You face multiple decisions when transitioning to crypto or setting up your crypto business. These decisions usually involve choosing which chain to use or build on, what tools to speed up your processes, and what kind of wallet you wish to use and store digital assets.
In one of the previous Bizzllet blogs, we covered what crypto wallets are and how they differ based on their form, custody type, and signature options. In this blog, we will dive a little deeper into wallets recognized as industry standards and provide guidelines to help your decision-making and choosing process. The wallets differ and have unique functionalities; however, they all share that they are self-custodial and don't require any KYC processes.
Keeping the digital assets in the ownership of the users is a proposition the Bizzllet team believes is crucial for decentralization which is why we only consider self-custodial solutions.
Let's jump right in.
Trezor is a hardware wallet that is used to store private keys. The main purpose of a hardware wallet like Trezor is to provide an offline and secure environment for managing and safeguarding your digital assets.
It is a benchmark wallet for investors and holders who prioritize security over accessibility. The device keeps the private keys offline and requires physical access to sign transactions. Connecting it to the desktop allows you to manage the assets and check your balance and transaction history.
Trezor is a popular choice for new and seasoned crypto users; however, people in for the long game make the best use case out of it.
Metamask is one of the most popular hot crypto wallets and browser extensions supported by all dApps on the Ethereum network.
It supports ERC-20 tokens (Coins) and NFTs and quickly stores and accesses your digital assets directly from your web browser. Metamask allows users to create multiple accounts from one simple interface without logging in or out.
It is open-source and easily integrated into any platform, so its code can be audited for security. This contributes to its security standard constantly being upgraded.
Also worth mentioning is that Metamask is a single-sig wallet, and aside from its easy use, it is sub-optimal for business use.
Safe is a non-custodial, multi-sig wallet designed for security. It is built as a smart contract on the Ethereum blockchain, and it is an industry-standard for any businesses operating and managing their treasuries on the chain mentioned above.
Primary benefits include enabling users to store multiple cryptocurrencies, manage their digital assets, and execute transactions. It offers various features, such as the ability to set up customized transaction workflows, set spending limits, and manage who has the right to authorize transactions.
Safe is open source, making it a very secure option; however, the main drawback is that the smart contracts used to build it only allows business to operate on the Ethereum and Ethereum-compatible chains.
Choosing the best crypto wallet for business requires careful consideration of several factors. We cherry-picked a few questions to help your decision-making process:
Are you going to set up the treasury?
Are you going to hold crypto in that treasury?
Are you going to use crypto for payments?
Are teammates going to be using that crypto wallet?
Are you going to be operating on multiple chains?
Are you going to send/receive invoices?
If you answered yes to most of these, we suggested giving Bizzllet a shot.
Bizzllet is a self-custody solution designed for businesses and individuals who need a secure and user-friendly solution for managing their digital assets.
It was built using Account Abstraction and MPC technology not limited to Ethereum-based chains. It provides another layer of security by splitting the private key shares between authorized parties.
One of the critical features of Bizzllet is its customizable role-based access control, which allows users to create and manage roles for different team members, specifying the permissions and restrictions for each role. This feature makes it an ideal solution for businesses or teams who need to manage and control access to their digital assets.
In this blog, we covered widely used crypto wallets and guidelines on picking one for your business, whether you are new or not in the crypto world. If you liked our proposed solution called Bizzllet and want to try it out, you can sign up for EARLY ACCESS. Stay tuned for more educational content.