Multi-wallet usage up 16%, but AI may address crypto fragmentation gap

4 days ago

Fragmentation and analyzable idiosyncratic acquisition stay 2 of the astir important obstacles to cryptocurrency’s mainstream adoption, according to a caller manufacture report. Most users present usage astatine slightest 2 wallets to negociate their cryptocurrency investments.

The lack of interoperability across blockchains means users request to create multiple wallets to interact with antithetic networks, with users having astatine slightest 2 wallets rising by 16% implicit the past year.

According to a probe report published by onchain idiosyncratic acquisition level Reown and crypto quality steadfast Nansen, 62% of crypto users reported utilizing astatine slightest 2 wallets implicit the past 3 months, up from 45% successful 2024.

More than 18% of respondents said information was their apical interest related to wallet use, portion 10.6% cited mediocre idiosyncratic acquisition arsenic the biggest issue.

AI integration whitethorn beryllium adjacent “breakthrough” for crypto wallets

“We’re astatine a pivotal infinitesimal successful the improvement of wallet UX,” according to Eowyn Chen, the CEO astatine Trust Wallet. “The adjacent question of users, particularly those coming from accepted Web2 oregon emerging markets, are bringing caller expectations that situation however we plan tools and interfaces.”

Chen said wallets are shifting from plus retention tools to becoming the superior gateway to Web3 services, including integer identity, fiscal products, governance and gaming.

“That’s wherefore we spot wallets evolving into intelligent, idiosyncratic companions — tools that not lone clasp your assets, but recognize your behaviour, preferences, and needs,” she said.

Chen added that integrating artificial quality agents could assistance users navigate Web3 arsenic easy arsenic they store online, portion besides reducing risks from scams specified arsenic phishing attacks. These scams typically impact tricking victims into sending assets to fake wallet addresses.

The request for much robust wallets became much evident aft an chartless attacker stole $330 million worthy of Bitcoin (BTC) successful a societal engineering scam from an elderly US citizen, Cointelegraph reported connected April 28.

Mobile wallets dominate, hardware wallet usage connected the rise

Out of the 1,000 surveyed participants, 51% of users preferred utilizing a mobile wallet, down from 54.8% successful 2024.

Only 10% of the respondents preferred utilizing a hardware wallet, up from conscionable 7% a twelvemonth ago, signaling that hardware wallets are dilatory gaining traction among much precocious crypto users. However, lone 3% of caller investors reported utilizing a hardware wallet.

Social wallets, which are connected to a user’s email oregon different societal relationship and necessitate nary effect phrase, person “transformed onboarding,” and are astatine the “forefront of UX innovation, rapidly adopting technologies similar passkey signers and state abstraction,” according to Derek Rein, main method serviceman astatine Reown. He added:

“Crucially, they prioritize simple, casual design, users shouldn’t request to recognize state tokens oregon concatenation switching conscionable to transact.”

However, users are inactive hesitant, with 39% of surveyed respondents saying that improved information and spot would assistance them follow societal wallets.