Having a bunch of cryptocurrency means nothing if you don’t have a place to store it safely and securely. The problem is that cryptocurrency wallets up to now have only supported a few coins and tokens located on one or two blockchains at best.
You could simply own multiple crypto wallets to manage all of your coins but the problem then becomes remembering your key for each one and remembering which wallet contains which coins. Each wallet may not be as secure as the others as well.
Keep reading to learn about a solution you may not have heard of but is still trusted by millions.
What Is Coinomi Wallet
Coinomi Wallet is a security-first cryptocurrency wallet that bridges over multiple blockchains (more than 125 to be more precise) and is trusted by millions of users. There is native support for thousands of coins and tokens on both mobile and desktop.
What is the Coinomi Wallet Token?
Some crypto wallets have a native token that can be used to control a user’s finances or for staking liquidity that will then influence how the platform develops over time. This is something that Coinomi Wallet doesn’t do, and there is no Coinomi Wallet native token.
Instead, Coinomi Wallet supports assets from over 125 blockchains and all manner of cryptocurrency categories like the ones listed below:
- Coins
- Tokens
- Stablecoins
- Decentralized finance (DeFi)
- Forks
- Privacy
- Masternodes
- SegWit
- Test coins
- Exclusives
Each of these categories can be found on many blockchains including the major players like Bitcoin, Ethereum, and Binance as well as some that maybe aren’t as well known for those outside of the cryptocurrency world like NEM and Omni Layer.
How Coinomi Wallet works?
The foundation of Coinomi Wallet is the strength of its encryption and cryptography. By earning the trust of users and building upon features the community wants, Coinomi Wallet continues to work for millions.
Its Hierarchical Deterministic (HD) design logic allows users to keep their funds easily accessible while they remain as secure as possible thanks to a single passphrase that requires just one backup.
How To Use Coinomi Wallet
Using Coinomi Wallet is a relatively simple and streamlined process that works in a similar way to most other digital wallets that operate on the client-side device.
To install, simply navigate your way to your mobile device’s app store (available on both Android and iOS) where you can search for “Coinomi Wallet”. Once you have located the correct app, simply click to download and the rest is automatically downloaded and installed for you on your device.
If you’re on a desktop, you can use your web browser of choice to navigate to Coinomi’s website where you will find an official download link available.
When you have finished installing the Coinomi Wallet application to your device, go ahead and open it up. Upon the first opening, you will be met with a recovery phrase or phrases that have been automatically generated by the wallet application.
These phrases should be written down and stored in a secure place – in the event that your device/wallet becomes misplaced, damaged, stolen, or otherwise unusable, the recovery phrase(s) will allow you to recover the wallet and any funds on a new device.
After confirming that you have safely stored your randomly generated recovery phrase(s), you will be prompted to choose a password for the wallet that you will then be asked for each subsequent time you open and use the application.
Next, choose which cryptocurrency you want to fund your wallet with. You will be able to have and exchange multiple cryptocurrencies later but it will want some supported fund that you already own to open an account.
The final step of the installation is to agree to the terms of service message.
What Makes Coinomi Wallet special?
The first thing that comes to mind when thinking about what sets Coinomi Wallet apart from the rest of the crowd is its security track record.
Since the founding of the company and the release of the wallet, it has never been compromised or had a major wallet breach because of the app’s impressive encryption and cryptography protocols.
There was an isolated incident back on February 27th, 2019, where a vulnerability was identified in the desktop application of Coinomi Wallet. The company quickly jumped into action to fix this fault and no funds were stolen as a result.
The threat was even relatively minor in nature whereby a seed phrase imported to a desktop version of the Coinomi Wallet via the internet would be spellchecked by an external service provided by Google.
Aside from the security of your funds on the Coinomi Wallet platform, users can enjoy other features that other solutions may not offer. The enhanced privacy and anonymity of users through Coinomi Wallet is something often sought out by those interested and involved in the decentralization of finance.
Coinomi Wallet has no Know Your Customer (KYC) bureaucracy which means you and you alone have access to your funds. There is no IP association through your internet service provider (ISP), no linking of your identity to your account, and no tracking of your transactions on the platform or in the wider crypto environment.
Coinomi Wallet does not take any fees associated with sending and receiving transactions from its users. The only fees that a user will have to pay are for the work done by miners to verify transactions.
This is better than some other crypto wallet solutions and much more desirable than working with centralized finance options like banks where they try to make their money by charging you fees for ridiculous minimum holding amounts among other things.
Pros/Cons
Unfortunately, no single cryptocurrency solution is perfect – each one has benefits and drawbacks that may not be obvious at first but should be recognized and balanced before deciding on how to move forward.
Pros
Supports a huge variety of currencies across a large number of blockchains
You will never have to worry about finding a wallet that supports all of your altcoins and tokens unless you only deal in the most obscure coins.
Coinomi Wallet strives to be the most practical solution in a world of ever-changing blockchains and an overwhelming amount of technical jargon that the average person cannot or is unwilling to learn.
The platform has a built-in exchange
Allowing users to exchange hundreds to thousands of assets on the same platform where they manage their cryptocurrencies gives them peace of mind about security and privacy.
It also means that a greater volume of transactions can be performed at a higher speed than seen elsewhere in the industry.
Possibly the greatest benefit of keeping trading on the same platform as your crypto storage solutions is that it adds a layer of simplicity for users, making Coinomi a user-friendly and approachable option for those new to the cryptocurrency world.
No fees to open an account or during transactions
With no opening account fee and no minimum balance requirements, the only fees you will be paying are those directly associated with the miners who perform the work and verify your transactions.
A free app that doesn’t generate revenue through its userbase usually compromises somewhere else like in security but this isn’t the case for Coinomi Wallet.
User-friendly interface
Made with the individual in mind, the technology of Coinomi Wallet does not try to confuse or be purposefully obtuse when others in the industry seem to enjoy doing so for a sense of superiority.
A simple interface that is easy to understand allows users to exchange and use coins, sending and receiving them from addresses with ease.
Payments, even those across blockchains, are a one-click process with no unnecessary steps or a frustrating amount of logins to verify the user.
Multilingual 24/7 support team
Readily available in over 25 languages across the world with natural readability at a native level makes the platform more accessible to even more people, not just those who can read and understand English at the high-level cryptocurrency sometimes demands.
More translations are constantly in the works and the friendly support team at Coinomi Wallet is always there to help navigate the new experience of creating and managing wallets and their associated cryptocurrencies.
Chat with a real, living person through the service’s in-app live chat to get pointed in the right direction without any judgment or ridicule.
Cons
Doesn’t support 2-Factor Authentication (2-FA)
An increasingly common and easy-to-implement security feature that isn’t supported by the Coinomi Wallet.
This may be because of Coinomi Wallet’s lack of KYC policy which is great for anonymity but may also mean that this measure cannot be used as it would associate a user and their identity with an account that can be traced.
Not open-source
Open-source apps are as transparent as can be, which is sometimes desirable for individuals who want to know exactly what is going on behind the user-friendly interface of an app.
Coinomi Wallet started off as an open-source project but transitioned to a closed-source style because of how many “malicious clones” were being spun off from the original fork developed by the company.
Team, Investors and Partners
Coinomi Wallet was founded on January 14th, all the way back in 2014 by George Kimionis. The headquarters are located in Roadtown, in the British Virgin Islands where George Kimionis still runs things as the company’s Chief Executive Officer (CEO).
Aside from co-founder John Jeguntanis, not much else is known about the team behind Coinomi Wallet but it is estimated that the for-profit, private company has anywhere between 20 and 100 employees. The actual number of employees may be significantly lower because of the existing cryptocurrency market crash at the time of writing.
Coinomi Wallet appears to only have had a single funding round in which four or five investors provided liquidity. These investors include:
- Vertex Ventures – an investment holding company that backs resourceful and high initiative founders
- zVentures – an early stage venture investment company designed to lead the world in lifestyle brands for gamers
- Spartan Group – an advisory digital asset management company operating out of Singapore
The funding round was held in June of 2021 and the amount of funding that Coinomi Wallet was able to raise and secure is undisclosed at the time of writing.
Coinomi Wallet has partnered with several other companies to expand the services that they offer and the number of tokens they can support. Some of the most prominent partners include:
- Simplex – by partnering with Simplex, Coinomi Wallet enabled users in the European Union and the wider continent to purchase cryptocurrencies directly from the Coinomi Wallet app instead of purchasing from a separate app or website and then sending the purchased currency to a wallet via keys or other means
- Changelly – one of the most popular cryptocurrency exchanges because of its support for a wide variety of coins and its instantaneous transactions, Coinomi Wallet fully integrated Changelly’s API into its app so that users could enjoy easy and quick exchanges of coins in a secure environment
- CoinSwitch – another cryptocurrency exchange service and aggregator, this partnership with Coinomi Wallet expanded the number of coins that could be traded on Coinomi Wallet’s single, secure platform even further
- Bidali – a Bidali partnership meant that users of the Coinomi Wallet were finally able to buy gift cards and shop for other real-world, physical items with the cryptocurrency they have acquired
Conclusion
If you’re looking to join in on the craze of cryptocurrency, whether out of genuine curiosity or fear of missing out (commonly known as FOMO in the industry), Coinomi Wallet is a tried and true solution for all but the newest and obscurest coins or tokens.
An easy-to-use interface generates understanding for cryptocurrency novices while they can enjoy the full benefits of the platform from the superior security and privacy to the built-in exchanges to the customer support. There truly is little to nothing to complain about with a leader in the cryptocurrency industry like Coinomi Wallet and its track record since inception.
John S. Logan has been working with cryptocurrency for nearly as long as it has been available on the market. With a professional background in the finance industry, he believes that blockchain technology, cryptocurrency, and decentralized finance play an important role in the future of the world.
