What is Avax Wallet?
Avax Wallet is a vital part of the Avalanche blockchain. It is a simple, secure, and non-custodial wallet for storing Avalanche assets, the native asset of the Avalanche blockchain, launched in 2020, which is denoted by the ticker name AVAX.
As a non-custodial wallet, users of the application are responsible for holding onto their passcodes or private keys. Users can access the platform by creating a new account. Non-custodial wallets come with the automatic generation of between 12 and 24 words arranged in a specific order.
Avax Wallet provides users with 24 words and advises for them to be used sequentially to recover accounts. Interested parties in crypto wallets should note that once they lose access to these 24 words, they will be restricted from accessing their coins, no matter the worth of cryptocurrency holdings.
The best Avax wallet options
Despite millions of people using it to access the Avalanche blockchain, Avax Wallet is not the sole crypto wallet out there that can safely and securely hold coins. Some of the best wallets for holding AVAX include, but are not limited to, Coinbase and Trust.
Launched in 2017, Trust Wallet is the official mobile wallet of Binance. It was heavily promoted in November 2022 by Binance founder Chanpeng Zhao following the FTX exchange collapse. That shock crash led to the halting of deposits and withdrawals across several exchanges due to safety issues. AVAX can be stored on this platform and liquidated on Binance within a short period.
Aside from this, users of the application can exchange their crypto without leaving the platform. The app can also track the price of coins within the application while keeping the coins safe from hackers and scammers. Trust Wallet comes with an automatic generation of 12 words which are private keys and passcodes used to access crypto holdings.
Coinbase Wallet arrived as a mobile application in 2017. Created by Coinbase, the largest cryptocurrency exchange by trading volume in the US, this mobile application automatically generates 12 unique words for its users. With this wallet, users can store AVAX and other cryptocurrencies as well as non-fungible tokens (NFTs). It also gives users direct access to Coinbase, a platform that allows them to access many products, such as staking and learn-to-earn (L2E).
Other wallets that support the storing of Avalanche’s native asset include Ledger Nano X, Ellipal Titan, Exodus, MetaMask, and MathWallet.
The crypto wallet market has been forecasted to reach around $686 million by 2026. With the popularity of the Avalanche blockchain in the crypto and NFT sector, the project could make significant contributions towards achieving the estimated valuation.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.