In this article, we discuss the 10 biggest crypto wallet companies in the world. If you want to read about some more crypto wallet companies, go directly to 5 Biggest Crypto Wallet Companies in the World.
The crypto market has endured a stunning crash in the past few months as rising rates and soaring inflation combine to push investors away from growth offerings. Bitcoin and Ethereum, two of the most popular coins on the market, have witnessed a more than 60% drop in their prices year-to-date. They look set to decline further as the Fed prepares for more aggressive rate hikes. From a peak value of more than $3 trillion in November last year, the crypto industry is now less than $1 trillion in total market capitalization.
Prominent crypto stocks like NVIDIA Corporation (NASDAQ:NVDA), Mastercard Incorporated (NYSE:MA), and Alphabet Inc. (NASDAQ:GOOG) have all been hit during this period as well. Volatility is not a new thing for crypto traders who have stuck with their investments during this difficult period, hailing digital coinage as a step forward that will democratize finance and power the metaverse. These traders have the backing of Anthony Scaramucci, founder and managing partner of Skybridge Capital, who has an optimistic outlook for the future of crypto markets.
Scaramucci has advised investors to “see through the current environment” and “stay patient and stay long term”. In an interview with CNBC, the hedge fund manager has said that the crypto space could spark a lot more commercial activity. He highlighted the ever-improving Lightning Network, the two-layer payment protocol layered on top of Bitcoin, and the partnership of investment firm BlackRock with Coinbase, as positive signs for the future of the industry. He also noted that the institutional demand for crypto assets was on the up and up.
Our Methodology
These were picked from a careful assessment of the cryptoverse. The details of each crypto wallet company are mentioned alongside a discussion around top firms working to mainstream the sector in order to provide readers with some context for their investment decisions. A database of around 900 elite hedge funds tracked by Insider Monkey in the second quarter of 2022 was used to calculate the popularity of these firms among hedge funds.
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Biggest Crypto Wallet Companies in the World
10. Elliptic
Elliptic is a firm that provides blockchain analytics which help other companies with crypto asset compliance. The crypto wallet services of the firm have become one of the most popular in the digital coin space over the past few years. Elliptic offers crypto wallet firms the ability to screen in real-time and protect the business from financial crime. This can be done through uncovering links to money laundering, terrorist financing, and sanctioned entities. The wallet services of the firm are available across tradable assets.
It has become easier for companies like Elliptic to become mainstream as firms like Visa Inc. (NYSE:V), a California-based payments firm, back their progress. At the end of the second quarter of 2022, 166 hedge funds in the database of Insider Monkey held stakes worth $24 billion in Visa Inc. (NYSE:V), compared to 159 in the preceding quarter worth $28 billion.
Just like NVIDIA Corporation (NASDAQ:NVDA), Mastercard Incorporated (NYSE:MA), and Alphabet Inc. (NASDAQ:GOOG), Visa Inc. (NYSE:V) is one of the crypto stocks on the radar of elite investors.
In its Q1 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Visa Inc. (NYSE:V) was one of them. Here is what the fund said:
“Shares of global payment network Visa Inc. (NYSE:V) were up 2.5% on strong quarterly results with 24% revenue growth and 27% EPS growth. Payment volume grew 20% with notable strength in cross-border volumes as travel activity rebounded from depressed levels. Management raised full-year guidance to reflect high-teens revenue growth. Shares also likely benefited from a “flight to safety” during a volatile quarter for equities. We continue to own the stock due to Visa’s long runway for growth underpinned by the continued migration from cash transactions to card/digital and strong competitive advantages, operating in a duopoly with Mastercard.”
9. Circle
Circle is a global technology firm that aims to act as a bridge between the traditional finance system and the world of blockchain tech to speed up the adoption of digital currencies. The company offers users the ability to utilize the mobile payment platform it owns, Circle Pay, that can hold, send, and receive traditional fiat currencies. It also works with crypto coins. Circle was founded by Jeremy Allaire and Sean Neville in October 2013. It focuses on commercial blockchain and crypto applications.
Companies like Block, Inc. (NYSE:SQ) have expressed confidence that firms like Circle can succeed, affirming their long-term commitment to blockchain technology. At the end of the second quarter of 2022, 72 hedge funds in the database of Insider Monkey held stakes worth $3.5 billion in Block, Inc. (NYSE:SQ), compared to 84 in the preceding quarter worth $6.1 billion.
In its Q1 2022 investor letter, Farrer Wealth Advisors, an asset management firm, highlighted a few stocks and Block, Inc. (NYSE:SQ) was one of them. Here is what the fund said:
“Block, Inc. (NYSE:SQ) (formerly Square): We ‘adopted’ Block’s stock after the company bought Afterpay, which we were investors in. We had been trimming the Afterpay position throughout 2021 and trimmed again after the acquisition, so the position was quite small. We held onto that small portion, as we did think the acquisition made sense and were excited to see the two companies integrate and for Block, Inc. (NYSE:SQ) to create a closed loop network between merchants and consumers. However, the market punished most highly valued tech stocks over the last months, and we saw the position move against us by over 50%. We are firm believers that when a stock goes against you by 50%+, you need to do something about it. Either trim/sell and reinvest or buy more. In the case of Block, the original reason for holding was to see how the acquisition and integration with Afterpay panned out. The market did not give us the time to see this play out, thus we were not comfortable adding more to the position. Further for the stock to recover to our purchase price, we felt the company’s valuation would need to command a future exit multiple that the market would be unlikely to pay in this environment. Given this, we exited the remainder of the position.”
8. BitGo
BitGo is a company that offers a range of crypto solutions, including a wallet which has become one of the most widely-used across the globe in the past few months. The company claims that the wallet it provides has a twofold advantage compared to competitors, since it combines security and accessibility. The firm markets a pioneering multi-key security, multi-user policy controls, and advanced security configurations in this wallet that it says help clients move money seamlessly across different platforms.
BitGo has been integrated into the digital payments ecosystem of companies like PayPal Holdings, Inc. (NASDAQ:PYPL). At the end of the second quarter of 2022, 97 hedge funds in the database of Insider Monkey held stakes worth $5 billion in PayPal Holdings, Inc. (NASDAQ:PYPL), compared to 100 in the preceding quarter worth $6 billion.
In its Q1 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and PayPal Holdings, Inc. (NASDAQ:PYPL) was one of them. Here is what the fund said:
“PayPal Holdings, Inc. (NASDAQ:PYPL) enables digital payments for consumers and merchants worldwide. Shares fell on disappointing 2022 guidance that called for 15% to 17% revenue growth but flat EPS growth due to higher credit costs and a higher tax rate. Management also tempered user growth expectations due to a strategic shift toward improving engagement of existing users and away from less-productive new user acquisition. Despite reduced earnings expectations, we believe the share price decline is overdone given PayPal’s growth opportunities and competitive advantages. We reduced PayPal Holdings, Inc. (NASDAQ:PYPL).as it became clear that strong growth trends during the early part of the pandemic were not persisting in a more normal environment.”
7. Ambire Wallet
Ambire Wallet is a non-custodial crypto wallet. The company has designed the wallet with ease of use in mind. The users of the wallet have the option of using their email for authentication and connecting a hardware wallet to the account. The wallet uses heavily audited, open-source, and battle-tested smart contracts for security. Users also have the option of paying the fees associated with the wallet in stablecoins. The wallet is compatible with coins such as Ethereum, Polygon, and Avalanche.
Along with Ambire Wallet, tech giants like Microsoft Corporation (NASDAQ:MSFT), the Washington-based software firm, are also bullish on the future of the crypto revolution. Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Microsoft Corporation (NASDAQ:MSFT), with 28 million shares worth more than $7.3 billion.
In its Q1 2022 investor letter, Carillon Tower Advisers, an investment management firm, highlighted a few stocks and Microsoft Corporation (NASDAQ:MSFT) was one of them. Here is what the fund said:
“Stock selection contributed the most while sector allocation was also positive. An underweight to communication services and an overweight to energy helped performance, while an underweight to consumer staples and an overweight to materials detracted. Stock selection was strong within healthcare and materials but was weak within information technology and industrials. Microsoft Corporation (NASDAQ:MSFT) reported positive results driven by personal computing strength, but analysts were especially positive on its growth outlook for its Azure cloud-computing services.”
6. Trezor Wallet
Trezor Wallet is one of the oldest wallets in the crypto space and remains one of the most affordable ones now, despite the dramatic rise of the crypto industry in the past few years that has increased competition in the space. It is a hardware wallet. This means it works offline and does not connect to outside sources online. Online wallets are more prone to hacking and Trezor markets the hardware capabilities of the wallet as a security feature. The firm also uses security researchers for audits to improve reliability.
One of the biggest cheerleaders of the wider adoption of blockchain has been Meta Platforms, Inc. (NASDAQ:META), the Mark Zuckerberg-led firm that runs some of the biggest social media platforms in the world. At the end of the second quarter of 2022, 184 hedge funds in the database of Insider Monkey held stakes worth $18 billion in Meta Platforms, Inc. (NASDAQ:META), compared to 200 in the preceding quarter worth $19 billion.
In addition to NVIDIA Corporation (NASDAQ:NVDA), Mastercard Incorporated (NYSE:MA), and Alphabet Inc. (NASDAQ:GOOG), Meta Platforms, Inc. (NASDAQ:META) is one of the blockchain stocks that hedge funds are buying.
In its Q4 2021 investor letter, Boyar Value Group, an asset management firm, highlighted a few stocks and Meta Platforms, Inc. (NASDAQ:META) was one of them. Here is what the fund said:
“Corporate executives can have many different reasons for selling shares (anticipation of tax law changes, philanthropy, diversification, and much more), but the sheer number of billionaire founders who sold shares in 2021 should raise eyebrows and might well be signaling a market top. Bloomberg’s Ben Steverman and Scott Carpenter report not only that Mark Zuckerberg of Meta Platforms, Inc. (NASDAQ:META) (formerly known as Facebook) sold shares in his company almost every day last year but also that the founders of Google sold ~$3.5 billion worth of stock (the first time either Sergey Brin or Larry Page has sold shares since 2017).”
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Disclosure. None. 10 Biggest Crypto Wallet Companies in the World is originally published on Insider Monkey.