Cosmos is one of the few decentralized blockchains known for facilitating fast and seamless cryptocurrency transactions. Well-performing altcoins like Injective and Rune run on the Cosmos network. In order to interact with the Cosmos ecosystem, you need a reliable non-custodial wallet like Keplr.
In this article, we will explore Keplr to understand what makes the wallet ideal for interacting with Cosmos.
Keplr Wallet Explored
Keplr entered the market in 2021. Since then, it has witnessed massive adoption, now serving more than 1 million active users. The wallet is one of the most popular among Cosmos users. Being a non-custodial wallet, Keplr lets users take complete control over their digital assets. Besides Cosmos, it supports other blockchains like Kava, Band, Iris Hub, Secret Network, and Crypto.com Chain.
Keplr isn’t just a wallet for storing digital tokens. Users can take part in governance processes, stake tokens to earn yield, and interact with various decentralized applications. Moreover, it is compatible with hardware wallets such as Ledger Nano X.
Keplr Wallet’s Key Features
Keplr comes loaded with features that many Cosmos users find helpful. They include:
The Keplr wallet’s user interface is one of a kind. When you use its browser extension, you will get an overview of your crypto assets. The user interface also displays all the tokens that you have staked. With Keplr’s simple user interface, it is easy to manage your investment portfolio. Further, you can purchase various tokens with only a few clicks using your credit/debit card.
Keplr adopts several security measures to safeguard user information and funds. For example, it employs seed phrases that users apply to block unauthorized access to their accounts. Moreover, the wallet’s code is open source, meaning the Cosmos community can audit it to identify any vulnerability.
Supported Digital Assets
As mentioned earlier, Keplr supports other blockchains besides Cosmos. Therefore, all digital currencies built on these networks can be stored in this wallet.
New users who cannot seem to navigate the Keplr wallet will find the available tutorial videos useful. Also, they can check out the Frequently Asked Questions page for further assistance. If you wish to talk to a Keplr customer support representative, you can use the live chat feature.
Advantages and Disadvantages of Keplr Wallet
- Keplr is a non-custodial wallet, so you have complete control.
- It supports staking.
- You can purchase a number of NFTs within the wallet.
- Keplr doesn’t support two of the most popular coins, Bitcoin and Ethereum.
- It does not run on browsers such as Safari.
How Do You Set Up Keplr Wallet?
Setting up a Keplr wallet is a straightforward process. Just follow these steps:
Step 1: Go to Keplr.app and install the wallet’s browser extension. Do not download it from any other website to avoid falling victim to scams.
Step 2: After installing the browser extension, open it to start creating a new wallet. Click the “Create Wallet” button and enter a unique password. Next, press “Continue,” and a seed phrase will appear on the next page.
Step 3: Note down the phrase and then key in on the page that follows. Remember to keep the seed phrase private. Otherwise, you risk losing your funds if someone else access it.
Step 4: After accessing your new wallet, you can choose the blockchains you want to appear in the wallet and save them. You can now start transferring supported tokens.
Sending and Receiving Digital Currencies
When sending funds from your Keplr wallet, you just need to select the right blockchain, enter the transaction amount, and then use the “Send” button to initiate the transaction. To receive digital tokens, share your wallet address with the sender.
Should You Use Keplr?
Keplr has proven to be an excellent choice for Cosmos users looking to store their tokens. The wallet’s easy-to-use interface makes it beginner-friendly. The downside of Keplr is that it does support well-known cryptocurrencies like Bitcoin.
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