Crypto wallets for business are among the most important arsenals that business owners should have. With the right wallet, businesses can keep track of their spending, accept payments in multiple currencies, and even use loyalty programs to reward customers.
There are many business crypto wallets available, and your personal preference and business needs. However, having many options can sometimes make it difficult to decide which one is the best for you.
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This is why in this article, we will explore the 10 best crypto wallets for business in 2023. By the end of this article, you should have a good idea about which wallet is the best fit for your business.
Top 10 Best Crypto Wallets for Business
1. Coinbase Wallet
Coinbase is one of the most popular cryptocurrency wallets and is perfect for businesses. It allows you to buy, sell, store, and use cryptocurrencies. Coinbase also has a built-in exchange so you can convert your fiat currency into cryptocurrency.
With over 35 million users in over 100 countries, Coinbase is a trusted and secure platform. It operates as a custodian, meaning it holds your private keys on your behalf.
2. Tezro
Tezro is, without a doubt, the best crypto wallet for business. It is the most secure and user-friendly crypto wallet available today. Tezro also has a built-in exchange, so you can easily convert your fiat currency into cryptocurrency.
There is also a revolutionary chat system that allows you to easily connect in real-time with other users and a loan service that was added recently.
This non-custodial wallet boasts military-grade security, including SSL and two-factor authentication. Tezro is also one of the few wallets that allow you to hold multiple currencies.
3. Blockchain.com Wallet
This is one of the best crypto wallets for business. You can use it to make in-app purchases, store your coins, and even receive payments. The Blockchain.com is an easy to use and free crypto wallet, making it a great choice for businesses of all sizes.
There are multiple layers of security, including passcode and two-factor authentication. These features make the wallet one of the most secure non-custodial wallets in the market.
The Blockchain.com wallet also allows you to hold multiple currencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. You can also use the wallet to buy and sell cryptocurrencies.
4. Zengo
As a business owner, you are constantly looking for a wallet that uses the next-generation security protocol. Zengo uses facial biometrics and multi-party computation to secure your digital assets.
This wallet is a keyless mobile wallet that uses state-of-the-art security features. With Zengo, you can store your cryptocurrencies, make in-app purchases, and even shop online.
In terms of setup, Zengo is one of the easiest wallets to use. The user interface is straightforward and easy to navigate. This makes it a great choice for newbie crypto users.
5. Crypto.com
Crypto.com is one of the fastest-growing crypto exchanges. It allows users to buy, sell, and trade cryptocurrencies. The exchange also has its own wallet, which is one of the best in the market.
The Crypto.com wallet is peer-reviewed and uses both static and dynamic analysis to ensure the safety of your digital assets. The wallet also uses two-factor authentication to add an extra layer of security.
If you are in the United States, your USD balances are held at the Metropolitan Commercial Bank, which is an FDIC-insured institution.
6. Ledger Nano X
The Ledger Nano X is a hardware wallet that stores your private keys on a secure device. This means that your coins are offline and away from potential hacks.
One of the best features of the Ledger Nano X is that it supports more than 1000 assets. This includes popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
This wallet uses certified Secure Element chips to ensure that your private keys are always safe. Also, you set a passcode and a 24-seed phrase to ensure that only you can access your account.
The Ledger Nano X also comes with a free companion app. This app allows you to manage your coins, make transactions, and even check your balance.
7. Binance Coin Wallet
The Binance Coin Wallet is a great choice for businesses that want to store, buy, and sell cryptocurrencies. This wallet runs on the Binance Chain and uses the BEP-20 token standard.
The wallet is easy to use and comes with a variety of features, including a built-in exchange, price charts, and market analysis. You can also use the wallet to buy goods and services with your cryptocurrencies.
This wallet uses addresses whitelisting, cold storage, and two-factor authentication to keep your digital assets safe. It’s worth noting that 95% of your assets are stored in cold storage.
8. Bitcoin IRA
This is one of the largest crypto wallets for business. It is a custodial wallet that allows you to store your digital assets in an IRA.
The Bitcoin IRA uses multiple layers of security, including multi-sig technology and cold storage. These features make it one of the most secure wallets on the market.
This wallet allows you to self-trade and offers a wide range of investment options. You can also use the wallet to buy and sell cryptocurrencies.
9. Trezor Model T
Trezor Model T is one of the most advanced hardware wallets on the market. It supports more than 1800 assets, making it a great choice for businesses that deal in multiple cryptocurrencies.
With a colour touch screen and an intuitive interface, the Model T is easy to use for even the most inexperienced crypto user.
This wallet implements Shamir Backup (SLIP39) for added security. The Shamir Backup (SLIP39) is a method of splitting a secret into multiple parts, allowing you to store them in different locations. If one part is lost or stolen, the others can be used to reconstruct the secret.
Trezor Model T also supports two-factor authentication (using a FIDO UAF or FIDO Universal Second Factor standard), adding an extra layer of security to your account.
10. Mycelium
This is one of the most popular Bitcoin wallets with a plethora of features for advanced users. Some of its prominent features include support for hardware wallets like Trezor and Ledger, watch-only accounts, cold storage spending, and integrations with major exchanges.
They have a decentralized in-person trading platform known as Mycelium Local Trader, which allows for secure trading. It has partnered with Cashila, Coinapult, and Glidera to provide cutting-edge financial services.
This wallet allows TOR network support for increased anonymity as well as Two-factor authentication for increased security.
Why Do Businesses Need Crypto Wallets?
Businesses need crypto wallets for many reasons, including:
Security
Today, cybercrime is more prevalent than ever before. Scammers and hackers are always looking for new ways to steal people’s money and personal information. They know that crypto is a fairly new industry; hence, many businesses are not yet equipped with the proper security measures to protect their crypto assets.
The best crypto wallet for business will have top-notch security features, such as two-factor authentication, SSL encryption, password recovery, and more. These features will ensure that your crypto assets are safe and secure.
Anonymity
Another reason businesses need crypto wallets is for anonymity. When you make a transaction with cryptocurrency, your personal information is not attached to the transaction. This is unlike traditional methods such as bank transfers or credit card payments, where your name, address, and other personal information is
Anonymity is important for businesses because it allows them to keep their transactions private. This is especially important for businesses that deal with sensitive information or industries that are heavily regulated.
Privacy
Privacy is another key reason why businesses need crypto wallets. When you use a traditional bank, your transactions are visible to the bank, the government, and other financial institutions. However, when you use a crypto wallet, your transactions are visible only to you and the person you’re sending or receiving money from.
This is important for businesses because it allows them to keep their financial information private. It also helps businesses avoid potential fraud and scams.
Speed
Cryptocurrency transactions are fast. They can be completed in minutes, or even seconds. This is unlike traditional methods such as bank transfers, which can take days to complete.
The best crypto wallets for business will allow you to quickly and easily send and receive payments. This is important for businesses because it allows them to conduct transactions without having to wait for days or weeks.
Lower Fees
Traditional methods such as bank transfers and credit card payments come with high fees, especially for international transactions. However, cryptocurrency transactions have much lower fees. In some cases, they can even be free.
Crypto wallets can help businesses save a lot of money on transaction fees. Most of them don’t require any initial investment and allow users to customize their fees. This not only saves money but ensures users are in control of the urgency and cost of their transactions.
Portfolio Management
Corporate crypto wallets can also help businesses manage their portfolios. They can track the value of their assets and monitor their performance. This allows them to make informed decisions about their investments.
The best crypto wallets for business offer portfolio management features, such as real-time tracking, price alerts, and more. This helps businesses stay on top of their investments and make the best decisions for their portfolio.
Access to Multiple Currencies
Cryptocurrency is not a single currency. There are thousands of different cryptocurrencies, each with its own value and purpose.
The best crypto wallets for businesses offer access to multiple currencies. This allows businesses to diversify their portfolio and hedge against risks. It also opens up new opportunities for businesses to accept payments in different currencies.
Non-Custodial
The best crypto wallets for business are non-custodial. This means that businesses don’t have to worry about losing their coins if they forget their password or lose their device.
Non-custodial wallets also allow businesses to retain full control of their funds. They can choose to send, receive, or hold their coins without having to trust a third party.
Types of Corporate Crypto Wallets
There are different types of corporate crypto wallets, each with its own advantages and disadvantages. They include:
Hot Wallets
Hot wallets are online wallets that are connected to the internet. They’re convenient because they can be accessed from anywhere in the world. However, they’re also less secure because they’re more vulnerable to hacking.
Cold Wallets
Cold wallets are offline wallets that are not connected to the internet. They’re more secure because they’re not vulnerable to hacking. They, however, have their drawbacks. They can only be accessed from a specific device, and if that device is lost or stolen, the coins are also lost.
Hardware Wallets
Hardware wallets are physical devices that store your coins offline. They’re the most secure type of wallet because they’re not vulnerable to hacking. However, they’re also the most expensive type of wallet. Also, if you lose your hardware wallet, you’ll lose all of your coins.
Desktop Wallets
Desktop wallets are software programs that you can download and install on your computer. They’re less secure than hardware wallets because they’re vulnerable to hacking. One drawback of desktop wallets is that you have to be careful not to accidentally delete the wallet software or lose your private keys.
Web Wallets
Web wallets are online wallets that you can access from any internet-connected device. They’re the least secure type of wallet because they’re vulnerable to hacking. They are also the most convenient type of wallet because you can access them from anywhere. Some risks of web-based wallets include phishing attacks and malware.
Mobile Wallets
Mobile wallets are apps that you can install on your smartphone. They’re more secure than web wallets because they’re less vulnerable to hacking. You can use them on the go, hence the name. However, if your device is lost or stolen, your mobile wallet will be vulnerable to theft.
Paper Wallets
Paper wallets are physical documents that contain your public and private keys. They’re the most secure type of wallet because they’re not vulnerable to hacking. However, if you lose your paper wallet, you’ll lose your coins. Also, if the wallet falls into the wrong hands, your coins could be stolen.
FAQs About Business Crypto Wallets
Can a Business Have a Crypto Wallet?
Yes, a business can have a crypto wallet. In fact, it is recommended as it provides increased security and allows for easy transactions.
Can I Buy Crypto With My LLC?
Yes, you can buy crypto with your LLC. However, it is important to consult with a financial advisor to ensure that this is the right decision for your business.
Can I Buy Crypto Through My Business?
You can. You’ll need to find a reputable exchange that allows business accounts. Choose the currency you want to buy and how much. Then, you can use your business account to make the purchase.
Key Takeaways
- Security features: Does the wallet have a good reputation for security? Are there multiple layers of security, such as two-factor authentication?
- Ease of use: How easy is it to set up and use the wallet? Is the interface user-friendly?
- Compatibility: Is the wallet compatible with the devices you and your employees use?
- Currency support: Does the wallet support the cryptocurrencies you want to use?
- Fees: What are the fees associated with using the wallet, such as transaction fees?
Final Thoughts
Choosing the best crypto wallet is one of the most prudent things you can do as a business owner.
By keeping these considerations in mind, you can narrow down your options and choose the best crypto wallet for your business.
Remember, it doesn’t hurt to use multiple wallets to diversify your risk. Diversifying your holdings will not only protect you from loss if one wallet is hacked, but it can also help you take advantage of the different features each wallet offers.
Download the Tezro app to keep your business assets safe and keep in touch with the latest crypto updates.
