Cryptocurrency Wallet

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What is

Cryptocurrency Wallet


What is cryptocurrency wallet?

A cryptocurrency wallet is a digital wallet that stores and manages cryptocurrencies. Each wallet has a public key (a long string of characters used to identify the wallet) and a private key. To make transactions with other wallets, users need their private keys.

cryptocurrency wallet
Cryptocurrency wallet is a digital wallet that stores and manages cryptocurrencies.

There are several types of Cryptocurrency wallets:

  • hot wallets are hosted online but can be easily hacked;
  • cold wallets or hardware wallets hold cryptocurrencies on a device and can't access the internet making which makes it more secured;
  • desktop wallets are software directly installed on a computer or laptop;
  • paper wallets are printed pieces of paper that hold the wallets' public and private keys.

Discover more about blockchain analytics, crypto and compliance with our Glossary.

About Scorechain

Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a leader in crypto compliance, the Luxembourgish company has helped over 200 customers in 40 countries since 2015, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets, customers onboarding, audit and law firms, and some LEAs.

Scorechain solution supports Bitcoin analytics with Lightning Network detection, Ethereum analytics with all ERC20 tokens and stablecoins, Litecoin, Bitcoin Cash, Dash, XRP Ledger, Tezos, and Tron with TRC10 and TRC20 tokens. The software can de-anonymize the Blockchain data and connect with sanction lists to provide risk scoring on digital assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and can be fully customizable to fit all jurisdictions. 300+ risk-AML scenarios are provided to its customers with a wide range of risk indicators so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.