A general-purpose, non-custodial crypto wallet that is not tied to a central exchange. Non-custodial or "self-custody" means that users are responsible for the safekeeping of the wallet's private keys should the wallet ever become unusable (see
seed phrase). Also called a smart contract wallet, a DeFi wallet is very flexible and can access a variety of applications.
DeFi wallets are generally Ethereum compliant and support Ethereum's native ether cryptocurrency as well as ERC-20 crypto tokens and ERC-721 NFT tokens (see
ERC-20 and
ERC-721). See
DeFi and
crypto wallet.