These services store your digital currency for you in their own "custodial" wallets, which means you're trusting the company to secure, protect and hold your crypto. Some brokerages and payment services like Robinhood, PayPal, Venmo and Cash App let you buy bitcoin and other crypto easily without a crypto wallet.
And while their primary function is to keep your crypto safe and allow you to make trades, they also offer more control over your digital currency than you'll get using a standard account at a crypto exchange or brokerage. Instead, it contains the passkeys you need to prove ownership of your crypto assets and access them on the blockchain.Ĭrypto wallets can take the form of external hardware devices or software that runs on your mobile device or computer.
Unlike your old-fashioned physical wallet that keeps your bills and coins, a crypto wallet doesn't actually hold your cryptocurrency like bitcoin and ether.
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