Digital currency / cryptocurrency wallets are a way of storing your digital assets safely and securely. Both exchanges and investors make use of digital currency wallets, and projects across the world are investing time and resources into creating secure and convenient solutions for the community’s needs.

With the increased popularity of digital currencies over the past few years, a “sub-industry” involving projects raising money to create digital currency wallets arose. Much like digital currencies, these wallets each have their own communities, supporters, and news headlines.

Division splits MyEtherWallet into two

MyEtherWallet is an extremely popular digital currency / cryptocurrency wallet that experienced some internal division in February 2018. One of its former developers, Taylor Monahan, decided to launch her own wallet and created MyCrypto, leaving many in the community to choose sides.

“MyEtherWallet LLC was sufficient for the early stages of growth,” said Monahan, explaining her decision to branch off in a post on Medium. “MyCrypto is designed with next-level scaling in mind from the beginning.”

Her former collaborator and MyEtherWallet founder, Kosala Hemachandra, is currently in control of MyEtherWallet, while Monahan looks to grow her new wallet’s user base.

Currently, both wallets are available for free on the market. The story serves as a reflection of how vital digital currency wallets have become for the industry, and how competitive the landscape is today.  

Toronto-based Jaxx hits 1.2 million downloads

Jaxx founder Anthony Diiorio is a significant figure in Canada’s blockchain landscape, and was recently listed in Forbes’ list of the wealthiest digital currency owners. Diiorio is one of Ethereum’s co-founders and is now the CEO of Jaxx, a digital currency / cryptocurrency wallet that has support for multiple currencies.

The wallet boasts the ability to trade between digital currencies. Further, Jaxx claims to never have access to its users funds. They state that this power remains securely in the control of its users.

Jaxx is the child of another of Diiorio‘s projects, Decentral, a Toronto-based blockchain company that aims to be a hub for innovative decentralized projects. On top of his job as CEO of Jaxx, Diiorio is also the CEO and founder of Decentral.

“Decentralization is changing the very fabric of the global economy,” said Diiorio, in his statement on the Decentral website. “Decentralized technologies power trust-less, frictionless, efficient networks and markets […] without the assistance or cost of traditional middlemen.”

Jaxx allows users to store their digital assets on their computer or mobile device. According to the development team, the app has over 1.2 million downloads since January 2017.

Ledger raises $75 million USD

Ledger is a French startup that creates wallets for digital currencies. In January 2018, the team raised $75 million USD (around $96 million CAD) in one of the industry’s largest funding rounds.

The news arrived after the company raised $10 million CAD with its initial series A round in March 2017. The successful closure of its series B round is evidence of investors placing major financial support in the project.

“We initially designed our Ledger hardware wallet as an enabler for the blockchain revolution,” said Ledger CEO, Eric Larcheveque. “[We] are reaching a significant milestone in our path to build a technological giant in the promising space of cryptocurrencies.”

As a hardware wallet, projects like Ledger offer an extra layer of security for users. However, it can often be more difficult for beginners to use. Further, there is a risk of losing funds if anything damages external device or if a user misplaces it.

Staying safe in an uncharted landscape

As with any facet in the digital currency industry, doing your own research is the best way to stay safe. With the rise in popularity of digital currencies, there are more wallets than ever available on the market.

Just as their are some cryptocurrency scams and fake ICOs attempting to piggyback on the industry’s success, there are some wallets attempting to do the same. Always do meticulous research when deciding where to store your digital funds.

Ultimately, blockchain technology continues to create new avenues for technological innovation. With the value of digital currencies, keeping funds secure is a priority for millions of investors.

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