Just ten years ago cryptocurrencies didn’t even exist. Then Bitcoin was born and since then cryptocurrencies have begun to sprout like mushrooms after a spring rain. Gone are the days when cryptocurrency enthusiasts had just one or two favorite coins.
In 2018, with thousands of cryptocurrencies to choose between it isn’t a surprise to see enthusiasts backing upwards of a dozen coins or more.
This is both good and bad.
Of course having more choice is good, and as new coins are born so too does the blockchain ecosystem see new uses for blockchain technology.
One of the bad sides of all this growth is that cryptocurrency wallets, the places where these coins are stored, have struggled to keep pace with the growth. In 2018 it’s not unusual for a user to need several wallets just to hold their different coins.
Wouldn’t it be nice if all your coins could be stored in the same wallet? And even nicer if that was a mobile wallet that you could take with you anywhere and spend your cryptocurrencies easily and safely, with a minimum of stress.
Welcome to the world of the COBO wallet.
Cobo Wallet Review: What is COBO Wallet?
Cobo is a new and unique wallet that is trying to solve the cryptocurrency storage problem by providing a cryptocurrency wallet that has all-in-one storage in an easy to use wallet.
The idea for Cobo was hatched in August 2017 and by March 2018 a functioning wallet was released. And the development team is continuing to work feverishly to expand the storage capabilities of the wallet.
Currently the wallet has Support for 20+ Chains Including ETH, EOS, TRX, and up to 500+ Multi-chain Tokens. Needless to say the wallet is creating a reputation in the cryptocurrency community as a unique and innovative wallet that could become the defacto multiple cryptocurrency wallet.
Cobo Multi-Asset Blockchain Wallet Features
With security as a top priority for the Cobo wallet developers the project is off to a good start. I think security always needs to be a top concern when dealing with anything cryptocurrency related. Cobo has an experienced security team that has created a proprietary solution that Cobo claims keeps their mobile wallet secure in both cold and hot wallet conditions.
That’s far from all the great features of Cobo though.
Optimized User Experience
The assets portion of the Cobo wallet was designed to be very user friendly. One notices right away that the design allows you to view all of your assets in one place. And you can see the fiat currency value of your crypto holdings in both USD and RMB.
As you can see all of the assets are clearly displayed, with clearly presented icons and easy to read ticker symbols, as well as amounts.
Localized to your Preferences
The Cobo development team has tried to include any pertinent information for you, making it easier to manage all your crypto assets in one place, even when dealing with multiple currency pairs and exchanges.
One interesting feature that was added to the wallet is the ability to change the color of your indicators. This is far more important than you might imagine.
Why?
In the west green indicates a rising market and red indicates a falling market. Everyone accepts this.
But in China green signifies a falling market and red signifies a rising market. This came about because to the Chinese investor red indicates a market on fire and requiring attention.
What an amazing detail of localization!
Receiving Coins is Easy
Another detail that Cobo looked at for ease of use was receiving different coins. They didn’t want any confusion, since the wallet was being designed to hold so many different cryptocurrencies, and a mistake could lead to a large loss of funds.
But receiving coins with Cobo is simple.
Just choose the cryptocurrency you want to receive and you’ll get a receiving address and QR code that can easily be sent to anyone whom you wish to request money from. You can even set the desired payment amount.
That’s perfect for getting your friends to pay you back for the weekend activities.
And it’s just as easy for them to pay since they now have the wallet address or QR code right at hand.
And even if you generate a new address (which is a good practice since reusing an address isn’t a good idea for privacy), the old address remain valid so you won’t miss any incoming coins.
Free, Quick Transfers within Cobo
Cobo makes sending cryptocurrencies hassle-free, but it also makes it really free if you’re transferring between Cobo wallets. As long as your transfer is going to another Cobo wallet it’s fee-free, saving you money with each and every transfer. If you convince your friends to download and install the Cobo wallet you can transfer crypto to each other for any reason at all and its as free as handing over a bill in person.
You’ll always be advised of every transaction status, and it’s even possible to share the transaction confirmation with the person you’re sending the cryptocurrency to, so that they can also track the progress of the transaction.
Those who use WeChat will also love the built in ability to pack red packets with cryptocurrency and send it to friends. This is a feature that’s exclusive to WeChat, so if you and your friends use this app for messaging you can send someone a red packet gift of cryptocurrency today. They’ll almost certainly be happily surprised today, and who knows…that red packet might be worth millions in the future.
The last major feature is one I’ve already touched on, and that’s the versatility of the wallet to hold various cryptocurrencies. The current system already supports a huge number of coins, but the developers are continually working to include even more cryptocurrencies.
It’s an ambitious goal, but eventually they plan on storing nearly every coin in existence.
Cobo Wallet Review: Save and Earn with Cobo
One really attractive and unique feature of the Cobo wallet is the ability to store Proof-ofStake coins in the wallet, and collect your stake right in Cobo!
Currently the wallet supports staking of Dash, Lightening Bitcoin and ZCoin with plans to add Tron to that list soon as well. As of August 2018 the returns on staking are from 6.81% to 19.97% annually.
Cobo Wallet Review: Conclusion
As the cryptocurrency ecosystem continues to grow and expand we need more efficient and adaptable wallets for storing our crypto-assets. Cobo is tackling the challenge of crypto storage and already has a wallet with some unique and innovative features.
The ability to conduct lightening fast, free transfers is one of the especially attractive features of the wallet, but the ability to store so many different coins is going to be one of the keys to the adoption of this wallet.
And it’s all in a mobile platform that you can take with you everywhere you go.
Another feature that’s particularly exciting is the staking feature, which could turn this wallet into more than a wallet. It could become your preferred savings vehicle, with annual percentage rates of 7% and higher.
The wallet does have room for improvement, but it’s off to a great start, and the ambitions of the project lead us to expect great things from the Cobo wallet in the coming months and years.