Crypto Currency

How to choose the best crypto wallet for your business

Cryptocurrencies are one of the most exciting assets to have come around in recent years. And because of this, even businesses are looking to get in on the action.

So, if you’re looking to incorporate cryptocurrencies into your business, keep reading as we look at the best crypto wallet for businesses.

So, first, keep the following in mind the following considerations.

Some Considerations

Cryptocurrencies are highly volatile. The digital tokens space is unregulated and decentralized. Because of this, digital currencies are subject to extreme price fluctuations. And this is what has driven up demand for crypto assets over the past few years.

But it also means that what’s golden today could be garbage overnight. So, always research before jumping in, and manage your risk exposure where possible.

The crypto market is unregulated and decentralized. Because cryptocurrencies operate in a technically lawless industry, cyber theft and scams are commonplace. Countless victims have lost their entire life savings to thieves and hackers.

You can protect yourself by storing most of your cryptocurrencies in a hardware wallet. Also known as cold wallets, a hardware wallet stores your assets offline, which makes them resistant to cyberattacks. 

But remember that hackers can still access your cold wallet if connected to a compromised PC.

Digital currencies are not legal tender in many countries. Despite exploding in popularity over the past few years, many countries still outlawed cryptocurrencies. And while this number is rising, keep in mind that crypto is nowhere near legal tender status.

Check with local regulations to ensure you’re not breaking any laws by accepting cryptocurrencies.

Top 3 Crypto Wallets For Your Business

Here are our top picks for the best crypto wallets for small business in 2022:

1. Exodus Wallet

  • Supports more than 150+ cryptocurrencies
  • User-friendly interface
  • Non-custodial storage
  • Compatible with Trezor hardware wallets

Exodus provides support for more than 150 different crypto tokens, which ensures that you can support most mainstream coins. All of which makes it especially useful for businesses looking to accept crypto.

It also has a user-friendly interface for quick and easy navigation. Essential features such as sending/receiving coins are easily accessed, which is always a plus point. 

Besides that, Exodus is a non-custodial wallet, which means that all of your private keys are stored locally. This gives you added security — essential for businesses that regularly transact in cryptocurrencies.

And finally, there’s also the fact that Exodus is compatible with Trezor hardware wallets. This gives you easy access to your cryptos while still having the security of storing them in a cold wallet. 

2. Coinbase Wallet

  • Compatible with 40,000+ cryptocurrencies
  • Options to stake multiple cryptos
  • Non-custodial storage
  • Backed by a reputable exchange

Coinbase wallet is a hot wallet provided by one of the most popular exchanges in the world — Coinbase. It offers support for more than 40,000+ different cryptocurrencies, giving you the option to cater to any eventuality.

Besides storage options, Coinbase wallet lets you stake various cryptocurrencies to earn additional income, hence letting you put your tokens to work. And as it’s a non-custodial wallet, Coinbase wallet lets you take charge of your own security.

3. Coinomi

  • No fees for incoming or outgoing transactions
  • Comes with a built-in exchange
  • Non-custodial storage
  • Supports 25 different languages, including English, French, and Spanish

Coinomi is a popular choice amongst crypto investors looking for a secure and user-friendly crypto wallet. Coinomi’s most notable feature is that it charges zero fees for any incoming or outgoing transactions. All of which allow you to minimize expenses and maximize your holdings.

And with its built-in exchange, you can quickly sell/buy cryptocurrencies at your convenience. Thanks to its support for more than 25 different languages, non-English speakers can use Coinomi.

Choosing the right crypto wallet for your business can be challenging even at the best of times. And this is why my team and I have shortlisted the top 3 crypto wallets for business owners.

Christopher Stern

Christopher Stern is a Washington-based reporter. Chris spent many years covering tech policy as a business reporter for renowned publications. He has extensive experience covering Congress, the Federal Communications Commission, and the Federal Trade Commissions. He is a graduate of Middlebury College. Email:[email protected]

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