According to Research and Markets the global crypto wallet market is expected to reach nearly 50 billion by 2030.
The importance of crypto wallets
Since the fall of so many centralised exchanges, the importance of users keeping custody of their own crypto assets on storage wallets can not be overestimated.
Wallets enable the user to store their own private keys, and allows them to send, receive, and store their assets in a secure way. According to the Research and Markets report, crypto wallets stored on smartphones is said to be one of the major factors that will drive growth over the next few years.
Factors driving wallet take up
Another factor highlighted by the report is the growth of the metaverse. As metaverse and Web 3.0 build out, this is expected to be a driver of growth for wallets as cryptocurrencies are used to purchase services in this area.
Businesses are another projected high user of cryptocurrencies because they are recognising their utility in making fast payments in real time. This growing adoption of cryptocurrencies by commercial businesses is thought to be another factor for the growth in crypto wallets.
Remittances are an area where a huge amount of value is sent every day from country to country across the world. For years this particular market was ruled by the likes of companies such as Western Union. The hefty fees charged meant that poor families would lose a large chunk of the money being sent to them.
With the advent of cryptocurrencies a huge amount of options are now open to those wishing to send money abroad. Faster payments and less bureaucracy have encouraged many to use crypto for this utility and this in turn has helped to increase the take up of wallets for storage, sending, and receiving purposes.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.