What is Ambire Wallet?
Since the crypto industry has existed, many crypto wallets have been launched. These wallets differ from each other both in features and operations. However, Ambire is among the good ones out of these numerous wallets.
Ambire Wallet is a multi-chain crypto wallet. It is a multi-chain because it supports coins or tokens from different blockchains. These supported blockchains include Ethereum, Solana, and others. Ambire Wallet was launched in 2021 and is owned by Dimo Stoyanov and Ivo Georgiev. The wallet was created to be DeFi based and has supported DeFi applications since its launch.
It is a simple and innovative wallet that does not need you to write down any seed phrase during the setup. It is the first non-custodial wallet that uses just email as a prerequisite for registration. The wallet does not require users to install or add browser extensions before using it.
The wallet is, however, not the first product from the team behind it. There was a crypto project called Ambire AdEX(ADX). The project was developed on the Ethereum blockchain as an ERC-20 Token in 2017.
Getting Started with Ambire Wallet?
Setting up Ambire Wallet is quite different from the processes of other wallets. It does not require you to add any extension or add-on on your browser. It is a self-explanatory process both for crypto newbies and experts. The wallet is available for both mobile and desktop users. Below are the steps to setting up your Ambire Wallet on mobile and desktop;
Setting up on mobile
Step 1: The application is available for both Android and Apple users. Download the application from your respective app stores and install it. After installing, tap on the app to open.
Step 2: When you open the application, the first page you will meet will contain highlights of the features of the wallet. Look below them and tap on the “Get started” button.
Step 3: Create your passphrase. The passphrase is stored only on your phone; you can enter it as a password. If you have entered your desired passphrase, tap on the “Setup Ambire Keystone” button below your screen. Alternatively, you can use your thumbprint in place of the passphrase.
Step 4: A new page requesting you to log in with email or hardware will appear. It is noteworthy that Ambire Wallet can access other compatible cold wallet hardware. If you are trying to access your cold wallet hardware, use the second button. But, if you are continuing with email sign-up, tap on it and proceed.
Step 5: Next, create a new account with an email or log in to an existing Ambire Wallet account with your email. If you have an account prior before now, log in. But if you do not have an account, tap the “create account” button to proceed.
Step 6: Enter your details. The details to enter include your email and password. Enter your email, desired/secured password and agree to the terms and conditions. When done with the details, tap the “sign up” button below your screen. After the last process, your wallet will be created and ready to transact.
Setting up on Desktop
Setting up Ambire Wallet on the desktop differs slightly from the mobile device. However, the process is also straightforward. The following are the steps to set up on the desktop;
Step 1: Visit the Wallet’s website. There have been reports of people visiting the wrong Ambire website. It is crucial to check the website and ensure you are on the right one.
Step 2: Click the big orange-coloured “Go to wallet” button at the upper middle of the website to create a wallet.
Step 3: Next, a new page to create or add a new wallet will show. If you already have an existing Ambire Wallet, log in on your desktop with an email address, Trezor, Ledger, Grid+Latice1, Metamask/browser, or import from JSON. Create a new wallet account if you do not have an existing one.
Step 4: Verify your email address by login into your email inbox and click the verify button. After you log into your account, many messages/notifications will pop up.
Step 5: Download your account back up. This is the last step before you start using your new wallet account.
Important: Ambire Wallet does not use or require a seed phrase. Instead, you can back up your account by downloading and saving your JSON file. The file is encrypted with the password you set. Writing down your password securely. It is essential because you need it to log into your wallet on a new device.
Cryptocurrencies & Assets Supported by Ambire Wallet
The Ambire Wallet support over 13 Ethereum Virtual Machines (EVM). ERC-20 and ERC-721 tokens are built on these machines. These blockchains include Ethereum, Binance and others.
Ambire Wallet Keys and Security
Private keys are very crucial to the security of most wallets that uses them. This is so because if kept carelessly, it could be stolen and used to access your account and possibly steal all your funds. However, Ambire Wallet does not use private keys for its backup; it uses JSON encrypted with your password for backup purposes.
Furthermore, if you lose or forget your password, you cannot recover your account on any device, even if your JSON file is present. So it is imperative to remember your passwords. To export your JSON file on mobile and desktop, kindly follow the simple steps below;
Exporting JSON on Mobile
1. Open your wallet and log in
2. Tap on the dropdown at the top left corner of your screen
3. Scroll down to the last option, “backup account”, and tap on it
4. Input your passphrase
5. Save the file or send it to your drive
Exporting JSON on Desktop
1. log in to your wallet
2. Click on “security” from the options on the left side of your screen
3. Click on “export” and the JSON file will be downloaded automatically into your desktop
Other Ambire Wallet Features
Ambire Wallet is just like every other wallet out there. It can send/receive coins and tokens. However, other unique features come with it. The followings are some of them;
- Swap: When you engage in a swap, you exchange one crypto asset in your Ambire Wallet for another. The process typically involves letting go of a specific coin or token in your possession and receiving a different one in return. The Ambire Wallet allows users to swap their crypto assets for other wanted ones.
- Cross-Chain Swap: Ambire Wallet doesn’t only allow its users to swap assets for assets; it also allows cross-chain swaps. This means you can swap tokens from one network for another from a different network. This very unique as this feature is scarce among wallet service providers in the industry today.
- Passive Earnings: Ambire Wallet allows users to earn passive incoming with their staking program. With this program, users deposit their crypto assets in Ambire Wallets into a smart contract and start earning in APY. Also, it’s noteworthy that not all crypto assets are supported by their staking program. You will need to swap your crypto balance for an accepted one before you start with the program.
- Collectibles: the Ambire Wallet supports using ERC-721 tokens, also known as Non-Fungible Tokens (NFTs). These unique tokens are one-of-a-kind digital assets representing ownership of a specific item, such as artwork or virtual real estate. With the Ambire Wallet, you can easily send and receive these tokens from other wallet addresses. You can showcase your digital collectables, trade with fellow collectors, or sell your NFTs for profit. The Ambire Wallet provides a secure and reliable platform for managing your NFTs and protecting your valuable assets.
Ambire Wallet Usability and Support
The Ambire Wallet stands out as a unique platform with clearly defined functionalities that are easy to navigate. Setting up an account is as easy as ABC, with no unnecessary hassles or delays. Once you’ve created your account, you’ll be pleased to find that the wallet is highly user-friendly, with no confusing technical jargon to decipher.
The Ambire Wallet is blessed with the lightning-fast speed of the swapping process. You can complete a swap in seconds and receive the new crypto assets you desire. This makes it ideal for those who want to make quick, strategic trades without unnecessary delays.
Of course, the ease of use of the Ambire Wallet didn’t just happen by chance. The team behind the platform has worked hard to design a friendly user interface that makes it easy for anyone to access the features they need. Everything is geared towards making your crypto journey as smooth as possible, from the intuitive layout to the simple design.
If you run into any issues while using the Ambire Wallet, there’s a dedicated “help centre” section on the website. This section provides all the information you need to get the most out of your wallet, and there’s even a “report issue” page where you can submit any complaints or problems you may encounter. With a responsive and supportive support team, you can rest assured that any issues you face will be quickly resolved.
Ambire Wallet Reputation and Popularity
Ambire Wallet is not too popular since it is barely two years of its launch. However, the team behind the project has maintained a good reputation over the years in the crypto industry. Since its launch, the wallet has not been involved in any controversial reports, nor has any case of hacks or exploits been heard.
In conclusion, Ambire Wallet is a good option for crypto users. It supports multiple blockchains, including Ethereum and Solana, and has a user-friendly setup process that doesn’t require using a seed phrase. It also offers a mobile and desktop version, making it accessible to many users. Also, the wallet balances usability, security, convenience and flexibility. However, it is essential to note that users must remember their passwords, as it is only possible to recover an account if the password is retrieved or remembered.
Ambire Wallet Pros and Cons
Ambire is a unique and intuitive wallet. Even at that, the wallet still has its own pros and cons. Below are some of its pros and cos;
|Easy to set up||It’s a new wallet and not yet popular|
|It is security focused||Reputation has not been tested|
|It is a smart contract based|
|The wallet does not need seed phrases|