A cryptocurrency wallet is a digital storage medium for storing and exchanging crypto tokens. As the crypto frenzy intensifies, wallet usage increases as well. Consequently, the need for cryptocurrency wallet development services has increased. In the past several years, numerous solutions have emerged in the crypto market.
In preparation for 2022 and the introduction of additional trends and technologies, here are the top seven crypto wallet trends for 2022. Let's examine them individually.
1. Increasing Number Of Wallet Users
In the past two years, cryptocurrency has gained widespread acceptance. According to various sources, the total number of wallets is currently 36 million and continues to climb. According to analysts, this technology will continue to be used, and the number of crypto users will continue to rise.
Statista, a crypto market expert and data aggregator, reports that the number of crypto wallet users has skyrocketed over the past three years and will continue to rise exponentially in the next years.
2. NFC-Enabled Wallet
NFC, or Near Field Communication, is a technology that allows wireless devices to exchange data in real-time. This will undoubtedly be a major trend in crypto wallets since it empowers users in various ways by leveraging wallet creation services. This unique capability is accomplished by configuring the smartcard interface into a device that reduces the transfer distance. It was first introduced and used in the United Kingdom but is now utilized globally.
The application of technology has yielded some impressive benefits for buyers and dealers of cryptocurrencies. This improves the overall efficiency of the exchange procedure. In addition, it simplifies the transfer of funds compared to the conventional techniques employed by wallet users. This method operates on a smartphone that must be close to the location where payments are to be made. Since its introduction, the NFC wallet has gained popularity, and it is anticipated that by 2022, all Crypto wallets will be enabled with this technology.
3. Transnational Remittance
Transnational payments encompass international money transfers and long-distance transactions. As the migration of trained and unidentified professionals increases, the volume of transactions is exploding. Sending money to their migrant employees is a substantial source of income for many developing nations. However, conducting such transactions with fiat currency is not a sensible agreement due to the significant cost and time involved.
Cryptocurrency is a solution for those who wish to send the most money to their loved ones while paying the lowest possible charge. In 2019, we witnessed the emergence of numerous platforms that offer support to migrant workers in various locations by making their money quickly and inexpensively. According to available data, the worldwide remittance market is projected to reach $1.03 trillion in 2022 and $1.41 trillion in 2025. As a result, the demand for creating cryptocurrency wallets will increase, as it will benefit the world economy.
4. Concentration of The Global Crypto Wallet market
In recent years, Crypto Cellular Wallets have dominated the cryptocurrency market. This year has also witnessed several favorable signs that indicate the global crypto wallet market consolidation is imminent. Numerous providers and consumers of crypto wallet development are hopeful that this will occur. The proliferation of solutions that facilitate the adoption of this technology demonstrates the structural expansion of crypto assets. Numerous specialists anticipate observing the period of progression from this growth to the underlying surface.
5. Wallets likely To Replace Exchanges
The concept of using a crypto wallet instead of an exchange platform for transactions has been proposed, as we all search for new ways to conduct more personalized transactions. In addition, we anticipate that wallet systems will provide their customers with purchasing and selling services. Thus, it is anticipated that the demand for bitcoin wallet development services will expand.
6. Introduction of The Loyalty Program
Given that the number of crypto wallets and users is on the rise, service providers must be prepared to entice users with a variety of necessary offerings. The loyalty program is one of the successful marketing techniques that yield promising results for a variety of firms, and in 2022, crypto wallet development providers will most likely employ this method to increase the potential of user-based users.
7. Switch To Non-Custodial From Custodial Wallets
This can significantly impact how digital assets are managed at present. A custodial wallet keeps the private key of a user on its server. A non-custodial wallet, on the other hand, gives its customers complete control over their private keys and cash. Many hacking instances in previous years have prompted users to convert from custodial to non-custodial wallets, and the same is anticipated in 2022.
Final Notes
With the aforementioned crypto trends anticipated for 2022, we anticipate that subsequent trends will be more promising. As security standards become more stringent and effective, the number of crypto wallet users will likely increase dramatically.
Whether you are an individual or a corporation seeking crypto wallet development, the Best crypto wallet development Company should be your partner. They offer a white label wallet solution to expedite the establishment of your cryptocurrency wallet. In addition, they offer services for building cryptocurrency wallets tailored from the bottom up.