Why User Experience Matters for Crypto Wallets with Coinomi
Crypto wallets have evolved from simple storage solutions into versatile tools offering a wide range of functions for users.
In our last Alpha and Yap, we had the opportunity to hear from Koby, a long-standing team member at Coinomi, a multi-coin wallet that has been operating since 2014.
He shared great insights about how crypto wallets have evolved and what makes for an excellent user experience. Coinomi is paving the way on both fronts, and we condensed the highlights here!
What makes a good crypto wallet?
According to Koby, ease of use is the foundation of a good crypto wallet. The best wallets smoothly integrates education into the product, allowing users to learn while actively using the application. This includes:
- Positive incentivization through game theory design
- Encouraging graphics when users complete actions for the first time
- Integrated support articles and videos throughout the user journey
The goal is to help users accelerate their learning curve, potentially taking them from basic transactions like sending Bitcoin, to more complex activities like liquid staking and using DeFi protocols across multiple blockchains in just a month or two.
Security challenges
As a non-custodial wallet, Coinomi faces the challenge of educating users about the responsibility of keeping their own keys. Unlike traditional banking, there's no password recovery option. If a user loses their crypto keys, they lose access to their holdings.
Coinomi emphasizes preventative security, though they acknowledge that many users only become interested in security after something bad happens. The balance is communicating the importance of security without overwhelming users with too many pop-ups or warnings.
Designing for web3
When designing interfaces for web3 platforms versus traditional web2 platforms, Coinomi focuses on:
- Language and accessibility - Using familiar terminology and offering the app in multiple languages with currency matching to what users are accustomed to seeing
- Simplified core actions - Focusing on fundamental actions like send, buy, and sell
- Progressive complexity - Starting with baby steps and simple transactions before introducing more advanced features
- Efficiency - Ensuring users can complete their intended action within 20-30 seconds of opening the wallet
A key "aha moment" in their onboarding process is when users realize they're taking on responsibility for controlling their own assets.
Community-driven development
Coinomi places significant emphasis on incorporating community feedback into their product development process. They balance this input carefully:
- Understanding user needs first
- Building solutions they believe in
- Incorporating feedback without overcorrecting
- Trusting their expertise when necessary
With users from over 150 countries, they do their best to global perspectives while maintaining their core principles.
Building trust in a "degen" space
In an industry often characterized by volatility and uncertainty, Coinomi builds trust through:
- Commitment to open source - Returning to their open-source roots from 2014
- Longevity - Being a trusted name in the space for nearly a decade
- Consistent communication - Balancing fun social media presence with serious in-app messaging about financial matters
The future of crypto wallets
Koby sees wallets evolving into comprehensive multi-tools that enable financial freedom and access to various protocols. From the early days of supporting just Bitcoin, Litecoin, and Dogecoin, wallets now facilitate engagement with DeFi protocols, NFT marketplaces, and much more.
Despite this expanded functionality, Koby believes "wallet" remains the appropriate term, drawing parallels to physical wallets that contain not just money but also keys, identification, and other essential items.
What's next
Coinomi is working on significant UI/UX improvements that will feel familiar to existing users while adding support for more assets like Cosmos and Monero.
Follow Coinomi for more updates!