Cryptocurrency wallets are digital tools that allow users to store and manage their cryptocurrencies. They play a crucial role in the crypto ecosystem, enabling users to send, receive, and safeguard their digital assets. Unlike traditional wallets, cryptocurrency wallets don't store the currency itself; rather, they store private keys essential for accessing and managing the crypto funds stored on the blockchain.

There are two main types of wallets: custodial and non-custodial. Custodial wallets are managed by third parties, usually exchanges, while non-custodial wallets are fully controlled by the user, offering more security and privacy.