United Kingdom Crypto Wallet Market Size, Share, and COVID-19 Impact Analysis, By Wallet Type (Hot Wallets, Cold Wallets), By Application (Peer-to-Peer Payments, Trading, Remittance, and Others), and United Kingdom Crypto Wallet Market Insights, Industry Trend, Forecasts to 2035

United Kingdom Crypto Wallet Market Insights Forecasts to 2035

• The United Kingdom Crypto Wallet Market Size was Estimated at USD 690.43 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 25.36% from 2025 to 2035
• The United Kingdom Crypto Wallet Market Size is Expected to Reach USD 8298.11 Million by 2035

According to a research report published by Spherical Insights and Consulting, The United Kingdom Crypto Wallet Market Size is anticipated to reach USD 8298.11 Million by 2035, growing at a CAGR of 25.36% from 2025 to 2035. The market is growing due to several factors, such as major competitors implementing a range of strategic initiatives, including product launches, mergers and acquisitions, partnerships, collaborations, and geographic expansions. Technological advancements spearheaded by prominent market participants are anticipated to accelerate industry expansion.

Market Overview

The United Kingdom crypto wallet market refers to the industry focused on the production and application of software, services, or tangible objects used to hold private or public keys that enable cryptocurrency transactions. Asymmetric cryptography employs private keys and/or private keys, which are keys used in pairs, each of which consists of a public key and a private key. These keys are created using arithmetic computations known as one-way functions. In this scenario, they are not the same as standard wallets that contain the actual currency. The industry is expanding due in large part to the broad acceptance of cryptocurrencies as a legitimate asset class. Moreover, the government's positive efforts for its rapid and wider adoption influence the market expansion. For instance, the UK government introduced new cryptoasset regulations aimed at fostering growth while ensuring consumer protection. These rules brought crypto exchanges, dealers, and agents under a regulatory framework, ensuring transparency and operational resilience. The initiative was part of the Plan for Change, which sought to boost investor confidence and crack down on fraudulent activities.

Report Coverage

This research report categorizes the market for the United Kingdom crypto wallet market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United Kingdom crypto wallet market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the United Kingdom crypto wallet market.

Driving Factors

The market for the United Kingdom crypto wallet is boosted by the broad acceptance of cryptocurrencies as a valid asset class. The demand for safe and convenient storage solutions has grown as both individual investors and institutional players become more aware of cryptocurrencies. The increased understanding of the vital role cybersecurity plays in the cryptocurrency industry is another important motivator. Besides, crypto wallets that use cutting-edge technology like machine learning (ML) and artificial intelligence (AI) present chances to improve user experience and security. Furthermore, investigating cross-chain compatibility and multi-currency support might broaden the market.

Restraining Factors

The market expansion is hampered by some obstacles, including the government's implementation of legislation pertaining to cryptocurrencies or digital currencies, as well as growing concerns about crypto privacy and security. Moreover, a significant obstacle to the hardware's adoption is ignorance of it. Also, consumer ignorance of cryptocurrency purchasing and trading without an ethical way and practical knowledge can impede the market's expansion.

Market Segmentation

The United Kingdom Crypto Wallet Market share is classified into wallet type and application.

• The hot wallets segment accounted for the highest share in 2024 and is expected to grow at a substantial CAGR during the forecast period.

The United Kingdom crypto wallet market is segmented by wallet type into hot wallets, and cold wallets. Among these, the hot wallets segment accounted for the highest share in 2024 and is expected to grow at a substantial CAGR during the forecast period. This is due to numerous cryptocurrency wallets, such as desktop, smartphone, and web-based wallets, being included in hot wallets. Smartphones, PCs, and other devices may easily access and download these wallets. They let users see how many tokens are available and are used to send and receive cryptocurrency. Hot wallet usage is being fueled by the growing popularity of smartphones and their efficiency and accessibility.

• The trading segment held the largest market share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The United Kingdom crypto wallet market is divided by application into peer-to-peer payments, trading, remittance, and others. Among these, the trading segment held the largest market share in 2024 and is expected to grow at a significant CAGR during the forecast period. This is because of is possible to purchase, sell, and store cryptocurrencies in wallets and on cryptocurrency exchanges. The market for crypto wallets is expanding as a result of the notable rise in cryptocurrency trading.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United Kingdom crypto wallet market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Elliptic
• Monolith
• Argent Labs
• XDEFI Wallet
• Others

Recent Developments:

• In June 2025, IG Group made history as the first UK-listed company to offer crypto trading to retail investors. The FTSE 250 firm has launched this service in partnership with Uphold, allowing customers to buy, sell, and hold crypto assets directly on its platform. Previously, IG Group only provided exposure to cryptocurrencies through contracts for difference (CFDs), but this marks its first direct entry into spot crypto trading.

• In March 2025, BitPay officially launched its crypto payments and wallet app in the UK market, marking a significant milestone for cryptocurrency adoption. This expansion provides UK users with access to a self-custody wallet, allowing them to store, buy, sell, and swap cryptocurrencies without relying on centralized exchanges. BitPay has also partnered with Archax LTD to ensure compliance with the Financial Promotions Regime, reinforcing transparency and regulatory adherence.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at United Kingdom, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the United Kingdom crypto wallet market based on the below-mentioned segments:

United Kingdom Crypto Wallet Market, By Wallet Type

• Hot Wallets
• Cold Wallets

United Kingdom Crypto Wallet Market, By Application

• Peer-to-Peer Payments
• Trading
• Remittance
• Others