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TABLE OF CONTENTS

Most Popular Crypto Hot Wallets for Self-Custody (2023)

4.2
| by
Lim Yu Qian
-

What Crypto Hot Wallets Do People Use?

MetaMask is by far the most popular crypto hot wallet, with over 22.66 million app installations and users. Launched in 2016 by ConsenSys as an Ethereum wallet, it has since become so commonly used that ‘MetaMask’ is often used interchangeably with ‘crypto wallet’. 

Crypto hot wallet popularity is highly dominated by the top 10 wallets, which cumulatively have 65.90 million installations. This accounts for a majority 81.2% of crypto hot wallet installations, across most browsers and Android mobile devices. 

Notably, just the 4 most popular crypto hot wallets already have a combined 54.06 million installations (66.6%). Ranking right behind MetaMask are Coinbase Wallet, Trust Wallet and Blockchain.com Wallet. These three are also commonly used wallets, each with 10.00 million installations or more.

In comparison there are only 15.25 million installations combined, across the remaining crypto hot wallets ranked outside the top 10. In other words, the 10 most popular crypto hot wallets have over 4 times the number of installations for less popular wallets.

50% of Top Wallets Linked to Crypto Exchanges

5 of the 10 most popular crypto hot wallets are either backed or owned by centralized crypto exchanges (CEXs). Coinbase Wallet and Crypto.com DeFi Wallet are created by the respective exchanges, as implied by their name, and Trust Wallet was acquired by Binance in 2018. Meanwhile, Bitget has bought over and rebranded the wallet formerly known as BitKeep, and SafePal’s hardware wallet integration attracted investment from Binance Labs.

This suggests that centralized crypto exchanges find it important to expand into self-custody services, given that 80.1% of crypto holders use hot wallets to store their assets, compared to 70.6% using CEXs.

How Many Crypto Hot Wallets Are There?

There are currently at least 55 crypto hot wallets, with 81.16 million total installations tracked here. However, even more crypto wallets are expected to emerge, as the crypto industry continues to seek improvements in bringing people on-chain. A concept that has received strong interest is account abstraction, which proposes that wallets should offer more programmability, and can potentially shake up the crypto wallet space.

Android mobile devices have reached over 61.60 million in crypto hot wallet installations, or 3 times as many as the 19.55 million installations recorded for browsers (Chrome, Brave, Firefox, Opera and Edge). While the data is non-exhaustive, this might indicate that most people tend to access their crypto wallets via mobile phones, rather than on laptops.

Top Crypto Hot Wallets 2023

The 26 most popular crypto hot wallets, ranked by total number of app installations or users across browser and mobile, are as follows:

Ranking Crypto Hot Wallet Total Installations & Users
1 MetaMask 22.66 million
2 Coinbase Wallet 11.00 million
3 Trust Wallet 10.40 million
4 Blockchain.com Wallet 10.00 million
5 Bitcoin.com Wallet 5.00 million
6 Phantom 2.54 million
7 Bitget Wallet 1.10 million
8 Crypto.com DeFi Wallet 1.07 million
9 Exodus 1.07 million
10 SafePal 1.06 million
11 TokenPocket 1.02 million
12 Keplr Wallet 1.01 million
13 Mycelium Wallet 1.00 million
14 Ledger Live 1.00 million
15 Krystal 1.00 million
16 imToken 1.00 million
17 Coinomi 1.00 million
18 BitPay 1.00 million
19 Atomic Wallet 1.00 million
20 Sui Wallet 0.90 million
21 Terra Station 0.60 million
22 Coin98 0.58 million
23 MyEtherWallet 0.53 million
24 ZenGo 0.50 million
25 Valora 0.50 million
26 Airbitz Bitcoin Wallet 0.50 million

Methodology

The study examined hot wallet installations on browser and mobile according to CER.live and public data on August 1, 2023. Data is only available for Android, Chrome, Brave, Edge, Firefox and Opera, and data is unavailable for other platforms including web, iOS, Safari, MacOS, Linux and Windows.

The study acknowledges that certain wallets may be more commonly used on platforms where data is currently unavailable.


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Curious to find out more about our previous research studies & statistics? Check out this one we did on crypto-friendly banks.

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Lim Yu Qian
Lim Yu Qian
Yuqian is a crypto research analyst at CoinGecko, covering a range of topics from NFTs to ETFs, crypto adoption and interest, and beyond. She's especially fascinated by the philosophical and socioeconomic aspects of crypto. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt

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