Crypto Users Managing Multiple Wallets Surge 15%

A recent survey conducted by blockchain analytics firm Nansen and on-chain ux platform reown has revealed that 62% of crypto users manage two or more wallets, marking a 15% increase from the previous year. This finding underscores a fragmented crypto ecosystem, with 48% of users needing to use multiple wallets to access different networks and chains.

The survey, which polled 1,000 active crypto users in the U.S. and UK, also highlighted a growing trend of security-consciousness among crypto users. According to the report, 44% of users now use multiple wallets as a security measure, up from 32.8% the year before. This shift indicates that users are increasingly prioritizing the safety of their digital assets.

Reown CEO Jess Houlgrave commented on the findings, emphasizing the need for the crypto industry to focus on "making things simpler, safer, and more connected." She noted that there is a clear demand among crypto users for more streamlined user experiences, with over a third (40%) of those surveyed citing support for a wide range of tokens and chains as a key feature they look for in a crypto wallet.

Houlgrave also pointed out that the maturing wallet ecosystem has seen "a surge in innovation" in the past year. Notable achievements include solving liquidity fragmentation across chains and addressing user experience challenges around gas. Additionally, there have been positive moves in enabling seamless wallet and app connectivity, as well as efforts to ensure better user experience (UX) and security.

However, the report also identified an education gap around the latest wallet technology. Most users surveyed were unaware of smart wallets, with 58% unsure how they work. This suggests that there is a need for more educational initiatives to help users understand and adopt new technologies.

Despite the rise in the use of multiple wallets, mobile wallets remain the dominant method for holding crypto, with over half (51%) of users preferring them. However, this preference has dropped from 54.8% a year earlier. The slack has been taken up by hardware wallets, with one in ten users preferring the devices, up 3% from 2024. This shift indicates that users are increasingly valuing the security benefits offered by hardware wallets.

Houlgrave explained that users do not want to completely change how they interact with wallets, apps, or chains. Instead, they want easy, fast experiences that fit into their existing routines. This insight underscores the importance of user-centric design in the development of crypto wallets and related technologies.