Currently, the cryptocurrency ecosystem, with tens of thousands of cryptocurrencies and more than 1,000 blockchains, is experiencing difficulties in asset management due to the lack of intercompatibility between various blockchain networks.
Multichain wallets allow users to manage cryptocurrency assets across multiple blockchains through a single interface, providing a solution that improves convenience, security, and access to a wide range of DeFi applications.
BitPay’s multi-chain wallet provides an all-in-one solution for users looking to streamline cryptocurrency management by simplifying the process of purchasing, storing, exchanging, and consuming cryptocurrencies across multiple blockchains.
Today’s cryptocurrency ecosystem includes tens of thousands of cryptocurrencies and over 1,000 blockchains. Most blockchain networks use specific technologies and operate according to their own set of rules, making them virtually incompatible with each other. For users with a diverse asset portfolio, a multichain wallet allows them to easily manage cryptocurrencies from multiple blockchains in one place, saving time and money. If you want to simplify your cryptocurrency life, read on to learn how to create a multi-chain wallet with BitPay.
What is a multichain wallet and how does it work?
Multi-chain wallets allow cryptocurrency holders to seamlessly manage and interact with their assets across multiple blockchains from a single interface. Historically, users have had to juggle multiple wallets to manage their assets across different blockchains.
A multichain wallet refers to the “language” of different blockchains, each with its own rules and technical specifications pre-programmed. In the multi-chain wallet interface, users can tap on the blockchain network they want to connect to and switch between them as needed.
Advantages of multichain wallet
Multi-chain wallets are useful for many reasons, providing users with convenience, flexibility, and versatility. The biggest advantages of multichain wallets are:
- Simplified asset management across multiple blockchains: Multi-chain wallets bring all the interacting blockchains under one roof, allowing you to switch between blocks with the tap of a button.
- Improved security and flexibility: Multichain wallets reduce security risks by creating a single point of access rather than transacting with multiple different wallets, each of which may be individually vulnerable to attack.
- Access to a wider range of DeFi applications and services: Use your multi-chain wallet as your passport to explore DeFi and many other exciting projects, platforms, and services created on different blockchains.
Setting up a multi-chain wallet with BitPay
With all these benefits in mind, it’s a great time to set up your own multi-chain wallet with BitPay. It’s free and it only takes a few minutes to follow these steps:
I want to create a new multichain wallet
Are you starting over? Set up a multi-chain wallet to buy, store, exchange, and use assets across multiple blockchains.
- Download the BitPay wallet.
- On the home screen within the BitPay Wallet app, select “Create, Import, or Sign Up for a Shared Wallet” in the “Expand Portfolio” section.
- Select “New Key”.
- Select the assets/chains you want to store in your multichain wallet and then press “Add Wallet”. Additional assets and chains can be added in the future as you build and diversify your portfolio.
- Back up your recovery phrase. Recording your recovery phrase (aka seed phrase) is paramount to maintaining your wallet security. Self-custodial wallet providers, including BitPay, do not store or are responsible for your seed phrase. If you are unable to access your wallet before recording your seed phrase, your funds will likely be lost. Learn more about saving seed phrases like a pro.
congratulation! Your multichain wallet has been created successfully. You can use this wallet to purchase, store, exchange, and spend assets.
I already have multiple wallets and would like to manage them in one place.
If you have an existing wallet and want to consolidate your assets into one place for easier management, purchases and spending, you can use a recovery phrase (aka seed phrase) to import your assets if your current wallet provider is a self-managed wallet. . If you are currently using an exchange wallet (Coinbase, Kraken, etc.), please follow these steps: From here, transfer your assets from the exchange to your self-custodial wallet..
- Find the recovery phrase for your old wallet. This process will vary depending on your current wallet provider.
- Download the BitPay wallet.
- On the home screen within the BitPay Wallet app, select “Create, Import, or Sign Up for a Shared Wallet” in the “Expand Portfolio” section.
- Then select “Import Key”. Carefully type each word of your recovery phrase as it appears in your records. Each word must be added in the order it appears.
- Tap “Import Wallet.” Within a few minutes, your wallet will appear on your new device.
- Once you have imported your seed, check your balance to ensure all funds appear in your new wallet platform.
- Back up your new wallet. If you’ve imported your keys to a new wallet provider, familiarize yourself with all available backup options. If you transfer funds to a new key, be sure to write down the recovery phrase! Like other reputable self-custodial wallet providers, BitPay does not store or access your recovery phrase! If you do not have access to this recovery phrase or your private key, your funds will likely be lost.
Why Cryptocurrency Users Choose BitPay Wallet
With everything BitPay Wallet has to offer, from unparalleled convenience to cutting-edge security features, it’s easy to see why it continues to be a favorite among cryptocurrency users of all levels of knowledge. Why do users love BitPay Wallet so much?
reliable
BitPay is one of the oldest and most established cryptocurrency companies in the industry, having started operations in 2011. We wouldn’t have achieved this longevity if we hadn’t earned and maintained the trust of our many users and customers.
self custody
For complete control over your cryptocurrency, own the keys. No one but you has access to your funds. Import and export keys between wallets as needed.
security
You take wallet security seriously, and so do we. BitPay Wallet offers a variety of features designed to keep your funds safe, from optional multi-signature protection and two-factor authentication to biometrics and password encryption.
easy to use
Whether you’re a whale or a complete cryptocurrency novice, BitPay wallet offers a buttery-smooth user experience that lets you spend, exchange, and send in no time.
Various chains supported
The BitPay wallet supports over 100 assets across multiple blockchains, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Polygon (MATIC), Litecoin (LTC), Ripple (XRP), and more. Supports. We are also regularly adding support for additional assets based on market and user requirements.
The best cryptocurrency app for spenders
Download the app
All-in-one multi-chain wallet – buy, store, exchange and spend
BitPay Wallet lets you unlock the full potential of your cryptocurrency holdings, no matter how you use them.
Buy
Buy cryptocurrency directly from BitPay through the app or website. Find the best rates and receive your cryptocurrency quickly through a variety of payment methods.
store
Take control of your wallet security with BitPay’s self-custodial cryptocurrency wallet. Keep your private keys private with security measures like two-factor authentication, multi-signature, and other features.
exchange
Exchange endless pairs across the blockchain and build the perfect portfolio to suit your needs.
guard
BitPay is the best cryptocurrency spending wallet that makes it easy to shop with merchants, pay bills, buy gift cards, and more. For serious cryptocurrency consumers, the BitPay card offers the perfect combination of security and convenience.
Cryptocurrency and blockchain ecosystems have become hubs of technological innovation, but have traditionally been very siled. Slowly but surely, the fragmented mindset of the early days of cryptocurrencies is unraveling, and multi-chain wallets are playing a key role in this change by breaking down silo walls.