirement to make deposits to centralised exchanges. Notably, users always stay in possession of their private keys.

• Exodus

Exodus offers a remarkable UI and seamless performance. This desktop wallet is not available for mobile devices. Users' private keys stay secure on their devices and never leave them. Also, Exodus can encrypt the private keys for the users.

The crypto exchange, ShapeShift, is incorporated into Exodus, offering efficient one-click trading options.

• Coinomi

Coinomi offers native support to more than 1500 coins and over 125 blockchains while implementing vital privacy and security standards. Over 2.5 million users trust Coinomi.

Coinomi is a hierarchically deterministic wallet, implying that it utilises a unique algorithm to generate the seed of the account. This wallet supports multi-seed setups, and there can be encryption settings for every seed phrase.

This is an exclusive feature that this wallet provides - the seed refers to a series of random words serving as a sort of ‘master password.’ It certainly doubles the security layer of the account.

Bottom line: 

You must have a cryptocurrency wallet if you are willing to hold your assets securely off of exchanges. Storing coins in a multi-coin wallet will simplify trading them on DEXs, hence offering a streamlined way to keep track of the whole portfolio.