What is the Crypto.com Onchain Wallet & how does it work?

Getting started with Onchain Wallet

Getting to grips with cryptocurrency wallets can feel overwhelming, especially as a beginner when you're deciding between custodial and non-custodial options. 

If you're exploring self-custody solutions, Crypto.com's Onchain Wallet (formerly known as the DeFi Wallet) offers a blend of user-friendly design and advanced Web3 functionality. But it’s one of several options and isn’t the right choice for everyone.

In this comprehensive guide, we'll walk you through everything you need to know about our Onchain Wallet, from its core features and security measures to how it stacks up against popular alternatives like MetaMask and Coinbase Wallet. 

What is Onchain Wallet?

Crypto.com’s Onchain Wallet is a non-custodial cryptocurrency wallet that puts you in complete control of your digital assets. Unlike traditional exchange wallets where a third party holds your private keys, Onchain Wallet generates and stores your private keys directly on your device, giving you full ownership and control over your cryptocurrencies.

As a multi-chain hot wallet, Onchain Wallet supports interactions across multiple blockchain networks, making it easy to manage diverse crypto portfolios. The wallet functions as both a standalone mobile app and as a browser extension for browsers, providing flexibility for both mobile and desktop users.

But what really sets Onchain Wallet apart as a decentralized wallet is its integration with Web3 decentralized applications (dApps), decentralized exchanges and decentralized finance (DeFi) protocols. This means you can participate in the broader decentralized ecosystem (including token swaps, yield farming and NFT trading) all while maintaining control over your private keys. 

The wallet doesn't require a Crypto.com account to function, though having one can unlock additional features like fiat purchasing options.

How does the Onchain Wallet work?

Onchain Wallet works on the principle of local private key generation. When you create a new wallet, it generates your private keys directly on your device using industry standard cryptographic protocols. These keys never leave your device unless you explicitly export them, ensuring that only you have access to your funds.

The wallet uses a BIP-39 recovery phrase (commonly called a seed phrase) consisting of 12, 18 or 24 words that serves as the master key to your cryptocurrency holdings by mathematically generating all your private keys and wallet addresses across different blockchain networks. If you ever lose access to your device, this phrase enables you to restore your entire wallet and regain access to your funds.

Multi-chain functionality is built into the wallet's core architecture. You can seamlessly switch between supported networks including Ethereum, Bitcoin, Solana and Cronos without creating separate wallets, because the interface automatically detects which network you're working on.

Key security features include device level encryption, biometric authentication (such as Face ID), and optional two factor authentication. For users seeking increased security, the wallet supports pairing with hardware wallets like Ledgers, combining the convenience of a hot wallet with the security of cold storage.

When you’re sending or receiving cryptocurrencies, the wallet connects directly to blockchain networks, allowing you to view real time balances, transaction histories and network fees. 

Built-in token swap functionality lets you exchange cryptocurrencies without leaving the wallet interface, while dApp integration enables you to easily interact with decentralized applications.

Onchain Wallet benefits

Key advantages of our Onchain Wallet include:

• Full ownership and control – Unlike custodial wallets where exchanges or companies control your private keys, you maintain complete ownership of your cryptocurrency assets. This means no third party can freeze your account, restrict your transactions or lose your funds due to their own security failures
• Access to DeFi and Web3 ecosystem – It opens up opportunities beyond simple sending and receiving crypto. You can participate in yield farming, provide liquidity to decentralized exchanges, stake tokens for rewards, trade NFTs or interact with thousands of decentralized applications. This level of access is typically impossible with traditional custodial wallets 
• Multi-chain flexibility – Eliminates the need for multiple wallet applications. Whether you're trading Ethereum-based tokens, holding Bitcoin or exploring Solana DeFi projects, Onchain Wallet manages assets across all major blockchain networks from a single interface
• Increased privacy and security – Come naturally with non-custodial architecture. Your transaction history and wallet balances aren't stored on centralized servers, reducing the risk of large scale data breaches. Since private keys remain on your device, you're not vulnerable to exchange hacks 
• No account requirements – Meaning you can start using Onchain Wallet immediately without providing personal information, undergoing identity verification or creating an account with a centralized service. This aligns with cryptocurrency's core principle of financial sovereignty 

Onchain wallet supported cryptocurrencies

Our Onchain Wallet currently supports 36 blockchains and over 700 tokens, with the platform managing 4,000+ tokens across 30+ blockchains. This multi-chain support makes it a popular option for users managing diverse cryptocurrency portfolios.

Our token ecosystem coverage extends far beyond native blockchain tokens. Onchain Wallet supports hundreds of ERC-20 tokens on Ethereum and native tokens across all integrated blockchains. Popular cryptocurrencies like USDC, USDT, DAI, SHIB, LINK, UNI and AAVE are all supported across their respective networks.

NFT management capabilities focus primarily on Ethereum-based standards (ERC-721 and ERC-1155) and Cronos chain NFTs. The wallet provides a dedicated NFT section where you can view, organize and share your digital collectibles across social media platforms with customizable displays.

Security and safety: Is Onchain Wallet safe?

As with all wallets, there are trade-offs to consider. Onchain Wallet hosts a comprehensive security framework to protect user funds and private keys. However, like all hot wallets, it carries inherent risks:

• Device-level security – Advanced encryption protocols that help to protect your private keys and recovery phrases while stored on your device. The wallet uses secure hardware elements available on modern smartphones and implements biometric authentication (fingerprint or Face ID) alongside traditional PIN protection
• Two-factor authentication (2FA) – Adds an additional layer of protection for both wallet access and transaction signing. Users can enable 2FA through authenticator apps, which help to protect you from unauthorized access even if your password is compromised
• Hardware wallet integration – Represents the highest level of security available. Onchain Wallet supports pairing with Ledger hardware devices, allowing you to manage assets through the wallet’s interface while keeping private keys securely stored on dedicated hardware that never connects to the internet
• Open source transparency and audits – The wallet’s open source components and regular security audits provide users with additional confidence. However, self-custody still means taking full responsibility for following good security practices

As a hot wallet, Onchain Wallet stores private keys on internet connected devices, making it theoretically more vulnerable to malware compared to hardware only solutions.

Best security practices include keeping your recovery phrase written down and stored offline, using a hardware wallet pairing for significant holdings, enabling all available security features, keeping your device operating system updated and avoiding accessing your wallet on public WiFi networks.

Centralized vs decentralized wallets: What’s the difference?

Understanding the fundamental differences between centralized and decentralized wallets is important for choosing the right storage solution for your cryptocurrency needs.

Centralized (custodial) wallets are managed by third-party companies including exchanges. With these wallets, the company holds and controls your private keys, meaning they technically own your cryptocurrency on your behalf. 

Key characteristics of centralized wallets include:

• Company controls private keys and funds
• Account recovery through customer support
• Built-in fiat onramps and easy purchasing
• FDIC insurance available in some jurisdictions
• Simplified user experience with customer support
• Vulnerable to company failures or regulatory actions

Decentralized (non-custodial) wallets like Onchain Wallet give you complete control over your private keys and funds. You're essentially your own bank, with full ownership and responsibility for your cryptocurrency assets.

Key characteristics of decentralized wallets include:

• User controls private keys and funds
• Self-reliant recovery through seed phrases
• Direct blockchain interactions and DeFi access
• No insurance against user errors or loss
• Greater privacy and censorship resistance
• Higher technical responsibility and learning curve

The key trade-off between the two wallet types is convenience versus control. Centralized wallets offer simplicity, customer support and protection against user errors, but require trusting third parties with your funds. Decentralized wallets provide maximum control and privacy but require users to be responsible for their own security.

Crypto.com app vs Onchain Wallet: What’s the difference?

We offer two distinct wallet solutions that serve different user needs and represent different approaches to cryptocurrency management. 

Our Crypto.com App (custodial) functions as a traditional centralized exchange and wallet service. We hold your private keys and manage your cryptocurrency on your behalf, similar to how banks manage traditional money. This prioritizes simplicity and convenience, making it ideal for users who want straightforward buying, selling and basic cryptocurrency management.

Onchain Wallet (non-custodial) operates as a self-custody solution where you control your private keys and take full responsibility for your funds. This approach prioritizes control and access to advanced features like DeFi protocols and dApps.

The Crypto.com App works well for users who want simple cryptocurrency investing, regular buying and selling, and don't mind trusting a company with their funds. Onchain Wallet suits users who want to participate in DeFi, maintain complete control over their assets, and don't need extensive customer support.

Many use the App for simple purchases and long-term holdings, and the Onchain Wallet for DeFi activities and self-custody storage. The platforms can work together, with users transferring funds between them based on their immediate needs.

Best use cases for Onchain Wallet

Onchain Wallet has clear advantages over custodial alternatives in specific scenarios:

1. DeFi enthusiasts – Represent the primary users of Onchain Wallet. If you want to participate in yield farming, provide liquidity to decentralized exchanges or earn rewards through staking protocols, the wallet’s dApp integration makes these activities seamless. Unlike custodial wallets that limit you to centralized services, Onchain Wallet opens access to thousands of DeFi protocols across multiple blockchain networks.
2. Privacy-conscious users – Benefit from the wallet’s non-custodial architecture. Your transaction history and balances aren’t stored on centralized servers, reducing exposure to any data breaches or surveillance. 
3. Multi-chain investors – Find significant value in Onchain Wallet’s broad blockchain support. Instead of managing separate wallets for Bitcoin, Ethereum, Solana and other networks, you can consolidate everything into a single platform while still maintaining full control over each asset type.
4. Existing Crypto.com ecosystem users – Gain additional benefits from the integration between Onchain Wallet and other Crypto.com services. While the wallet works independently, connecting it to your Crypto.com account enables fiat purchasing directly within the wallet.
5. Users seeking education – Benefit from the hands-on experience of managing private keys, understanding gas fees and interacting directly with blockchain networks. This educational aspect prepares you for more advanced cryptocurrency knowledge.

It’s worth noting that despite the advantages, Onchain Wallet may not be ideal for those who prioritize simplicity over control, require extensive customer support, prefer insured custody solutions or who want to store large amounts without implementing additional security measures such as hardware wallet integration.

Custodial vs non-custodial wallets: What’s the difference?

Custodial wallets operate under the principle that a trusted third party manages your private keys and cryptocurrency on your behalf. This mirrors traditional banking, where financial institutions hold and protect your money while providing services like account recovery, customer support and regulatory compliance.

Non-custodial wallets like Onchain Wallet follow the principle of sovereignty, where you generate, control and are solely responsible for your private keys. This aligns with cryptocurrency's original vision of eliminating intermediaries from financial transactions.

With custodial solutions, the service provider technically owns your cryptocurrency and grants you usage rights through their platform. With non-custodial solutions, you directly own the cryptocurrency through cryptographic proof, with no third party able to restrict your access.

Custodial wallets require trust that the provider will remain solvent, secure and honest, while non-custodial wallets require trust in your own ability to manage security, backup recovery phrases and avoid human errors.

Recovery mechanisms are also different. Custodial wallets typically offer account recovery through customer support, email verification or identity documents. Non-custodial wallets rely entirely on seed phrase recovery, such that if you lose your seed phrase, your funds become permanently inaccessible.

The two also host different risk profiles, with custodial wallets facing risks from company failures, hacking, regulatory seizures and service restrictions, and non-custodial wallets facing risks from user errors, device loss, seed phrase exposure and technical complexity.

The famous saying ‘not your keys, not your crypto’ encapsulates the philosophical difference: custodial solutions prioritize convenience and support, while non-custodial solutions prioritize ownership and control.

To understand more about wallet types and their security implications, read Non-Custodial Wallets: Your Keys, Your Crypto and What is a Crypto Wallet & How Does it Work?

How to import or recover your Onchain Wallet

Wallet recovery and import functionality means you can usually access your cryptocurrency assets even if you lose your device or need to reinstall the application. Onchain Wallet supports several methods for restoring wallet access.

Import via recovery phrase

1. Download and launch Onchain Wallet on your new device or after reinstalling the application. Choose ‘Import Wallet’ instead of ‘Create New Wallet’ on the welcome screen.
2. Select the recovery method by choosing ‘Recovery Phrase’ from the available import options. The wallet will prompt you to enter your BIP-39 seed phrase.
3. Enter your seed phrase carefully, including the exact spelling and word order. The wallet typically accepts 12, 18 or 24-word phrases. Use the auto complete suggestions to avoid typos, as incorrect phrases will fail to restore your wallet.
4. Set your new device security by creating a new PIN and password or enabling biometric authentication for your restored wallet. This security only protects wallet access on this device as your funds remain secured by the original seed phrase.
5. Verify success by checking that your wallet addresses and balances match your expectations. It may take several minutes for the wallet to sync with blockchain networks so don’t panic if the balance takes a while to update.

Import from another wallet

Using MetaMask or a hardware wallet import follows the same recovery phrase process since most wallets use BIP-39 standard seed phrases. Export your seed phrase from your original wallet (MetaMask, Ledger etc) and then simply import it into Onchain Wallet using the steps above.

Private key import is also available for individual addresses, though this method only imports specific addresses rather than your entire wallet. Navigate to wallet settings, choose ‘Import Private Key,’ and enter the private key for the specific address you want to access.

Recovering your wallet after device loss

Immediate security steps should include changing passwords for any associated accounts (like Crypto.com accounts linked to the wallet) and considering whether your seed phrase is potentially compromised if stored on the lost device. For reference, it’s best practice to keep seed phrases offline.

The recovery process is identical to standard import procedures. Install Onchain Wallet on your new device and use your previously backed-up seed phrase to restore complete wallet access. It’s possible to have the same wallet active on multiple devices simultaneously, because your seed phrase generates identical wallet addresses regardless of which device you use.

Recovery phrase and how to back it up

A recovery phrase (also called a seed phrase, mnemonic phrase or backup phrase) is effectively the master key to your entire cryptocurrency wallet. This sequence of 12, 18 or 24 randomly generated words mathematically derives all your private keys and wallet addresses from across the different blockchain networks.

Recovery phrases work through the BIP-39 (Bitcoin Improvement Proposal 39) standard, which creates a readable representation of cryptographic entropy. Each word comes from a predefined list of 2,048 possible words, and the specific combination generates a unique 128-bit, 192-bit or 256-bit seed that creates your private keys.

Its importance can’t be overstated, as your recovery phrase is your wallet. Anyone with access to this phrase can recreate your wallet on any device and control all associated cryptocurrency. Simultaneously, losing your recovery phrase means permanently losing access to your funds, as no company or service can recover non-custodial wallets.

In other words, it’s a good idea to have your recovery phrase backed up.

Backup best practices focus on offline, physical storage methods:

• Write phrases on paper or even metal using permanent ink or engraving. Avoid printers, photocopiers or any digital devices that might store copies.
• Create multiple copies stored in separate, secure locations. Consider fireproof safes, bank safety deposit boxes or trusted family members.
• Verify backup accuracy by testing recovery on a separate device before storing significant amounts. One incorrect word renders the entire phrase useless.
• Use additional security layers like splitting phrases across multiple locations or using hardware wallets that generate and store seeds offline.

Common mistakes include taking photos of seed phrases, storing them in cloud services, sharing them via messaging apps or keeping them in easily accessible digital files. Digital storage compromises the entire purpose of self-custody security, and no digital storage solution can be 100% secure.

Warning signs of wallet compromise include unexpected transactions, balance changes, or any indication that someone else accessed your funds. If you suspect your seed phrase has been stolen, immediately create a new wallet and transfer all assets to the new addresses.

This may feel excessive, but when you use Onchain Wallet, you become responsible for your own crypto security. 

How to remove your Onchain Wallet from your device

Properly removing Onchain Wallet from your device requires more than simply deleting the app, especially when you want to ensure complete data removal or plan to reinstall the wallet later.

Pre-removal, check you have securely backed up your recovery phrase and any imported private keys. Without these backups, uninstalling the wallet means permanently losing access to your cryptocurrency funds. You might want to test your backup by attempting wallet recovery on a different device before proceeding with removal.

Mobile app removal (iOS/Android)

1. Export any important data by ensuring all recovery phrases and private keys are backed up offline. Take note of any custom network configurations or imported tokens you may want to recreate.
2. Sign out of connected services including any linked Crypto.com accounts or dApp connections that might retain some session data.
3. Delete the app through your device's standard app removal process (long-press and delete on iOS or uninstall through settings on Android).
4. Clear any additional data by checking for any remaining files in your device's storage or cloud backup services that might contain wallet-related information.

Browser extension removal

1. Disconnect from active dApp sessions by visiting connected applications and manually disconnecting your wallet to prevent any security issues.
2. Access extension management through your browser's extension or add-on settings (usually chrome://extensions for Chrome-based browsers).
3. Remove the extension by clicking the remove or uninstall button next to Crypto.com Onchain Wallet extension.
4. Clear browser data related to the extension by clearing site data for crypto.com domains if you want.

Complete data wipe considerations may require additional steps if you're concerned about data recovery. On mobile devices, you might consider using built-in secure deletion features, while desktop users will want to clear browser caches and temporary files.

How to create, import and connect multiple wallets

Onchain Wallet supports managing multiple wallet accounts from a single application, providing flexibility for users who want to organize their cryptocurrency holdings across different purposes, privacy levels or security configurations.

Multiple wallet account benefits include separating different types of activities (for example, DeFi trading vs long-term holdings), improving privacy by avoiding transaction linkage, organizing assets by project or purpose and maintaining different levels of security for varying amounts of crypto held.

To create an additional wallet within Onchain Wallet:

1. Navigate to wallet settings and select ‘Add Wallet’ or the ‘+’ icon displayed near your current wallet name. 
2. Choose ‘Create New Wallet’ to generate a completely new set of private keys and recovery phrases. 
3. The application will guide you through securing the new recovery phrase using the same backup procedures as your first wallet.

Importing existing wallets allows you to add wallets created in other applications or previously used recovery phrases. Select ‘Import Wallet’ when adding a new wallet account, then choose your import method (recovery phrase, private key or hardware wallet connection). Each imported wallet maintains its independent recovery phrase and private key set.

Switching between wallets happens through the wallet selector located at the top of the main interface. Tap your current wallet name or balance display to see all available wallets, then select the one you want to use. 

Each wallet will maintain separate balances, transaction histories, and dApp connections.

Profile organization within the browser extension allows for even more organization, allowing you to create different browser profiles, each with separate wallet configurations.

Security remains key, with best practices for multiple wallets including maintaining separate backup procedures for each recovery phrase, understanding that each wallet requires independent security management, and being careful not to mix up recovery phrases when restoring wallets.

Naming helps distinguish wallets - use descriptive names like ‘DeFi Trading,’ ‘Long-term Holdings,’ or ‘NFT Collection’ rather than default wallet names.

How to use the Onchain extension

The Onchain browser extension transforms your browser into a Web3-enabled gateway, allowing for seamless interaction with decentralized applications while maintaining full control over your private keys.

Installation and setup begin with downloading the extension from the Chrome Web Store or official Crypto.com sources. After installation, you'll see the Onchain Wallet icon in your browser toolbar. Click it to launch the setup process, where you can either create a new wallet or import an existing one using your recovery phrase.

Initial configuration includes setting up a password for browser-level security (different from your recovery phrase), enabling or configuring biometric authentication if supported, and connecting to your preferred blockchain networks. 

The extension comes pre-configured with major networks like Ethereum, Bitcoin and Cronos, but you can add custom networks as needed.

When you visit a Web3 application like Uniswap, OpenSea or any similar DeFi protocol, look for the ‘Connect Wallet’ button. Clicking it will prompt the extension to display a connection request. Remember to review the requested permissions carefully; reputable dApps only request view access to your wallet address, never your private keys.

Network selection and switching happens automatically in most cases, with the extension detecting which blockchain network the dApp requires. However, you can manually switch networks by clicking the network name in the extension and selecting from available options.

The transaction approval process requires your explicit consent for any blockchain transactions. When a dApp requests a transaction (for example, a token swap, NFT purchase or DeFi interaction), the extension will display detailed information including gas fees, recipient addresses and transaction data. Review this information carefully before clicking ‘Confirm’. 

Token swap functionality is also built directly into the extension, allowing you to exchange cryptocurrencies without leaving your browser or connecting to external dApps, and you can usually also manage your NFTs and Web3 assets.

For extension security, regularly review connected dApp permissions, log out of the extension when not in use, avoid wallet connections on public or untrusted WiFi and be extremely cautious about any dApp requesting unusual permissions or large transaction amounts.

Get started with Crypto.com Onchain Wallet

Ready to experience the freedom of self-custody cryptocurrency management? Here's how to get started:

1. Create your account by providing basic information such as your email address and a secure, unique password. Whether you're on desktop or mobile, the process is quick and simple.
2. Download the Crypto.com App or browser extension and follow the prompts to launch Onchain Wallet.
3. Set up your wallet by generating a recovery phrase and securing it offline.
4. Go to the 'Trade' tab to explore token swaps, staking, and connect to DeFi or Web3 apps using your Onchain Wallet.

FAQs about Onchain Wallet

Is Crypto.com Onchain Wallet secure?

Onchain Wallet uses device-level encryption, biometrics and hardware wallet integration. Your private keys stay on your device, not company servers. Like all hot wallets, risks exist from device compromise, but pairing with a hardware wallet and good backup practices increases your safety.

What cryptocurrencies does Onchain Wallet support?

It supports 36 blockchains and 4,000+ tokens, including Bitcoin, Ethereum, Solana, Cronos, Polygon, Litecoin and Dogecoin. New networks are added regularly so check the app for the latest list.

How do I purchase tokens on the Crypto.com Onchain extension?

Connect your Crypto.com account to use Apple Pay, Google Pay, debit/credit cards or bank transfers. You can also swap tokens directly in the extension or transfer from external wallets.

Can I stake using Onchain Wallet?

Yes. You can stake tokens like CRO, ETH, DOT and ATOM through native validators or DeFi protocols in the ‘Earn/Stake’ section (options vary by network).

Can I connect hardware wallets like Ledger?

Yes. Onchain supports Ledger integration, letting you manage your assets while keeping private keys on your Ledger.

Can I use Onchain Wallet without a Crypto.com account?

Yes. You can create wallets, manage assets, swap tokens and use dApps without an account. Linking a Crypto.com account just adds fiat purchase and transfer options.

What happens if I lose my recovery phrase?

You lose access to your funds permanently. No one can recover it for you. Always back up your phrase offline before storing large amounts.

Does the wallet support NFTs and which chains?

Yes. It supports Ethereum (ERC-721/1155), Cronos POS and Cronos Beta NFTs. The wallet includes NFT viewing, organizing and sharing features.

Important information: This is informational content only and should not be considered as an investment recommendation. Trading cryptocurrencies carries risks, such as price volatility and market risks. Before deciding to trade cryptocurrencies, consider your risk appetite. Services, features and other benefits referenced in this article may be subject to eligibility requirements, token holdings, and may change at the discretion of Crypto.com. Note that third-party information is subject to change.