Introduction & Problem Statement

According to multiple reports, there are more than 300 million cryptocurrency users worldwide as of 2022. Statista reports that the global crypto user base grew by 190% between 2018 and 2020, skyrocketing further between 2021 and 2022. A great percentage of global crypto users use non-custodial crypto wallets to store and spend their assets daily.

Blockchain.com, one of the leading crypto wallets, reports that it hosts more than 80 million crypto wallet users on its database. This excludes the reports of Binance, Coinbase, Metamasks, and Phantom users.

With the growing crypto adoption rate, it is logical to say that crypto wallet demands will skyrocket. However, the following factors could mar or slow the demand for crypto wallets among businesses and individuals who may wish to adopt cryptocurrency.

1/ Wallet security A situation where hackers manipulate the source code of a wallet to steal user funds or assets. This has been a big issue with many crypto wallets.

2/ Wallet reliability The security of funds using private keys and seed phrases or signatures has posed a great success on one end, but on the other end, it appears to be a scary factor, especially for prospects and existing users. Reason being that once you misplace your wallet sign-up kits, you could lose your entire holding or assets.

3/ Advanced wallet glitches Some examples may include lagging of transactions and transaction history/timestamp, wallet bugs that could make hot wallets vulnerable, and so forth.