A wallet is a digital tool that lets you store, send, and receive digital dollars, like USDC or WYT. It works like a checking account—but without a bank in the middle.
You can think of it as your business’s digital cash register—but online, secure, and available 24/7.
| Feature | Digital Wallet | Business Bank Account |
|---|---|---|
| Purpose | Hold and transfer digital dollars | Hold and transfer traditional dollars |
| Setup Time | Instant (download app, ready in 1–2 mins) | 1–5 days (application, review, approval) |
| Setup Fee | Free | Often free, but some charge monthly fees |
| ID Requirements | Sometimes optional | Always required (EIN, business docs) |
| Access Hours | 24/7/365 | Business hours or limited online access |
| Who Controls Funds | You control directly | Bank controls access |
| Password Recovery | You manage a recovery phrase | Bank provides customer support |
| Deposit Insurance | Not insured (unless using licensed custodian) | FDIC insured (up to $250K) |
Self-Managed Wallets (e.g. MetaMask, Ledger)
You hold the access keys. More control, more responsibility.
Platform Wallets (e.g. Coinbase, Circle)
Easy to use. The provider holds your access credentials—like a digital bank.
Business Wallets (e.g. Gnosis Safe, Fireblocks)
Built for teams. Multiple people sign off on transactions.