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What is Coinomi?

  • Last Updated : 01 Jun, 2020

Coinomi is the oldest multi-coin and multi-asset wallet for both mobile & desktop devices that are designed to securely store, exchange, and manage multiple cryptocurrencies. The wallet was first introduced in 2014 by George Kimionis. The Coinomi wallet is a popular choice of millions of users because of its intuitive user interface and robust privacy features. Some of the Keypoints about Coinomi are:

  1. It ensures security, the wallet comes with strong encryption technology.
  2. For each account, this Hierarchical Deterministic (HD) wallet uses a particular algorithm to generate a seed phrase.
  3. For every transaction, a new address is generated from a multiword “seed”.
  4. The wallet’s private key is never transmitted to the Internet but it is stored in the device itself.
  5. With no tracking, no KYC checking, and no IP or identity linking to crypto wallets, Coinomi offers enhanced privacy/anonymity.
  6. There is no evidence for hacking the Coinomi wallet yet.
  7. By using Coinomi, it is possible to exchange cryptocurrencies even without the internet.
  8. Coinomi provides native support and true ownership for a total of 507 assets including 382 tokens and 125 blockchains. All supported assets can be exchanged instantly via built-in instant exchanges ShapeShift and Changelly.
  9. Coinomi is available in 168 fiat currency representations and readable in 25 languages.
  10. It is Seg-Wit enabled.
  11. Coinomi is a multi-currency platform that supports an astounding 130+ cryptocurrencies. Some of the Coinomi supported currencies are Bitcoin, Abncoin, Belacoin, Enjin, Bread, Jaxx, Exodus, etc. Support for new coins is updated regularly.

The Coinomi wallet is available for Android and iOS platforms and can be downloaded from PlayStore and iTunes respectively. The desktop versions of Coinomi for Windows, Mac, and Linux will be available soon.

Features of Coinomi

Some of the interesting features of the Coinomi wallet includes:

  1. Multi-coin/multi-asset support: Coinomi provides native support for a wide variety of cryptocurrencies. Great levels of effort are applied to coin selection and addition.
  2. Easy setup: User can easily download, install and create a new wallet with just a few minutes and by just a few clicks.
  3. Exchanges built-in: The collaboration of Coinomi with ShapeShift make the exchanging of cryptos easy and quickly.
  4. Easy asset trading : Using an integrated currency exchange, the trade is done directly through the wallet
  5. Cross platform availability: The mobile and desktop version of the wallet is available. The mobile version is compatible with Android, iOS, and Blackberry. The desktop version compatible with Windows, Linux and Mac will be soon available.
  6. One-time backup: Instead of having to regularly back-up every wallet for every single coin, Coinomi supports one-time backup.
  7. Prioritizes security/privacy: Coinomi make use of cryptographic concepts and come with strong encryption technique to keep the wallet safe and secure. The private keys never leave the wallet installed device. The wallet uses strong public cryptography to provide end to end security.
  8. Anonymity: As there is no registration process, Coinomi users don’t have to deal with KYC regulations. Coinomi servers anonymize your requests by hiding the IP address of its users from prying eyes and provides protection from gathering data on spending habits or transactions.
  9. Multilingual and hyperlocal: Coinomi wallet supports English, Russian, Chinese and many other languages. Translations are also available in Coinomi wallet.
  10. Custom and dynamic fees: Coinomi itself, does not charge transaction fees and is completely free to use. While outgoing transaction, one may be charged by the miners associated with that particular coin.
  11. Streamlined and User friendly: With the help of advanced technology, the wallet provides one-click cross-chain payments. The interface is very user friendly.
  12. 24*7 Customer support: Coinomi claims to provide 24*7 friendly customer support regarding all types of queries related to the wallet. The user can drop their query at support@coinomi.com

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