UPDATE 18 January 2021: We have decided to clean up our Cryptocurrency Wallet List. In line with that ambition, we have removed all cryptocurrency wallets that you automatically receive/create when opening up an account with a specific cryptocurrency exchange from the list. Crypto.com Wallet is one of those wallets. We kindly ask you to visit Crypto.com Exchange instead for a more detailed review on Crypto.com's offering.
To find a secure wallet not connected to an exchange, please refer to our Cryptocurrency Wallet List.
Crypto.com DeFi Wallet Review
Launched in May 2020, the Crypto.com DeFi Wallet is a non-custodial wallet that allows users to safely store their crypto in a highly secure environment with their private keys. Users can send and receive up to 78 cryptocurrencies like Bitcoin(BTC), Ethereum(ETH), DeFi coins like Uniswap(UNI), Compound(COMP), yearn.finance(YFI), stablecoins and other ERC20 tokens. The Crypto.com DeFi Wallet is available for both Android or iOS devices. If you are using the Crypto.com App, you can download and connect the Crypto.com DeFi Wallet to easily access the diverse crypto financial services offered by Crypto.com.
The Crypto.com DeFi Wallet is also Crypto.com’s first touch on the DeFi (Decentralized Finance) arena. It offers users a simple and secure way to access and explore DeFi projects. Crypto.com DeFi Wallet is integrated with WalletConnect, allowing users to connect with DeFi Swap and other DApps by scanning the QR Code. DeFi Swap is the decentralized exchange forked from Uniswap V2 and launched by Crypto.com in September, it allows users to swap ETH and ERC-20 Tokens in a simple interface while farming DeFi coins with up to 20X rewards by staking CRO. More DeFi features will be integrated with the wallet and you can vote for the DeFi projects that you like through the in-app feedback
The core value of the app is that it is secure, decentralized, convenient and flexible. It is protected by Passcode, Biometric Authentication Technology and 2-Factor Authentication which provide an extra layer of security for the wallet.
During the process of setting up the new wallet, there are 12 recovery phrases that users need to write down and keep it in safe. The 12 recovery phrases are essentially a human readable form of your encrypted crypto wallets’ private keys. Every crypto wallet you create or own has its own private key, imagine the private key as your online banking password, and each crypto wallet (account) has a different private key (password) that allows you to access the funds.
If you already have an existing wallet created on other applications like Ledger, Metamask or MyEtherWallet, you can also easily import your existing wallet by entering your 12/18/24-word recovery phrase on the Crypto.com DeFi Wallet.
With its user-friendly interface, the Crypto.com DeFi Wallet is a great non-custodial wallet for beginners and also for those who are more experienced with cryptocurrency.