Minimum number of noncustodial wallets: 101,000,000+

In January, 2022, Crypto.com estimated that 300 million people own crypto worldwide.

However, that number doesn’t give us either an upper or a lower bound on the number of noncustodial wallets.

  • Many people own crypto through a custodial wallet, which means that 300 million people could own crypto while far fewer than 300 million noncustodial wallets could exist.
  • Many people own multiple noncustodial wallets, which means that far more than 300 million noncustodial wallets could exist, even if fewer than 300 million people owned them.

We wanted to provide a lower bound on the number of noncustodial wallets that exist. The methodology that we chose was simply to add up the number of wallets that have been announced to exist by wallet providers.

Here is the data that we used, and the sources for that data:

Blockchain.com: 84,762,476 unique Blockchain.com wallets created.

source: Oct. 8, 2022: https://www.blockchain.com/explorer/charts/my-wallet-n-users

Metamask.com: 10,000,000+ MAUs

sources:

Phantom wallet: 2,000,000+

source: # Users according to Chrome Extension Page: 2,000,000+

Coinbase defi wallet: 1,000,000+

source: # Users according to Chrome Extension Page: 1,000,000+

Ledger hardware wallet: 3,000,000+

source: Jun. 10, 2021: Ledger raises $380 million for its crypto hardware wallet

Trezor hardware wallet: 1,000,000+

source: Feb. 9, 2022: The team behind the world’s first hardware wallet says it’s still thriving after 8 years

Notes:

  • It’s possible, for example, that a private key created on a noncustodial wallet could be used with a hardware wallet, meaning that there could be some double-counting of wallets.