According to data compiled by Finbold, the digital assets custody platform added a record 22.86 million unique crypto wallets between November 2020 and November 2021. During the period, the wallets grew 40.9 percent from 55.89 million recorded last year. As of November 2020, the platform has 78.74 million.

As of November 2019, the wallets stood at 43.15 million, growing 44.79 percent from November 2018's figure of 29.80 million. Between 2017 and 2018, the highest growth rate was recorded at 62.3 percent.

Cryptocurrency bull run correlates with new unique addresses

The report highlights some of the factors driving the increase in new unique wallets created on the platform. According to the research report:

"Over the past year, the unique wallets activity highlights an influx of new users in the crypto sector as the value of digital assets like Bitcoin surged. Spikes in created crypto wallets usually coincide with rising prices during bullish periods. Overall, the trend of new crypto wallets created has been rising over the past few years, reflecting the sector's progress."

The record number of wallets created also indicates the mainstream adoption of cryptocurrencies. During the recent bull run, institutional investors increasingly pumped money into the crypto sector, which also attracted retail investors. Overall, the wallets are acting as a gateway into the decentralized finance sector.