As requested by cryptocurrencies has grown in recent years, the global market for cryptocurrency wallets is also expected to grow as more people start using digital assets.
As cryptocurrency brokers and lending platforms such as Three Arrows Capital, Voyager Digital, and Celsius collapse or suspend withdrawals, investors are more eager than ever to store their funds in a cryptocurrency wallet.
In particular, a new report entitled “Global Crypto Wallets Market 2022-2026revealed that the crypto wallet market is poised to grow by $686.05 million during the period 2022-2026, meaning it is accelerating at a compound annual growth rate (CAGR) by 24.19% over the forecast period, according to a study published by Reportlinker July 26.
Interestingly, the study notes that the increasing availability of wallets is one of the main factors driving the projected growth:
“The increasing availability of crypto wallets is one of the main reasons for the growth of the crypto wallet market over the next few years,” the study states.
Advances in the crypto wallet
Additionally, the study examines how users of crypto wallets are capable of transferring and receiving different cryptocurrencies, as well as how technological advancements and improvements in cryptocurrencies will drive substantial demand in the wallet market.
Meanwhile, on July 11, South Korean tech giant SK Telecom revealed that it would launch a cryptocurrency wallet with the ability to store multiple forms of digital assets, including cryptocurrenciesnon-fungible tokens (NFT), and other blockchain-powered tokens that can be used for identity verification.
Elsewhere, given the growth of the metaverse, there have been speculative discussions about Mark Zuckerberg’s Meta (NASDAQ: META) reallocating resources from Novi to develop a metaverse digital wallet as wallet resources could still be deployed in the development of Meta metaverse projects.