MetaMask is the number one hot wallet on the market, with over 22.66 million app installations and users, according to CoinGecko’s latest report.
Crypto hot wallets
According to CoinGecko, MetaMask is the most popular “hot wallet for self-custody,” with 22.66 million “installations or users.” These numbers surpass that of the Coinbase Wallet, the second most popular wallet, which had 11 million installs, by over 100%.
The challenges of wallet hacking and digital asset theft have led to warnings about the use of crypto hot wallets, but their ease of use has made them the go-to option for most “hodlers.”
Internet-enabled and online, hot wallets are considered to be more convenient and easy to access. Cold wallets, on the other hand, are often perceived as a safer option but can be difficult to navigate.
According to CoinGecko, the top three hot wallets are MetaMask, Coinbase Wallet, and Trust Wallet.
MetaMask was launched in 2016 by ConsenSys as an Ethereum (ETH) wallet, which Coinbase Wallet belongs to the US-based centralized exchange Coinbase.
Trust Wallet, the wallet that was launched in 2017 and acquired by Binance in 2018, comes in third with 10.40 million installs and users.
The top ten wallets on the list, which also includes Blockchain.com Wallet, Crypto.com Wallet, and Phantom, cumulatively have about 61.92 million installations.