85 Million Crypto-Wallet Users, Up from 80 Million in 2021

According to data from the Huobi Research Institute, there will be 85 million users of crypto wallets by the end of 2022, compared to 80 million at the end of 2021. This means the number of users of crypto wallets grew by 6.3%, from 80 million to 85 million by the end of 2022. However, the rise was considered slower since the current market circumstances, which have seen numerous crypto assets plummet to record lows, hindered the growth of users.

Crypto wallet use rose 6% to 85 million in 2022 https://t.co/grQpFJufB9 #CryptoCurrency (from Reddit) pic.twitter.com/ZdDEcipNIk

— Jason Fernandes (@TokenJay) December 18, 2022

It is also worth mentioning that the total assets owned by users increased to $1.4 billion as a result of the surge in the usage of cryptocurrency wallets. Moving on, the analysis predicts that revenue would likely increase by 9.2% at a compound annual growth rate over the next ten years to reach roughly $3.372 billion.

Difficulties in the Wallet Industry

There are many challenges facing the wallet sector right now, the most common of which is frequently poor customer interaction and service. The report says that there is no customer service to help people who have problems when using a lot of this offline trash.

The research also said that because wallets are decentralized, law enforcement agencies are unable to resolve the numerous disputes and theft cases that plague the industry. A few wallets, particularly MetaMask, appeared to be deviating from decentralized standards and collecting user data. But the investigation found that these differences might have something to do with how the industry’s laws were made.

According to the paper, decentralized wallets are not subject to custodian mismanagement or manipulation by third parties. It did, however, point out that offline wallets are more likely to be hacked, get viruses, or lose their passwords.