Exodus Wallet Overview

What Is Exodus Wallet? 

Exodus is a multi-chain crypto wallet that supports over 50 different blockchain networks. It allows users to store tokens from all of the supported networks in one, seamless wallet.

Billing themselves as the “only wallet you will ever need”, Exodus strives to provide a one-stop shop for your crypto needs, providing storage, cross-chain swaps, and staking while allowing users to interact with web3-enabled sites.

Exodus has apps for both Android and iOS mobile devices, as well as a browser plug-in and a desktop client. The desktop and mobile clients are great for managing your wallets, making swaps, and buying crypto with fiat. But, if you plan on connecting to web3-enabled sites and other dapps, you will need to use the browser extension, or access them with a mobile device through WalletConnect. The extension also allows you to access the same features that are available in the Exodus apps. Users can link their Exodus apps and browser extension together, allowing access to the same wallets from either place.

Exodus Key Features

• Storage – Access coins and tokens from across all supported blockchains in one, convenient wallet.
• Swaps – Exodus offers in-app swaps, allowing users to exchange crypto for a number of different tokens.
• Fiat on-ramp – Users can purchase crypto with fiat through Moonpay, Ramp, Sardine, and Robinhood Connect (availability varies based on location) using either a debit or credit card. The crypto will be deposited directly into your Exodus wallet.
• Crypto staking – Exodus supports in-app staking for a dozen different tokens.
• Transaction export – Though this may not be a sexy feature, being able to easily export your crypto transactions is a must-have for anyone who needs to keep up with their tax liability. Exodus will export your transactions in a .csv file on a per-chain basis.
• Desktop and mobile apps – Exodus has apps available for both desktop and mobile platforms, allowing users to access their wallets and purchase crypto with an easy to use interface.
• Browser extension – The Exodus browser extension lets users access web3-enabled websites and make transactions on supported blockchains using their Exodus wallet.

Our Expert Review of Exodus

Exodus is an excellent crypto wallet for new users and those who just want a central location to manage their tokens across many different blockchains. The wide range of blockchain support, fiat on-ramp, and in-app swaps all in one spot make Exodus a strong contender as a web3 wallet of choice.

Exodus can connect to most sites that I tried, including OpenSea and Magic Eden. Interestingly, Exodus will even intercept calls to MetaMask, offering to be the login wallet instead. Which is great for sites that don’t offer Exodus-specific logins. But it’s not so great if you’re actually trying to use your MetaMask plug-in!

Installing and using Exodus was a breeze. I didn’t have any trouble with the desktop version, the mobile app, or the browser plug-in. Exodus supports easy syncing between devices with QR codes. 

They also let you pair your Exodus wallet with your Trezor wallet. This feature gives users a convenient way to access their cold wallet while still maintaining the security and privacy offered by using a Trezor hardware wallet.

I took the time to check out some of the key features offered in the Exodus wallet and see how well they worked.

Crypto Storage

With its wide array of support for different blockchains, and a large number of tokens on those blockchains, Exodus can be a single, centralized location for all of your wallet needs. With the browser extension enabled, you can even connect to all of those different chains with one app!

Transferring tokens into your Exodus wallet will cost you a transaction fee based on the network used. For tokens that exist on multiple networks, Exodus will let you choose which network to use for your transfers.

Swaps

At first, the ability to easily swap tokens in-app seems great. And it is a very useful feature. But, you will pay to use it. For one, Exodus charges a percentage of the amount swapped. This varies based on swap tokens, but it can be as high as 12%, which can be pretty significant! On top of that, you can’t swap directly between all tokens. There are about twelve main tokens that need to be on one side of the swap. And while this does provide extensive coverage, if you want to swap between two tokens that aren’t on the main list, you’ll have to do two trades instead, paying fees for both.

The swap interface itself is easy to understand. And all fees are calculated into the swap. So what you see as the output is what you will get. Also, the ability to swap tokens between chains (e.g. exchanging SOL tokens for tokens on the Ethereum network) is a nice feature.

Fiat On-ramp

Exodus supports the in-app purchase of crypto in numerous different types of world currencies, including USD, EUR, GBP, AUD, and more. Purchases are made with Moonpay using a credit or debit card. Transacting with Moonpay happens through an off-app webpage, but any crypto purchased will appear directly in your Exodus wallet.

Exodus does offer a fiat off-ramp option through Moonpay. Though this feature is not available in some countries and some U.S. states.

Crypto Staking

Users have the option of staking a dozen different cryptocurrencies through Exodus. Staking generally requires a network transaction fee depending on the token being staked. Some staking options also have minimum deposits and require an unstaking period. Thankfully, the Exodus wallet provides all this information for you upfront. Staking crypto through the Exodus wallet is a simple and seamless process.

Desktop, Mobile, and Browser Extension Apps

Exodus has downloads available for desktop apps (Windows, Mac, and Linux all supported), mobile apps on both Android and iOS devices, and a browser extension for Chrome / Brave. They mobile and desktop apps provide a nice, clean interface for accessing your wallet, as well as making in-app swaps and purchasing crypto. The browser extension also supports these features (though with a much smaller interface), well also letting you easily interact with web3-supported websites using your Exodus wallet.

Customer Support

Exodus includes a built-in knowledge base with answers to basic questions in their desktop and mobile apps. The knowledge base covers a wide variety of topics and should provide the answers for most of the basic questions about Exodus.

In addition, the Exodus YouTube channel has a number of educational videos about staking and other wallet features, as well as information about blockchain technology and specific coins.

Email support is accessible from all of the apps and the Exodus website at any time of the day or night. In my email support test, I sent them a basic question at 8:37am CST, and it took about 20 minutes until I received a non-automated response.

Who’s Exodus For?

Exodus is for those who want to be able to easily buy coins and tokens with fiat and other crypto. Exodus is also great for those new to crypto. Their wide availability across devices, easy-to-use interface, and fiat on-ramp provide an excellent starting point for crypto newbies. Or those who just want an accessible, multi-chain wallet to help them store all of their accumulated coins and tokens.

Who’s it Not For?

Exodus is not for someone who already has existing wallets and is hoping to manage them in one spot. Though Exodus can serve that function, you have to first get your funds into your Exodus-created wallets. And while you can “import” with existing private keys, the import process actually transfers the funds from the imported address into your Exodus wallet address, which is not quite the same as using Exodus to access an already existing blockchain address.

Also, the fact that Exodus tried to get in front of calls to MetaMask can be kind of annoying if you have a MetaMask wallet that you use regularly.

Exodus Alternatives

Exodus certainly isn’t the only crypto wallet available. And it’s not the only one with multi-chain support. Let’s take a comparison look at a couple of Exodus’ more popular competitors and see how they stack up against each other.

Exodus vs MetaMask

Exodus and MetaMask are two of the oldest web3 wallets around. And though MetaMask began as a pretty simple wallet, they have grown over the past couple of years to include in-app swaps, token bridging, and fiat ramps. This brings their feature set in line with Exodus and even offers a little more flexibility. In addition, MetaMask allows access to several different service options for fiat on-ramp and off-ramps, where Exodus only connects to Moonpay.

However, Exodus has the advantage of user-friendliness. Their simple, but pleasing user interface will likely seem much more comfortable and familiar to those new to the crypto scene. And the ability to easily see your portfolio across several different chains in one spot is a nice feature for those who have their investments spread out widely.

Exodus vs Atomic Wallet

Atomic Wallet and Exodus are very similar in many ways. They both offer a centralized location to manage tokens across multiple chains. They both are non-custodial (meaning only you have control over your private keys) and offer in-app swaps as well as fiat on-ramps.

Atomic Wallet offers more staking options, and the ability to swap between any supported tokens. Exodus offers a browser plug-in (which Atomic does not) and has a slicker interface. So the choice mostly comes down to personal preference, and if the app supports the blockchain and fiat options you need.

Can I trust Exodus?

Exodus is a long-established player in the web3 wallet market. They have been around since 2015, which at this point, would be considered the early days of crypto.

Exodus is based in Nebraska, USA, and is a publicly-traded company (OTCPK: EXOD). The Exodus wallet has never suffered any publicly known hacks. As a non-custodial wallet solution, Exodus does not have access to your private keys.

The Exodus team releases a new update every two weeks, ensuring that any new vulnerabilities are patched promptly.

One knock against the Exodus Wallet is that it doesn’t support 2FA (two-factor authentication) security measures. But, due to the self-custody nature of the Exodus Wallet, two-factor authentication, would not prevent someone with your wallet’s secret recovery phrase from gaining access to your funds. Ultimate safety when using the Exodus wallet requires you to keep your recovery phrase, safe and secure.

Final Thoughts 

Exodus’ support for a large number of cryptocurrencies and blockchains provides an enticing solution for those who need or want a centrally managed wallet. In addition, the availability of Exodus across different platforms and its simple but effective interface makes this wallet an excellent choice for newcomers as well.

For veteran crypto users, Exodus may not be a top choice. Or perhaps only as a secondary wallet option.

Their in-app swaps are more limited than I would like. And the high trading fees can be a put-off as well. As an established MetaMask user, I found the Exodus plug-in to be very annoying. I had to disable it in order to login to sites using MetaMask.

But overall, Exodus is an excellent multi-chain wallet and a fine choice for most users.

Frequently Asked Questions

Is my Crypto safe in the Exodus Wallet?

Exodus is a self-custody wallet. That means that only you have access to your twelve-word seed recovery phrase and your private wallet keys. And though this makes your crypto safe from outsiders, it also makes you responsible for your private keys and passphrase. Always be sure to write these down and keep them somewhere safe and offline. If you do keep these keys electronically as well, it’s best to encrypt the data rather than holding them in plain text files.

What if Exodus goes bankrupt?

With the still-recent collapse of FTX, Celcius, and other crypto exchanges, concerns about companies going under and taking your crypto funds with them are certainly valid! But, since Exodus is a self-custody wallet, even if they go out of business, they cannot access your funds.

In addition, with your private keys, you can access your funds from outside of the Exodus apps. This allows you to retrieve your funds if something goes wrong.

Who is behind Exodus?

Exodus was founded by JP Richardson and Daniel Castagnoli. JP Richardson has posted over 200 open-source libraries and written code used by blockchains today. Daniel brings a creative aspect to the project, having designed for companies such as Apple, BMW, Disney, Louis Vuitton, and Nike.

When was Exodus founded?

Exodus was founded in 2015.

Bakkt Overview

What Is Bakkt? 

As blockchain adoption hits critical mass and more institutions are taking crypto seriously, businesses need reliable partners in order to offer crypto services to their customers. It’s to this end that Bakkt was created. The platform offers institutions with easy crypto solutions for buying and crypto custody, trades, and on-ramps.

Bakkt was founded by the Intercontinental Exchange (ICE), the parent organization of the New York Stock Exchange, in 2018 and spun off into its own entity in 2021 (NYSE: BKKT). From inception, the platform has deep roots in institutional finance and checks all the boxes when it comes to regulatory compliance with a BitLicense from the New York Department of Financial Service (NYDFS) that allows it to operate a virtual currency business within the state of New York — a privilege granted only to a few dozen companies so far. 

Beyond just trading and custody services, Bakkt is trusted by large brands including Caesars Entertainment and others for crypto-native reward programs. When it comes to user security, Bakkt has all its bases covered. The platform holds crypto assets in segregated wallets, using a combination of hot & cold storage, assets are never rehypothecated, and the custodian operates with a full 1:1 reserve at all times. 

Bakkt Key Features 

Bakkt originally launched with a split focus on retail and enterprise services but has since wound down its retail operations to focus exclusively on facilitating crypto rails for institutions and large brands. These services can be summarized into three main areas

• Bakkt® Trade: Bakkt allows businesses to provide native crypto buying & selling flows to their customers. To get started, enterprise users can connect the Bakkt API to their website or app, or use Bakkt’s provided front-end. The platform provides transaction services for Bitcoin (BTC), Ether (ETH), USD Coin (USDC), Dogecoin (DOGE), Shiba Inu (SHIB), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC). 

• Bakkt® Custody: For businesses looking for a reliable custody partner that can take care of their customers’ crypto assets, Bakkt provides institutional-grade custody. Bakkt is a Qualified Custodian under the NYDFS and provides security features such as segregated wallets and SOC 1 & 2 compliance. Most importantly, Bakkt does not lend out customer assets, maintaining a 1:1 asset backing at all times. 

• Bakkt® On-ramps and Off-ramps: As a complementary solution to products within Bakkt’s platform, fiat-to-crypto on-ramps and off-ramps are available via ACH and wire options. With Plaid as an ACH partner, onboarding can be expedited for existing or new partners of Plaid. As part of its on-ramp ecosystem, Bakkt also offers loyalty point-to-crypto conversion via Bakkt® Crypto Rewards. For small businesses seeking near-instant, low-fee global remittances, Bakkt® Remittances enables cross-currency transactions on the Lightning Network.

Additional Features

Additionally, Bakkt offers several features and services to help their clients connect and utilize crypto in a variety of ways.

• Bakkt® On-ramps 
  • Bakkt APIs enable seamless fiat-to-crypto on-ramps and off-ramps for a variety of use cases. Users can choose from a number of different integrations to find the best solution for their product
  • Bakkt offers on-ramps and off-ramps to help move money seamlessly in and out of crypto environments when paired with Bakkt Trade. With capabilities spanning ACH and Wire Transfer, they also support fiat-to-crypto entry points powered through loyalty currencies leveraging Bakkt® Crypto Rewards. Bakkt holds an NYDFS BitLicense, MSB registrations, and Money Transmitter Licenses where required.  
• Wire Transfers 
  • Wire transfers for retail trading on an institutional platform 
• Seamless Experience 
  • Integrated ACH, with Bank linking powered by Plaid Link 
• Flexible Integration 
  • ACH, Wire Transfer, or Loyalty reward conversion 
• Loyalty Conversion 
  • Convert loyalty currencies to crypto through fiat settlement 
• ACH and Wire Transfers 
  • Bakkt APIs enable ACH with instant-buy options and Wire Transfers for retail investors. 
• Turnkey Plaid Integration 
  • Bakkt and Plaid’s layered integration supports fiat funding for crypto trading in your app’s front-end environment. 
• Crypto Rewards
  • Bakkt® Crypto Rewards works with businesses to provide their rewards program members a way to redeem loyalty currencies for cryptocurrencies. As part of the redemption program, Bakkt handles points-to-crypto settlement and on-ramps offered with Bakkt® Link—a front-end experience for users to manage their crypto post-redemption. 

Our Expert Review of Bakkt

With a suite of crypto-related financial tools and services, Bakkt aims to deliver utility, security, and integration solutions to their clients. And as an institutional service, Bakkt takes their own security very seriously as well – always making sure that their customers’ investments are fully backed, and maintaining compliance with local regulations as well as regularly running their own audits and security checks.

Trade

One of Bakkt’s main services is its Trade program, which allows businesses of all types and sizes to easily integrate crypto on-ramps for their users. Through Bakkt® Trade, businesses can offer their users the option to buy, sell, and store crypto right from their website or app — powered by Bakkt’s API. Available in all 50 states and select international regions, Trade facilitates the ability to deliver crypto to end-users.

Bakkt features institutional-grade custody services and regulatory compliance that provides businesses and users alike with peace of mind. When it comes to anti-money laundering, Bakkt goes a step further with their tools for blockchain analysis and fund tracking which ensures all crypto flowing through your business is clean. Bakkt is also very particular about what cryptocurrencies they work with; according to their website they “prioritize security, regulation, and long-term sustainability” when selecting what coins to offer.

Custody

Bakkt® Custody is one of the most well-regulated custody services available to institutions today. As a “Qualified Custodian” under the New York Department of Financial Services (NYDFS), Bakkt splits customer funds between software (“hot”) wallets and hardware (“cold”) wallets, provides a team of custody experts available 24/7, and operates an environment compliant with SOC 1 and SOC 2 Trust Services Criteria. 

Bakkt emphasizes compartmentalized custody, highlighting that all the crypto they custody is always held on behalf of the user and “never used for lending, pledging, or any other similar purposes.” This is an important point as secondary lending of crypto has been the culprit in high-profile crashes like that of FTX. 

Finally, Bakkt’s hardware wallets are held in biometrically secure facilities, and all client funds are insured under a $200 million insurance policy. 

Customer Service 

Due to Bakkt’s nature as a bespoke enterprise product, customer service for non-customers is limited to filling out a contact form on the company’s website.

For Bakkt’s clients, there is 24/7 technical and operational support through various ways. Bakkt has support email addresses for each product, a dedicated partner support function, as well as a self-service marketing portal to help clients activate. End users looking for help with their crypto can also contact support at [email protected].

Who’s Bakkt For?

• People who need enterprise solutions: Bakkt is first and foremost a partner to large businesses and institutions. The platform makes their services available through an API that businesses can easily customize and build alongside their native features. Clients without a large technical team can also opt to use Bakkt’s ready-made UI solutions for faster integration.

• People who need industry-standard custody: Keeping user funds safe is hard, and the industry has developed several standards that ensure this process is as smooth and reliable as possible. Bakkt provides security assurances including SOC Type 1 & 2 compliance, wallet segregation, an insurance policy on all customer funds, and fully backed reserves of all assets with no rehypothecation. 

• People who need a regulated crypto partner: Regulatory compliance is a thorny territory for crypto companies. With deep roots on Wall Street, however, Bakkt checks all the necessary boxes including Qualified Custodian status with NYDFS, a BitLicense, MSB registration, and an MTL license with the ability to operate in all 50 states. 

Who’s it Not For?

• People who are not institutions: Retail users won’t find much here for them as most of Bakkt’s products require API integrations and work best with custom-built solutions. For everyday users looking to buy, sell, and custody crypto, established exchanges can provide these services quickly and efficiently. 

• People who want lots of crypto assets: Bakkt carefully selects what assets to support using the NYDFS-approved “Coin Listing Policy.” Currently, the platform supports a handful of assets including BTC, ETH, USDC, DOGE, ETC, SHIB, LTC, BCH, so clients that are in the market for altcoins may have to look elsewhere. 

• People who don’t have a development team: While Bakkt’s services often come with pre-made UIs (a major benefit of the service), the majority of products are API-based and will require extra coding to set up properly. Businesses without a dedicated software development team may find Bakkt products difficult to integrate. 

Bakkt Alternatives

Bakkt is an all-in-one package facilitating crypto trading, custody, and other services, but it’s not the only reputable crypto rails service out there. Below we take a look at some other options and compare how Bakkt stacks up. 

Bakkt vs. ZeroHash

ZeroHash is a crypto infrastructure company that provides clients with crypto trading, custody, payments, & loyalty rewards services — similar to Bakkt. Where it stands out is in its vast support for a wide range of cryptocurrencies (over 65) and blockchains (22 different chains). However, Bakkt edges ZeroHash out in big-name partners and regulatory compliance. 

Bakkt vs. NYDIG

NYDIG is an institutional crypto provider that specifically focuses on Bitcoin transactions. For businesses looking to provide Bitcoin services to their customers, NYDIG provides a range of options including borrowing & lending as well as a Bitcoin savings plan for employees. Businesses interested in more than just Bitcoin, however, may find Bakkt a better partner.  

Is Bakkt Safe to Use?

Due to the ever-changing nature of crypto, we cannot accurately say how safe and secure a product is now or will be in the future. We have examined a variety of factors to determine how safe we believe Bakkt is, but please use caution and always get a sense of the platform yourself. Below we examine a list of factors that contribute to the security of Bakkt and the crypto solutions they provide to businesses. 

Bakkt Security

Largely thanks to its roots with ICE, Bakkt takes security and regulatory compliance seriously. The provider does not rehypothecate or lend out any funds under custody. All customer crypto is kept in a separate trust entity regulated by NYDFS and all assets are fully backed 1:1.

Bakkt uses an NYDFS-approved Coin Listing Policy to choose which assets to list on its platform. This policy provides guidance on best practices for selecting and listing cryptocurrencies on platforms such as Bakkt. 

The platform is also SOC 1 Type 2 and SOC 2 Type 2 compliant and undergoes annual third-party penetration testing. Bakkt continuously maintains their security practices through teams dedicated to upholding security and compliance programs. These teams include an Internal Audit department and an Enterprise Risk department. 

When Was Bakkt Founded?

Bakkt was founded in 2018. 

Initially formed under the Intercontinental Exchange (ICE), Bakkt spun out into its own company in 2021. Bakkt is now a publicly traded company on the New York Stock Exchange. 

How Much Money They’ve Raised

At the time of its public listing in 2021, Bakkt had raised $448M, according to Crunchbase. 

Bakkt went public via SPAC at a valuation of 2.1 billion dollars. Its former parent organization, ICE, retains a 65% stake in the public company. 

Where is Bakkt Licensed?

Bakkt has the ability to operate in all 50 states, Puerto Rico, and select regions internationally.

When it comes to regulatory compliance, the crypto provider is licensed as a Qualified Custodian under NYDFS and has obtained a BitLicense. 

Final Thoughts On Bakkt

Bakkt is a crypto infrastructure company that provides large businesses and institutions with crypto custody, trading, and on-ramps. The platform’s user-friendly APIs and their pre-made UI front-ends make integrating these products an easy and straightforward process for all types of businesses. As a spinoff of ICE, Bakkt’s extensive regulatory compliance makes it a good choice for companies who want to make sure their crypto products are fully compliant. 

Frequently Asked Questions