What are Digital Wallets?

The use of a Digital Wallet enables you to make purchases directly from your bank account using your computer, smartphone, or other Internet-connected device. They eliminate the need to carry a physical wallet.

If you have a Digital Wallet installed on your mobile device, you can make purchases without ever having to pull out a traditional credit card or bank card. After entering and saving your credit card, debit card, or bank account information, you may use your smartphone as a payment method.

There are many Digital Wallets on the market, including Apple Pay, Google Pay, and Samsung Pay.

Web3’s Digital Wallets serve as a safe haven for digital assets. These digital assets include cryptocurrencies and non-fungible tokens (NFTs). For those unfamiliar, a “crypto wallet” is the same thing as a web3 wallet, and both serve as a means into the web3 economy and into the realm of decentralized applications (dApps). Web3’s fundamental purpose is to return ownership of digital assets to their creators through blockchains, cryptocurrencies, and NFTs. A 2020 post on Twitter said it best: Web1 was read-only, Web2 is read-write, and Web3 will be read-write-own.

Some of the Digital Wallets on the Algorand chain are MyAlgo, Pera Wallet, and AlgoSigner.

We are soon launching a product called the Foundry Safe, a Multi-sig Safe.
Stay tuned to find out more!

Related educational contents:
What are Digital Wallets?
What is a Hot Wallet? (coming soon)
What is a Cold Wallet? (coming soon)
What is a Single-sig Wallet? (coming soon)
What is a Multi-sig Wallet? (coming soon)
Multi-sig for teams (coming soon)
Single-sig VS Multi-sig Wallet & MPC VS Multi-sig Wallet (coming soon)

About Algo Foundry
Algo Foundry is a venture studio enabling founders to focus on building world-class dApps. An initiative by Algorand Foundation and Undercurrent Capital, our resources, playbooks, systems, developer talent, network, and capital accelerate ideas by simplifying and optimizing the company creation process. We also cultivate next-gen Algorand developers through our courses to be future-ready leaders in building great products.
Website | LinkedIn | Twitter | Discord | YouTube | Reddit

About Undercurrent Capital
Undercurrent Capital is an early stage investment firm that partners leaders and visionaries in business and society to tackle their most important challenges. We believe bold steps define the future, and the ambition to lead requires singular vision, dedication and flexibility to adapt.
Website | LinkedIn | Twitter