Taxonomy

Crypto wallets are essentially software programs used to securely store, transfer, and receive digital assets such as cryptocurrencies and fiat currency. These wallets are typically given by exchange platforms that handle significant volumes of transactions on a daily basis. Exchange platforms, whether they have their own crypto wallets or not, provide an API service to largely access basic wallet information from user accounts with the implementation of private keys for security considerations.

Cryptography has become increasingly popular as the demand for cryptocurrencies has risen. Binance, Coinbase, Huobi, Gemini and many other exchange platforms have been on the lead of the crypto world with the amount of trusted service they provide for their users. When it comes to making an exchange, it is important to have security protocols applied into your system to prevent user data from being stolen.

Some cryptocurrencies are pegged to a currency of other commodities like the U.S. dollar or precious metals like gold, silver, etc. These types of cryptoassets are called as ‘stablecoins’.