Open money starts with a good wallet

A web3 wallet is more than a place to store digital assets. It’s identity, access, and control

One of the most critical tools needed for people to get onchain is a web3 or crypto wallet.

Like much of web3, the term wallet is a bit of a misnomer. A web3 wallet is about more than just storing money or holding payment cards.

In the Open Money context, a wallet is more like a smartphone. It holds critical credentials that let you access apps, prove identity, and send or receive information — including payments. It’s not just about finance; it’s about agency. Your wallet is your key badge to decentralized networks, and your key to the open economy.

Getting a web3 wallet today is straightforward. It’s as easy as signing up for an account or creating a user profile in a typical web2 setting. That simplicity is crucial — mass adoption depends on making wallets intuitive and secure, not just functional.

At its core, a web3 wallet secures a private key. That private key is backed up by a seed phrase — usually a series of 12 randomly generated words. These words introduce enough entropy to secure the key but remain simple enough to write down and store safely.

The key distinction: control. If you control the keys, you control your assets. This is what’s meant by “self-custody” or “non-custodial.” No intermediaries. No third parties standing between you and your money. A web3 wallet is a financial perimeter you define.

We emphasize control because it is the foundation of Open Money. Every other principle—permissionless access, interoperability, and resilience—flows from this idea. Without self-custody, you are still playing in someone else’s sandbox, subject to their rules.

Beyond ensuring your wallet allows you to control private keys, other important factors include:

Compatibility — Does the wallet support the apps, networks, and assets you plan to use? NFT trading, long-term storage, and dApp interactions all demand different wallet types.
Security trade-offs — A software wallet is convenient but vulnerable. A hardware wallet is more secure but less accessible. A multi-signature wallet adds extra protections but requires coordination.
Usability and recovery options — Can you back up, restore, or migrate your wallet easily? Some wallets integrate social recovery, others rely solely on your seed phrase. Choosing the right method means balancing convenience with sovereignty.
Future-proofing — Some wallets evolve with the ecosystem, integrating new chains, identity protocols, and privacy features. A wallet isn't just for now—it's for the financial future you're opting into.

Ultimately, a web3 wallet is more than a tool — it’s a stance. It represents the choice to hold your own keys, own your own money, and participate in an open financial system on your terms. Open Money begins with control, and control begins with the right wallet.

This post is part of the Open Money project, an ongoing series that forms the basis of a longer work. Subscribe to get a weekly update as it unfolds.