A cryptocurrency wallet is a tool that enables users to store, send, and receive digital assets, such as Bitcoin, Ethereum, and others. Instead of holding physical currency, crypto wallets manage the private keys that control access to your funds on the blockchain.
There are two general categories of wallets:
Custodial Wallets
With custodial wallets, a third party—such as CoinZoom—manages your wallet's private keys. This allows for easier access and recovery, and is ideal for users who prefer a more traditional, secure account experience. CoinZoom offers a custodial wallet through its website and mobile apps, allowing users to buy, sell, send, and receive supported cryptocurrencies.
Non-Custodial Wallets
These wallets give users full control of their private keys and funds. However, they also carry more personal responsibility for managing security and backups.
Warning: Always verify that you are sending or receiving cryptocurrency using the correct wallet address for the specific asset. Funds sent to the wrong type of wallet address may be lost. See this article for more information.