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What is a Multi-Chain Wallet? How to create and use a Multi-Chain Wallet on Coin98 Wallet

Publish by Nguyen Khanh Huong Thao at 02 July 2021

Besides the most popular blockchains such as Bitcoin or Ethereum, other ecosystems have been growing stronger than ever in this constant-fluctuating market. This said, users not only want to store and manage their assets on just 1 blockchain, but also want to access DApps on other blockchains, such as BSC, HECO, Solana, Cosmos, Polygon, etc. To satisfy their needs, Coin98 Wallet proudly presents the Multi-Chain Wallet that allows you to manage all assets easily and conveniently.

This article will be guiding you through the Multi-Chain wallet and how to use it.

What is a Multi-Chain Wallet

A Multi-Chain wallet is a digital wallet that is able to integrate multiple addresses on many different blockchains.

The Multi-Chain wallet allows you to store, send & receive numerous coins/tokens on different blockchains in one single wallet, with only one single Passphrase. This wallet is managed by you and only you have access to its content.

A Multi-Chain wallet has 2 crucial information:

  • Passphrase: The Multi-Chain wallet doesn’t have a Private Key and is managed by only one Passphrase.
  • Wallet address: Every small single-chain wallet in a Multi-Chain wallet has a different address. However, the wallet addresses on Ethereum, BSC, HECO Chain are the same.

Where can I create a Multi-Chain Wallet?

You can create a Multi-Chain wallet on Coin98 Wallet and get access to all single blockchain wallets. All these wallets are managed by only one single Passphrase.

Coin98 Wallet is a non-custodial wallet used to store, manage, trade, swap multi-chain, multi-source digital assets. It currently supports 22 most popular chains, including BTC, ETH, TOMO, Tron, Binance Smart Chain, Solana, Polkadot, Kusama, HECO Chain, Near, Avalanche X-Chain & C-Chain, Binance Chain, Celo, BandChain, Kava, Terra, Cosmos, ThorChain, Fantom, Polygon, Persistence. Coin98 Wallet has both the Mobile App and the Extension version that you can choose to use based on your preference.

As a non-custodial wallet, Coin98 Wallet gives users full control over their wallets and assets. Nobody will have access to your wallets, even the developers, therefore, you can sit back & relax when storing your assets on Coin98 Wallet.

How to create a Multi-Chain wallet

I’ll be guiding you through creating a Multi-Chain wallet on both the Coin98 Mobile Wallet and the Coin98 Extension Wallet in this article.

Mobile

Download through these links:

How to register for an account

To start using the app, you need to register for an account. Here’s how:

  • Step 1: Choose your preferred language. From the Coin98 Wallet version X onwards, users can choose from 12 integrated language options.
  • Step 2: Insert your email address, then read our Terms of Services. If you agree to the Terms of Services, click Continue.
  • Step 3: Insert the Verification Code that is sent to this email address as well as the Referral Code (if applicable). Click Verify.
  • Step 4: Set your profile picture (if any), a Username, a Display Name and a Password. Click Enjoy and you’re all set.

Note: Each username is unique in our system. Two different accounts can never have the same exact username.

How to create a Multi-Chain wallet

After registering for an account, you can create a Multi-Chain wallet by following these steps:

Step 1: Click Add Wallet on the home screen.

Step 2: Choose the Multi-chain icon, then click Create Wallet.

Step 3: Name your wallet and backup your PassPhrase in a safe place. Please note that the PassPhrase is crucial to your assets.

  • Tick the Backup your recovery key box to confirm you’ve saved the PassPhrase, then click the copy icon next to it.
  • Tick the remaining boxes to confirm you’re aware of the risks.
  • Click Next.

Step 4: Paste the copied Passphrase from the previous step into the confirmation box, then click Done.

Your new wallet will instantly be displayed on the home screen. You can also access Manage → Manage All Wallets to check all your Multi-chain wallets.

Extension

Go to chrome.coin98.app to install the Coin98 Extension Wallet.

The detailed guide on how to install the Coin98 Extension Wallet can be found here.

How to create a Multi-Chain wallet

After installing the Coin98 Extension Wallet, follow these steps to create a Multi-Chain Wallet:

Step 1: Open the Coin98 Extension Wallet and click Create Wallet.

Step 2: Set up a password by choosing between:

  • A Matrix Password.
  • A Text Password.

You can refer to this guide to set up a password for your account.

Step 3: After setting up the password, select the Multi-Chain wallet icon.

Step 4: Name your wallet and backup your Passphrase in a safe place.

  • Tick the Back up your recovery key box, then copy the Passphrase to confirm you’ve saved this information.
  • Tick the 2 remaining boxes to confirm you’re aware of the risks.
  • Click Create Wallet.

Please note that the Passphrase is crucial to keeping your assets safe. You may lose your assets permanently if you lose your Passphrase, since no one else has access to it besides you.

Step 5: Paste the copied Passphrase into the confirmation box, then click Create.

After finishing, you can go to Manage → Manage All Wallets to check your Multi-Chain Wallets.

FAQs about the Multi-Chain wallet

Is the Multi-Chain Wallet safe?

Coin98 Wallet is a non-custodial wallet, which means all users have full control over their own assets. No one else has access to your wallets unless authorized by you and you only. The email address used to register for your account only adds an extra layer of security for the app, saves the transaction history and the in-app settings for the next log in sessions. Your email is independent and isn’t directly linked to your assets.

Do I have to pay for the transaction fee when using a Multi-Chain wallet?

The fee when making a transaction on a blockchain is called a gas fee and it is paid for miners and validators to authorize this transaction. However, the gas fee is different on each blockchain and will be paid with a different coin/token. For example, the gas fee on Ethereum is paid with ETH, BNB on Binance Smart Chain, MATIC on Polygon, etc.

Can I create multiple Multi-Chain wallets?

Absolutely! You can create as many Multi-Chain wallets as you want, as long as you store their Passphrases carefully.

Which coins/tokens can I store on a Multi-Chain wallet?

This is determined by the developer of your wallet. With Coin98 Wallet, you can store 7000+ coins/tokens on 22 popular blockchains: Bitcoin, Ethereum, TomoChain, Tron, Binance Smart Chain, Solana, Polkadot, Kusama, HECO Chain, Near, Avalanche X-Chain & C-Chain, Binance Chain, Celo, BandChain, Kava, Terra, Cosmos, Thor, Fantom, Polygon, Persistence.

Summary

We hope that after reading this article, you’ve got a proper understanding of the Multi-Chain wallet. See you in the next ones!

#Coin98 #Coin98wallet #multichain

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Nguyen Khanh Huong Thao

Nguyen Khanh Huong Thao

🌹 Nobody's rich when everyone's rich 🍀 Helsinki - FI 🇫🇮

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