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As we delve into the digital age, cryptocurrencies and their storage mechanisms, known as crypto wallets, are gaining substantial traction.
The US Market reveals diverse wallet options, with Trust Wallet, Binance, and Coinbase Wallet leading the pack.
The market for these wallets is growing exponentially, with global revenue projected to surpass $3.675 billion by 2033.
Crypto wallets are undeniably becoming integral in our digital lives, transforming how we handle money.
This article will answer the question, “How many crypto wallets are there?”.
Top 5 Facts on Crypto Wallets
Here are the top 5 facts to know when it comes to crypto wallets:
- In 2022, over 80 million crypto wallets exist, compared to 5.78 million in January 2016.
- Bitcoin wallet user count is projected to rise from 32 million in 2021 to an anticipated 200 million by 2024.
- The global crypto wallet market size was estimated at USD 8.42 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 24.8% from 2022 to 2030.
- Retail demand for Bitcoin wallets (number of wallets owned from 1 to 10 BTC) should be 300,000 by 2024.
- Data from Glassnode shows that the number of Bitcoin wallets holding more than one BTC crossed the one million mark.
- The number of crypto wallets worldwide has grown at a rate of 1,271.97% since 2016.
Number of Crypto Wallets Globally
The global crypto wallet market has grown substantially, driven by increasing acceptance of cryptocurrencies.
The total number of crypto wallets worldwide is 84.02 million, with a significant portion of users from Europe and the U.S.
The number of wallets on Blockchain.com, one of the leading platforms for Bitcoin transactions, reached over 81 million users in 2022.
If we enlarge our horizon, there were 84.02 million crypto wallets worldwide as of August 2022.
Web3 goes behind the mere number of wallets; there are more than 420 million crypto users worldwide in 2023.
Out of 420 million users, more than 38 million are from Europe, and nearly 28 million are from the U.S.
Projecting these numbers in economic value, experts predict the crypto wallet market size to reach USD 46.72 billion by 2028.
The crypto wallet market will reach a valuation of US$ 3,675 Billion with a CAGR of 9.3% by 2033.
Table 1: Total number of crypto wallets year by year (Statista)
|Year||Number of wallets (in million)|
Most Popular Types of Crypto Wallets
Several options have gained many users in recent years regarding popular crypto wallets.
Binance has 150 million registered users and $90 billion in trading volume from Chinese users alone in 2023.
Coinbase had 98 million active users in 2023, which generated $3.1 billion in 2022, a 59.2% decline from 2021.
Suppose we exclude centralized exchanges; companies such as Trust Wallet are used by over 60 million people globally. This multi-chain self-custody wallet allows the secure storage and management of thousands of crypto assets across 70 blockchains.
Another popular software wallet, MetaMask, has over 30 million monthly active users and is connected to nearly all web3 dApps.
Many investors enjoy the benefits of hardware wallets. For instance, Ledger Live maintains over 1.5 million active users. They can buy, sell, swap, stake, and lend digital assets on the platform.
U.S. Statistics on Crypto Wallet Usage
There are 4,128,338 crypto wallet users in the US as of Q3 2023.
Trust Wallet holds the highest percentage of crypto wallet users, with 16.86% of the total market, which translates to 695,946 users.
Following closely, Binance has a 16.40% share with 677,226 users.
Coinbase Wallet is the third most popular choice, with 14.60% of the users, totaling 602,870.
MetaMask has 9.31% of the market share, with a user count of 384,432.
Binance.US and Blockchain.com also have significant shares at 8.80% and 5.56%, respectively, with 363,222 and 229,498 users.
Moving down the list, Exodus, with a 4.45% share, has 183,817 users.
LOBSTR Wallet, designed for buying Stellar XLM, has a 3.28% share with 135,435 users. (Statista)
Other less convenient choices, such as Vibrant and BitPay, have less than 3% of the market share, with 118,000 (2.86%) and 104,032 (2.52%) users, respectively.
At the bottom of this list, we find Bitcoin Wallet, Paxful, Robinhood Wallet, and SafePal, each having less than 2% of the market share, ranging from 78,161 to 56,574 users.
Table 3: The US Crypto Wallet Market as of Q2 2023 (Statista)
|Wallet name||Number of active wallets||Percentage of the total|
|Bitcoin & Crypto DeFi Wallet||366,489||8.88%|
Growth Trends in Wallet Adoption
Bitcoin users are expected to increase to 200 million by 2024.
If we expand our view from the mere crypto sector, half of the world’s population is expected to use digital wallets by 2024.
Mobile wallets, including crypto wallets, will have 4.4 billion users by 2024.
From a financial point of view, crypto will hold a significant position in the digital wallet niche. The global crypto wallet market revenue is projected to reach $1.505 Billion in 2023. A CAGR of 9.3% is expected, surpassing $3.675 billion by 2033.
A relevant part of this growth is likely to derive from the retail demand for Bitcoin, which is expected to double by 2024.
Notably, the Asia-Pacific region leads in crypto wallet usage. Furthermore, over the years, the market size for crypto wallets has grown tremendously, reaching billions of dollars.
As we look forward, we expect to see more sophisticated and secure wallets as blockchain technology evolves and permeates new sectors.
Given this continuous growth and adoption, one thing is clear – crypto wallets are here to stay.
The Bitcoin user count is projected to increase from 32 million in 2021 to an anticipated 200 million by 2024, according to CCN.
The global crypto wallet market size was estimated at USD 8.42 billion in 2022. It is predicted to grow at a CAGR of 24.8% from 2022 to 2030, reaching around USD 46.72 billion by 2028
There are 84.02 million crypto wallets worldwide in 2023.
The market size was worth around USD 8.24 billion in 2022 and is predicted to grow considerably in the coming years.
Binance, Coinbase, Trust Wallet, MetaMask, and Ledger are among the leading names in the crypto wallet space.