US and UK Crypto Users Juggle Multiple Wallets—Because One Just Isn’t Chaotic Enough

Crypto enthusiasts in the US and UK aren’t just hodling—they’re collecting mobile wallets like trading cards. A new study reveals active users manage more than two on average, hedging bets between exchanges, DeFi apps, and that sketchy hot wallet they swear they’ll empty ‘soon.’

Security theater or strategic diversification?
Experts debate whether this reflects savvy asset allocation or just paranoia from watching too many ‘My MetaMask Got Hacked’ YouTube tutorials. Meanwhile, traditional bankers clutch their single vault key tighter.

The cynical take:
Maybe they’re preparing for the next exchange collapse—because nothing says ‘trustless’ like needing three devices to access your own money. Welcome to Web3, where UX goes to die.

15% More Users Preferred More Wallets Compared to 2024

“When asked how many wallets participants have used in the last three months, we saw an increase of more than 15% compared to the previous year among users that had two wallets or more,” the report read.

Users who have used on-chain social and community apps had the highest number of respondents using more than five wallets.

Though the overall user experience is improving, there are also challenges alongside innovation, says Jess Houlgrave, CEO of Reown.

“From solving liquidity fragmentation across chains, user experience challenges around gas, to seamless wallet and app connectivity, to working on ensuring that we can deliver better UX AND better security, the past year has also been shaped by regulatory shifts, changing market dynamics and an influx of institutional interest from payments to RWA tokenization.”

Interoperability Gaps Across Chains Cause Multiple Wallet Usage

Around 48% of respondents noted that they require different wallets to access different networks and chains. Meanwhile, 44% noted considerations around security.

Further, users cited a lack of interoperability across chains as the reason for multiple wallet usage. “Users are increasingly managing multiple wallets due to interoperability issues and security considerations.”

Besides, the report said that hardware wallets are experiencing a resurgence, with preference from only 7% of users.

“The path to mass adoption runs through culture,” said Aneri Amin, head of product at Coinbase Wallet.

“Culture and creativity is needed to make any new technology stick, and we’re seeing builders lean into that,” he added.