Crypto Wallet

A digital tool -- either software or hardware -- that stores the private keys needed to access and transact with cryptocurrency on a blockchain. "Hot wallets" are connected to the internet for convenience; "cold wallets" (hardware devices like Ledger and Trezor) store keys offline for maximum security. The mantra "not your keys, not your coins" gained painful relevance when centralized exchanges like FTX and Mt. Gox collapsed, taking customer deposits with them.