In the realm of cryptocurrency, MetaMask reigns supreme as the premier hot wallet, boasting an impressive tally of over 22.66 million app installations and active users, as per the latest report from CoinGecko.
Navigating the Landscape of Crypto Hot Wallets
CoinGecko’s findings underscore MetaMask’s position as the preeminent “hot wallet for self-custody,” amassing a staggering 22.66 million installations or users. This figure significantly surpasses that of its closest contender, Coinbase Wallet, which secured the second spot with 11 million installations, leading by a remarkable 100% margin.
While the ease of use associated with crypto hot wallets has made them the preferred choice for many hodlers, the sector is not devoid of challenges, including the looming threats of wallet hacking and digital asset pilferage. Despite these concerns, the allure of convenience and online accessibility has propelled hot wallets to become the favored option.
The Rank and File
CoinGecko’s rankings unveil the triumphant trio in the hot wallet segment, with MetaMask at the helm, trailed by Coinbase Wallet and Trust Wallet.
MetaMask, initially introduced in 2016 by ConsenSys as an Ethereum (ETH) wallet, finds itself in a prestigious league, alongside Coinbase Wallet which falls under the aegis of the US-based centralized exchange, Coinbase.
Securing the third position is Trust Wallet, born in 2017 and subsequently acquired by Binance in 2018, amassing an impressive 10.40 million installations and users.
A Collective Landscape
The list of top ten wallets, a league that encompasses Blockchain.com Wallet, Crypto.com Wallet, and Phantom, cumulatively boasts an extensive user base, tallying approximately 61.92 million installations in total.