Multi-Coin Wallets: Safeguarding Diverse Cryptocurrencies
Multi-Coin Wallet is a wallet that allows users to store more than one crypto-asset belonging to multiple blockchain networks.
What is multi-coin-wallet?
Wallets with Cryptocurrency assets are necessary for users if they want to safely store and protect your assets outside of exchange systems. There are multiple wallets that store only one crypto-asset or an group of more than two crypto-assets, based on the same blockchain network. For crypto novices, there are many different wallets that store only 1 bitcoin or a group of multiple Bitcoin assets in the same blockchain network. For example many wallets today support only the use of cryptocurrencies/tokens that are made up of the blockchain-based “Ethereum” blockchain, so it is not possible to consider them true multicoin wallets. A multi-coin wallet (also used as a multi-chain wallet) is required for those interested in diversifying their assets across multiple blockchain protocols.
As the name suggests, a multi-coin wallet is, as the name suggested, a wallet that supports more than one crypto-asset. A single wallet for the user’s coins is used to store users’ coins, which helps to trade them on decentralized exchanges and provides an orderly way to keep track of the whole portfolio.
Additional benefits of a multi-coin wallet include the ability to store hundreds or thousands of crypto-assets in one place and receive passive rewards through staking or active user rewards. This also includes integrations that allow users to interact directly with various DeFi protocols. AtomicDEX is an example of a multi-coin wallet with the added benefit of having a built-in decentralized exchange that supports interaction with the blockchain.