- >Best Cryptocurrency Wallets 2024: Comprehensive Wallet Reviews
- >Coinbase Wallet vs. Crypto.com DeFi Wallet
Coinbase Wallet vs. Crypto.com DeFi Wallet
Picking which wallet to store your cryptocurrencies can be a complex decision. There are so many crypto wallets on the market, with new ones coming to market frequently. They all offer a variety of features and support for different digital assets and their blockchain networks.
Crypto exchanges sometimes even release their own non-custodial wallet, as is the case in this comparison. Coinbase has their Coinbase Wallet, while Crypto.com has their DeFi Wallet. Both wallets give users access to a variety of decentralized applications (dApps), provide NFT support, and more, but which is better?
In this showdown we’ll help you determine just that when we compare Coinbase Wallet vs Crypto.com DeFi Wallet.
Coinbase Exchange
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Crypto.com DeFi Wallet Overview
The Crypto.com DeFi Wallet is a non-custodial wallet released by Crypto.com in 2020. It’s available as a desktop application, browser extension, and as a mobile app for iOS and Android.
The Crypto.com DeFi Wallet, like the Coinbase Wallet, supports connecting to dApps and allows users to view and display their NFTs. It also has built-in Earn and Swap features, rather than requiring you to navigate to a decentralized exchange (DEX) or finance (DeFi) application. It’s compatible with all EVM-compatible networks just like the Coinbase Wallet.
- A secure, non-custodial wallet in the Crypto.com ecosystem
- Stake coins like CRO and ATOM directly from the wallet
- Slick design and very strong U.I. for new crypto users
- Easily transfer funds from Crypto.com to Crypto.com Wallet
Crypto.com Wallet Pros & Cons
Pros
Built-in swap and earn
Easily connect to Crypto.com App and Exchange
Desktop application option
Cons
Ledger hardware wallet support only for desktop app
Focused heavily on the Cronos (CRO) ecosystem
Coinbase Wallet Overview
The Coinbase Wallet is a non-custodial cryptocurrency wallet released by Coinbase Exchange in 2017. It’s available as a browser extension and as a mobile app for iOS and Android. The Coinbase Wallet supports connecting to dApps and also allows users to view and display their NFTs.
The Coinbase Wallet supports all EVM-compatible blockchain networks including Avalanche, Ethereum, Polygon, and the Binance Smart Chain in addition to Solana Most networks are pre-configured in the wallet but you can add other EVM networks manually such as Crypto.com’s Cronos chain.
- Non-custodial wallet developed by Coinbase team
- Easy to swap assets between Coinbase wallet and Coinbase exchange
- Support for over 100 crypto assets including Bitcoin, Ethereum and USDC
- One of the most secure software-based wallets
- Ability to store NFT assets
Coinbase Wallet Pros and Cons
Pros
Self-custodial wallet
Developed by world-leading Coinbase exchange team
Mobile app available on Apple and Android
Backed by Coinbase support team
Cons
As a hot wallet, it is not the most secure
Arguably one of the more centralized standalone wallets
Beginner Friendliness
Whether using the Coinbase Wallet or Crypto.com DeFi Wallet there will likely be a learning curve for users unfamiliar with using a non-custodial wallet. That being said, the Crypto.com DeFi Wallet is more suited for beginners due to its built-in swap and earn features that are built into the wallet’s dashboard.
This makes it easy for users to find and use these features. Conversely, the Coinbase Wallet provides you access to these features but only by navigating the dApp browser and finding an exchange or earning app, rather than having them on your dashboard under obvious headers.
Trust and Security
As non-custodial hot wallets, the Coinbase Wallet and Crypto.com DeFi Wallet have essentially the same level of security.
They both have hardware wallet support for Ledger hardware wallets, though the Crypto.com DeFi Wallet only supports it for their desktop application whereas it can be connected to any version of the Coinbase Wallet.
Supported Cryptocurrencies
Both the Coinbase Wallet and Crypto.com DeFi Wallet support many of the same cryptocurrencies. Both wallets are EVM compatible which means you get all Ethereum-based tokens such as Ether, Matic, Uniswap and more. However, the Coinbase Wallet has support for the Solana network while the Crypto.com DeFi Wallet doesn’t. Meanwhile Crypto.com offers a lot of support for IBC coins like ATOM, Cronos and more.
Standout Features
The best feature of the Coinbase Wallet is that you can use a Ledger hardware wallet with the app to further the security of the wallet. Software wallets like the Coinbase Wallet, while convenient, are hot wallets that are the most susceptible to bad actors. Having hardware wallet support alleviates that susceptibility.
The best feature of the Crypto.com DeFi Wallet is its built-in swap and earn features. Having these features built-in makes it extremely easy for users to trade assets and also see which assets they can get the best return for staking in DeFi, as the DeFi Wallet populates the best APRs on the market under the Earn tab on the dashboard of the app.
Conclusion: Crypto.com DeFi Wallet Gets the Nod for Earn Potential
The decision between choosing the Coinbase Wallet and Crypto.com DeFi Wallet is likely settled depending on which exchange you are already familiar with, or whether you have interest in using the Solana network. If the latter, you’ll have to use the Coinbase Wallet, the DeFi Wallet doesn’t support the Solana network (yet). You’re also more likely to use the Coinbase Wallet if you already have and use a Coinbase Exchange account. The same is likely true if you have a Crypto.com App or Exchange account.
Stripping away which exchange you already have an account with, the Crypto.com DeFi Wallet is your better option, as it has more features than the Coinbase Wallet. It also streamlines the experience by giving users easy to navigate tabs on their dashboard for swapping and earning passive income. Neither wallet is a bad option though, and there are other software wallets you may want to look into.
