A crypto wallet for business can help to optimize your financial operations. Learn about the 7 most reliable business crypto wallets for businesses and how they can help with crypto accounting.

Improve your financial operations using Acctual’s crypto accounting software.

Table of Contents

• What Is A Crypto Wallet?

• Most Popular Types Of Crypto Wallets

• What Makes A Good Enterprise Crypto Wallet?

• 7 Most Reliable Crypto Wallets For Businesses

• Which Wallet Is The Best Crypto Wallet For Business?

• How To Effectively Use And Manage Your Crypto Wallet

• Integrating Crypto Wallets Into Your Business Ecosystem

• Compliance And Tax Considerations

• Pay Your Bills In Crypto With Our Crypto Accounting Software Today － Book A Demo To Learn More

What Is A Crypto Wallet?

A crypto wallet is a digital wallet that stores digital assets. Like a real-world wallet, it provides a way to track and secure your funds. The difference is that, instead of keeping your hard cash safe, crypto wallets safeguard your private keys, which are used to access your crypto funds.

How Blockchain Technology Enables Secure Crypto Transactions

When you want to send or receive Bitcoin or other digital assets, your transaction is broadcast to a computer network that maintains the blockchain through crypto mining. These computers then verify the transaction using your private key, and if everything checks out, the transaction is processed and recorded in the blockchain until the end of time.

Security of Private Keys

Your private keys are essential to accessing and using your digital asset funds. If you lose your private key, you will never again have access to your money; your coins will be lost for good. On the other hand, if someone steals your private key, they’ll have access to all your funds, so you’ll probably lose your coins as well. That’s why it’s so important to store your keys safely, and crypto wallets are specifically designed to do just that.

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Most Popular Types Of Crypto Wallets

Hot Wallets vs. Cold Wallets

When considering crypto wallets for business, one key characteristic to make is choosing between hot wallets and cold wallets. Hot wallets are convenient as they are connected to the internet, making them suitable for daily transactions and frequent crypto activities. 

Cold wallets, also known as hardware wallets, do not require internet connectivity. They offer higher security due to their offline storage of private keys, making them ideal for long-term storage and safeguarding corporate crypto reserves.

Custodial vs. Non-Custodial Wallets

Custodial wallets, similar to traditional bank accounts, involve the third-party management of private keys. The solutions often integrate well with merchant services, integrating onboarding processes for businesses entering the crypto domain. 

On the other hand, non-custodial wallets grant full ownership of private keys, providing complete autonomy over digital assets. This decentralized approach aligns with the ideology of digital assets but also requires additional responsibility.

Software vs. Hardware Wallets

Business owners can choose between software wallets and hardware wallets. Software wallets are digital wallets stored on computers or phones, running as computer programs atop device operating systems. They are convenient and easy to use but are easy to hack due to their likely constant online status. 

On the other hand, hardware wallets are physical devices such as USB sticks that store private keys offline. This makes them a form of cold storage, which enhances security. Hardware wallets function on their own operating systems, having a more secure option than software wallets.

What Makes A Good Enterprise Crypto Wallet?

Security is paramount

Security should be your top priority when choosing a crypto wallet for your business. Look for wallets that will protect your funds from hackers.

• Two-factor authentication

• Multi-signature support

• Backup and recovery options

Supported digital assets are key

If your business plans to hold multiple digital assets, choose a wallet supporting all the currencies you want. Check the list of supported currencies on the wallet's website to see if it aligns with your investment strategy.

Customer service matters

Consider the level of customer service offered by the wallet provider. A wallet with responsive customer support and user guides can be crucial if you have any questions or issues.

Financial reporting tools streamline operations

Financial reporting is essential for managing any business, and so does crypto businesses. Choose a wallet that offers financial reporting tools such as transaction tagging and easy export of financial data to external accounting software.

Control of Private Keys

For good corporate governance, ensure control over your private keys using a self-custodial wallet. This approach gives you full ownership and responsibility for your business's digital assets, preventing associated risks.

Legal Compliance

Comply with legal regulations and standards by selecting a business crypto wallet with built-in AML transaction monitoring and reporting features. Check the wallet's compliance capabilities to see whether it aligns with your business's needs before choosing.

7 Most Reliable Crypto Wallets For Businesses

1. Coinbase Wallet

The Coinbase Wallet is a popular choice among businesses due to its non-custodial nature and ability to store over 100,000 digital assets securely. With its seed phrase system, Coinbase Wallet prioritizes security while ensuring a smooth user experience. Coinbase even offers automatic seed phrase backup to Google Drive, giving convenience to users who might forget their seed phrases.

2. Ledger

For businesses that prioritize security, Ledger offers one of the best-selling crypto hardware wallets on the market. With over 3 million devices sold, Ledger allows users to securely buy, store, exchange, and grow their crypto assets. The wallet supports crypto assets, including:

• Bitcoin

• Ethereum

• Litecoin

• XRP and more

Ledger's robust security features and user-friendly interface make it ideal for businesses new to accepting crypto payments.

3. Crypto.com

The Crypto.com DeFi wallet caters to users venturing into decentralized finance. This wallet gives users complete control over their digital assets and private keys. It offers unique features like:

• One-to-one crypto swaps

• Tools to earn passive income on owned digital assets

By distinguishing between custodial and non-custodial wallets, Crypto.com DeFi Wallet allows users to manage their crypto activities without needing an account on Crypto.com's exchange platform.

4. B2BinPay Wallet Solutions

B2BinPay offers advanced wallet solutions for businesses, implementing a secure way to send, receive, store, and swap digital assets. The platform combines the functionalities of merchant and enterprise crypto wallet accounts into a single account, offering Digital Wallets and Blockchain Wallets with intuitive user interfaces and flexible cost structures. Businesses can transact with popular digital assets using B2BinPay's gateways and integration solutions; these are:

• Bitcoin

• Litecoin

• USDT 

5. KeepKey

Offering powerful security and features at an affordable price, KeepKey is a reliable hardware wallet option for businesses. With a large display for enhanced transaction clarity and manual approval through the device's confirmation button, KeepKey ensures control and visibility over crypto transactions. Security measures further solidify KeepKey's reputation as a secure and user-friendly choice. These are:

• PIN protection

• Additional passphrases

• Unlimited wallet addresses on a single device

6. Safe

Safe is a multi-sig crypto wallet that securely stores Ether (ETH) and ERC-20 tokens for businesses. It is available as a desktop/mobile application and a browser extension. It offers many functionalities, including advanced security features like a multi-signature vault and two-factor authentication. Safe also integrates popular DApps built on Ethereum, allowing businesses to:

• Invest

• Earn

• Borrow

• Invoice

• Manage payroll

7. Trezor Model One

Known for its premium security features and support for multiple digital assets, Trezor Model One is a well-established hardware wallet option for businesses. With over seven years of battle-tested security features, Trezor ensures the safety of digital assets with support for Bitcoin, Ethereum, and more. It provides additional layers of security, such as:

• Touch screen

• Multi-signature support

• Password manager

• Two-factor authentication token capabilities

With excellent customer support, the Trezor Model One is ideal for businesses seeking reliability and safety in a crypto wallet.

Bonus: Acctual

Acctual is crypto accounting software for businesses and freelancers transacting in digital assets. It simplifies accounts payable and receivable, making it easy to pay bills and send invoices in crypto. Our flexible options let you pay in crypto while vendors receive fiat, receive crypto while clients pay in fiat, or receive fiat while clients pay in crypto. We also integrate with your accounting system, saving you time on month-end reconciliation.

Key features:

• Multi-level approvals for bills

• Fiat-to-crypto and crypto-to-fiat payments

• Built-in AML screening

• Crypto invoice links

• Automatic payment notifications

• With our smooth AP/AR process, automated bookkeeping, built-in internal controls, and flexible payment options, you can simplify your financial operations with us.

Book a call with our team today to learn how you can pay bills and send invoices in crypto with our crypto accounting software!

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Which Wallet Is The Best Crypto Wallet For Business?

When choosing the best wallet for businesses, no one solution suits every business. Companies have different purposes and requirements for using crypto wallets. Here is a list of things that you can consider before choosing a wallet for your business:

• Do you plan on only using crypto for payments?

• Do you plan on holding crypto in your corporate treasury?

• Do you want to manage your funds and private keys yourself or prefer to use a trusted third party?

• Will multiple team members use the company’s crypto wallet?

• Will you be using your wallet for other business functions like payroll?

Answering the questions above will help you decide which wallet best fulfills your business requirements. 

Ease the Risk

A business can also consider using different wallets for different purposes. Using a single wallet is way too risky for businesses that plan to take a hands-on approach to accepting crypto payments. While most wallets offer great security features, one can never guarantee that a wallet cannot be hacked.

Businesses should split their crypto holdings across different wallets to better manage risks. This will allow them to try different wallets and see which best suits their business requirements.

How To Effectively Use And Manage Your Crypto Wallet

To excel in crypto, businesses must manage their crypto wallets. They must:

• Carefully select the perfect wallet and develop a strategy for managing digital assets. 

• Diversifying a wallet portfolio to ease risks and security

• Implementing multi-factor authentication

• Regularly backing up to safeguard against potential cyber threats

Integrating various wallets into a company’s overall crypto ecosystem can allow for smooth functionality. For instance, utilizing a combination of hot wallets, cold wallets, and custodial solutions can deliver different business needs, such as:

• Daily transactions

• Long-term storage

• Payment processing

Transaction Management Tips

Utilize Multiple Wallets

Implementing different wallets for various business activities can simplify management by segregating transactions according to their specific purposes or nature, leading to more organized and efficient financial handling.

Stay Informed and Monitor Regularly

Stay updated with the latest market trends. Regularly reviewing transactions to detect any irregularities promptly is a must. Wallet software should always be up-to-date to maintain optimal security and functionality.

Implement Backup Strategies

Developing a strong backup and recovery plan for a wallet is crucial for fighting the risks associated with loss or theft. A strategy ensures the safety of assets, providing a layer of security and peace of mind in financial operations.

Integrating Crypto Wallets Into Your Business Ecosystem

When integrating crypto wallets into your business ecosystem, ensure the process is smooth and efficient. The integration can range from using crypto payment API solutions to implementing frontend-only solutions, each with unique considerations. 

Compatibility with existing technology stacks, including accounting software, payment gateways, and enterprise resource planning systems, is essential for a smooth and secure integration process.

Ensuring Compatibility with Existing Technology Stack

Evaluate the compatibility of crypto wallet providers with your existing technology stack, including accounting software, payment gateways, and ERP systems. Compatibility is vital for smooth integration and efficient business operations.

Smooth and Secure Integration Process

A smooth and secure integration process is essential when incorporating crypto wallets into your business operations. Choosing a wallet provider with an easy and secure integration process ensures that your business ecosystem runs smoothly and efficiently without disruptions.

Efficiently Running Business Operations

Integrating crypto wallets into your business ecosystem can unify operations and improve efficiency. Choose a wallet provider that offers compatibility with your existing technology stack, making the integration process easy and secure. 

Compliance And Tax Considerations

Regulatory compliance in your crypto transactions is essential. That means the following:

• Local crypto regulations

• Anti-Money Laundering (AML)

• Know Your Customer (KYC) laws

Consider how your team will handle taxes from the beginning. Remember that consulting a tax professional is vital to understanding the tax implications of crypto transactions. Maintaining a detailed tapestry of all transactions is also important for accurate tax reporting and compliance. 

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Pay Your Bills In Crypto With Our Crypto Accounting Software Today － Book A Demo To Learn More

Acctual is crypto accounting software for businesses and freelancers transacting in digital assets. It simplifies accounts payable and receivable, making it easy to pay bills and send invoices in crypto. Our flexible options let you pay in crypto while vendors receive fiat, receive crypto while clients pay in fiat, or receive fiat while clients pay in crypto. We also integrate with your accounting system, saving you time on month-end reconciliation.

Key features:

• Multi-level approvals for bills

• Fiat-to-crypto and crypto-to-fiat payments

• Built-in AML screening

• Crypto invoice links

• Automatic payment notifications

• With our smooth AP/AR process, automated bookkeeping, built-in internal controls, and flexible payment options, you can simplify your financial operations with us.

Book a call with our team today to learn how you can pay bills and send invoices in crypto with our crypto accounting software!