A cryptocurrency wallet is a software program designed to store your public and private keys, send and receive digital currencies, monitor your balance, and interact with supported blockchains. Ada can be stored using a Daedalus or Yoroi wallet – the primary wallets of the Cardano ecosystem, developed, respectively, by IOHK and EMURGO – or other third-party wallets.
In addition to the variation of wallets available, there are also two types of wallets: a hot wallet and a cold wallet.
A hot wallet is connected to the internet and can be accessed at any time with the requisite keys. Examples of hot wallets include mobile and software wallets, and funds stored on exchanges.
A cold wallet is an offline wallet. It is not connected to the internet and is used for securing storing funds that do not have to be frequently accessed. Examples include hardware wallets – which is a secure hardware device that stores the wallet’s private keys – and paper wallets. Cardano is supported by both Trezor and Ledger hardware wallets