The crypto ecosystem, now featuring tens of thousands of cryptocurrencies and over 1,000 blockchains, presents a challenge in asset management due to the lack of cross-compatibility among different blockchain networks.
Multi-chain wallets offer a solution by allowing users to manage their cryptocurrency assets across multiple blockchains through a single interface, enhancing convenience, security, and access to a wider range of DeFi applications.
BitPay’s multi-chain wallet simplifies the process of buying, storing, swapping, and spending cryptocurrencies across various blockchains, providing an all-in-one solution for users looking to streamline their crypto management.
Today’s crypto ecosystem includes tens of thousands of cryptocurrencies and over 1,000 blockchains. Most blockchain networks use specific technology and operate under their own sets of rules, which means they’re rarely cross-compatible. For users with a diverse portfolio of assets, multi-chain wallets make it easy to manage cryptocurrencies across multiple blockchains from one place, allowing users to save time and money. If you’re looking to simplify your crypto life, read on to learn how to create a multi-chain wallet with BitPay.
What are multi-chain wallets and how do they work?
Multi-chain wallets let crypto holders seamlessly manage and interact with their assets across multiple blockchains from a single interface. Historically, users have had to juggle multiple wallets to manage assets across various blockchains.
Multi-chain wallets speak the “language” of various blockchains, pre-programmed with the rules and technological specifications for each. From a multi-chain wallet interface, users can simply tap the blockchain network they wish to connect to, switching back and forth as needed.
Benefits of multi-chain wallets
Multi-chain wallets are useful for a number of reasons, offering users convenience, flexibility and even variety. Some of the biggest benefits of multi-chain wallets include:
- Simplified asset management across multiple blockchains: Multi-chain wallets bring every blockchain you interact with under one roof, allowing you to switch between them with the tap of a button.
- Enhanced security and flexibility: Multi-chain wallets reduce security risk by creating a single point of access instead of transacting with multiple disparate wallets, which could each individually be vulnerable to an attack.
- Access to a broader range of DeFi applications and services: Explore DeFi and a multitude of other exciting projects, platforms and services being created on various blockchains with a multi-chain wallet as your passport.
Setting up your multi-chain wallet with BitPay
With all of these benefits in mind, it’s a great time to set up your own multi-chain wallet with BitPay. It’s free and takes just a few minutes following these steps.
I want to create a new multi-chain wallet
Starting fresh? Set up a multi-chain wallet to buy, store, swap, and spend assets across multiple blockchains.
- Download the BitPay Wallet.
- Within the BitPay Wallet app, select “Create, import or join a shared wallet” under the “Expand Your Portfolio” section of the homescreen.
- Select “New Key”.
- Choose the assets/chains you want to be stored in your multi-chain wallet then press “Add Wallets”. Additional assets and chains can be added in the future as you build and diversify your portfolio.
- Backup your recovery phrase. Recording your recovery phrase (aka seed phrase) is paramount to maintaining wallet security. Self-custody wallet providers, including BitPay, do not save or take responsibility for your seed phrase. If you lose access to your wallet before recording your seed phrase then your funds are most likely lost. Learn more about storing your seed phrase like a pro.
Congratulations! You’ve successfully created your multi-chain wallet. You can use this wallet to buy, store, swap, and spend your assets.
I already have multiple wallets and want to manage them in one place
If you have existing wallets and would like to consolidate your assets into one place for easier management, buying, and spending, you can import them using your recovery phrase (aka seed phrase) as long as your current wallet provider is a self-custody wallet. If you’re currently using an exchange wallet (Coinbase, Kraken, etc.), then follow the steps for moving your assets from an exchange to a self-custody wallet here.
- Locate the recovery phrase of existing wallet(s) – this process will vary depending on your current wallet provider.
- Download the BitPay Wallet.
- Within the BitPay Wallet app, select “Create, import or join a shared wallet” under the “Expand Your Portfolio” section of the homescreen.
- Then select “Import Key”. Carefully type each word of your recovery phrase as it appears in your records. Each word must be added in the order in which it appears.
- Tap “Import Wallet”. Your wallet should appear in the new device within minutes.
- Once the seed is imported, verify your balance to ensure all of your funds appear as they should in the new wallet platform.
- Back up your new wallet. If you’ve imported your key to a new wallet provider, familiarize yourself with all the backup options available to you. If you will be transferring your funds to a new key, make sure to record your recovery phrase! BitPay, like other reputable self-custody wallet providers, doesn’t store or have access to your recovery phrase! If you don’t have access to this recovery phrase or private key then your funds are most likely lost.
Why crypto users choose the BitPay Wallet
With everything the BitPay Wallet has to offer — from unrivaled convenience to cutting-edge security features — it’s easy to see why it’s a perennial favorite among crypto users of all knowledge levels. Why do users love the BitPay Wallet so much?
Trusted
BitPay is one of the oldest and most established crypto companies in the industry, opening for business in 2011. We wouldn’t have achieved such longevity without earning and maintaining the trust of our many users and clients.
Self-custody
Own your keys to keep complete control over your cryptocurrency. No one has access to your funds except you. Import and export keys between wallets as needed.
Security
You take wallet security seriously, and so do we. BitPay Wallet offers a host of features designed to keep your funds safe, from optional multisig protection and two-factor authentication to biometrics and password encryption.
Easy to use
Whether you’re a whale or a complete crypto beginner, the BitPay Wallet offers a buttery smooth user experience that’ll have you spending, swapping and sending in no time flat.
Diverse range of chains supported
The BitPay Wallet supports more than 100 assets across multiple blockchains, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Polygon (MATIC), Litecoin (LTC), Ripple (XRP), and more. We’re also regularly adding support for additional assets based on the market and our users’ needs.
The best crypto app for spenders
All-in-one multi-chain wallet – buy, store, swap and spend
With the BitPay Wallet you’ll unleash the full potential of your crypto holdings, no matter how you use it.
Buy
Purchase crypto right from BitPay, either through the app or our website. Browse offers for the best rates and receive your crypto quick, with multiple payment methods accepted.
Store
Take control of your wallet security with BitPay’s self-custody crypto wallet. Keep private keys private with security measures like two-factor authentication, multisig and other features.
Swap
Swap endless pairs across blockchains and build out the perfect portfolio for your needs.
Spend
BitPay is the #1 crypto spending wallet, making it easy to shop with merchants, pay bills, buy gift cards and much more. For the serious crypto consumer, the BitPay Card offers the perfect blend of security and convenience.
The crypto and blockchain ecosystem has become a hub for technological innovation, but has traditionally been very siloed. Slowly but surely, the factionized mindset of crypto’s early days is coming unwound, and multi-chain wallets are playing a key role in that shift by busting through the silo walls.
