New Huobi research has revealed that the number of crypto wallet users worldwide grew by 6.3% to 85 million as of November 2022.
The report said non-self-custodial wallets could potentially introduce Web2 users to Web3. It noted that these wallets could do this because they have simplified the onboarding process and the complexity attached to the crypto industry.
Huobi wrote that wallets have become “a must-have for new users to enter the crypto world.” According to the firm, it is one of the most critical infrastructures in the blockchain ecosystem.
Meanwhile, crypto wallets generated total revenue of $1.398 billion in 2022. The earnings are expected to cross $3 billion within the next decade.
2022 was the Year of Crypto Wallets
Crypto wallet usage came to the fore during the recent FTX implosion, where several analysts highlighted the importance of self-custody.
Several crypto hardware wallets like Trezor and…
