Microsoft is reportedly testing the addition of an integrated crypto wallet into its Microsoft Edge browser, as investors turn to alternative means of crypto storage following the collapse of leading US crypto exchange platform FTX.

Reports that the US software giant is exploring the addition of an ethereum-based Web3 wallet to send and receive digital assets within its Microsoft Edge browser first emerged on Twitter (17th March,2023). A user with the Twitter handle, Albacore, shared screenshots of Microsoft’s crypto wallet user interface.

The crypto wallet category is one of the most important within the crypto ecosystem and wider Web3 since they are also used to store NFTs, according to GlobaData consultant analyst Niklas Nilsson. “Cryptocurrency wallets will without doubt be one of the best-performing segments within the crypto ecosystem over the next couple of years,” Nilsson told Verdict.

Crypto wallets can broadly be divided into four categories: software, hardware, paper, and exchange hosted such as the now-collapsed FTX.

Paper is a very small category as it is inconvenient. Exchange-hosted storage, on a platform such as Binance and Coinbase has become a less appealing proposition for crypto investors since the collapse of FTX. “If the exchange goes bankrupt, as seen with FTX, customers risk losing all of their money, which is why crypto advocates suggest either using a software or hardware wallet,” says Nilsoon.

“In short, software wallets are more convenient, but hardware wallets are safer. And both are safer than keeping your funds on exchanges,” he adds.

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By GlobalData