Freewallet, one of the leading cryptocurrency wallet providers, has released lite wallet app. The brand aims to expand its market presence by adding client-side private key storage and extended ERC-20 token support.
The segmentation of the cryptocurrency wallets market
Entering the stage in 2016, Freewallet spotted the potential outside bitcoin-focused services and released one of the first mobile wallets to support Ethereum, Monero and other cryptocurrencies. To make crypto-wallets easier for a new audience, Freewallet focused on user-friendly solutions. This led to the development of the hosted or custodian wallet market pioneered by Coinbase and Xapo. The combination of user-friendly solutions and alternative coins paid off — Ethereum Wallet by Freewallet was the most downloaded Ethereum wallet on Android.
This type of wallet was widely criticized by the crypto-community for holding customers’ private keys. In order to rebuild its relationships with the community, Freewallet released a new product with client-side private key storage and 100% privacy, developed by a third-party developer — Lumi Technologies. With Freewallet Lite the brand will expand its presence on the cryptocurrency services market.
“We see a huge demand for that product from our users, and we finally are ready to release”, - says Alexa Nommik, Freewallet Head of Marketing. “For us time was an important factor, that’ why we used help of a third-party developer to widen our product range. That resulted in a Freewallet Lite release in a month after signing a deal”.
The new app was launched in May 2018 on iOS and Android.
Freewallet — the company behind digital currency hosted wallet with built-in exchange for web, iOS and Android devices with Bitcoin, Ethereum, Litecoin, Dogecoin, Monero, Bytecoin, and a total of 25 cryptocurrencies held in one place. A team of developers released the first mobile cryptocurrency wallet on Android in January, 2016. In 2018 the Freewallet family includes Multiwallet on iOS, Android and web, and 8 single currency wallets on iOS and 21 on Android.