A new survey by blockchain analytics firm Nansen and on-chain UX platform Reown has found that 62% of crypto users manage two or more wallets, up 15% from the previous year.

The YouGov survey of 1,000 active crypto users in the U.S. and UK points to a fragmented crypto ecosystem, with 48% of users needing to use multiple wallets to access different networks and chains.

Crypto users are also increasingly security-conscious, with 44% using multiple wallets as a security measure, up from 32.8% the year before.

The report’s findings show that the crypto industry needs to focus on “making things simpler, safer, and more connected,” said Reown CEO Jess Houlgrave.

There’s a clear appetite among crypto users for more streamlined user experiences, with over a third (40%) of those surveyed citing support for a wide range of tokens and chains as a key feature they look for in a crypto wallet.

“A surge in innovation”

Houlgrave noted that the maturing wallet ecosystem has seen “a surge in innovation” in the past year, pointing to solving liquidity fragmentation across chains, and addressing user experience challenges around gas as notable achievements. She also highlighted positive moves in enabling seamless wallet and app connectivity and “working on ensuring that we can deliver better UX AND better security,” as notable achievements.

But the report also highlighted an education gap around the latest wallet technology. Most users surveyed were unaware of smart wallets, with 58% unsure how they work.

And while mobile wallets remain the dominant method for holding crypto, with over half (51%) preferring them, that’s dropped from 54.8% a year earlier.

The slack has been taken up by hardware wallets, with one in ten users preferring the devices, up 3% from 2024.

“People don’t want to completely change how they interact with wallets, apps, or chains,” Houlgrave explained, adding that, “they want easy, fast experiences that fit into what they’re already doing.”

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