Toss (operator Viva Republica) published an analysis on the 18th stating that digital wallets will become core infrastructure for on-chain finance as blockchain-based finance expands. The assessment characterizes wallets as evolving beyond simple cryptocurrency storage into financial platforms connecting payments, tokenized assets, DeFi (decentralized finance), and AI agent services. Toss Insight, the financial management research institute under Toss, released the business insight report 'Digital Wallet: The Starting Point of On-Chain Finance.'
Toss Insight Publishes Digital Wallet Infrastructure Report
Toss Insight defined digital wallets in the report as new financial infrastructure managing asset rights, responsibilities, and transaction permissions rather than simple digital asset storage tools. The report explains that the financial center axis is shifting from existing account-based structures to permission-based structures, with digital wallets serving as the core contact point for this change.
Report Defines Four-Stage Wallet Evolution from 2009 to Present
The report divided digital wallet evolution into four stages. Starting from the 'digital vault' stage centered on Bitcoin storage from 2009-2014, wallets progressed through a second generation serving as dApp access interfaces and a third generation connecting DeFi and on-chain services. Currently, wallets are developing into a 'legal responsibility infrastructure' stage encompassing payments, enterprise infrastructure, tokenized assets, Web3 services, AI agents, and digital identity/credential management.
To analyze this transformation, Toss Insight classified digital wallets along four design axes: technology structure, control structure, responsibility structure, and usability structure. Technology structure refers to who stores encryption keys and how the system connects to blockchain networks. Control structure evaluates transaction approval authority and policy verification location. Responsibility structure assesses legal liability in case of incidents and asset separation status. Usability structure examines registration/signature procedures and key loss recovery possibilities.
Four Design Axes Classify Wallet Architecture Types
Based on these axes, the report presented six basic wallet architectures and one combined operation model. Structures where operators manage assets include 'individual address type' providing blockchain addresses per user and 'central ledger type' where operators consolidate assets and manage through internal ledgers. Structures where users directly control assets include 'EOA (Externally Owned Account) type' where users directly store seed phrases and 'AA (Account Abstraction) type' supporting recovery and automation functions through smart contracts.
Hybrid models where operators and users share authority include 'multi-condition approval type' where transactions execute only when multiple conditions are met and 'dual wallet type' operating wallets for different purposes in parallel. The report presented 'integrated UI/separated vault type' as a combined operation pattern — appearing as one app to users while actually operating separated storage structures and responsibility systems.
The report emphasized that wallet structure is not determined simply by security technology superiority but varies according to business purpose. The same operator can utilize different wallet structures depending on service objectives. Coinbase actually operates Coinbase Custody for institutional clients, Smart Wallet for general users, and server-based wallets for developers and AI agents separately.
Six Use Case Domains Span Payments to Identity Management
Toss Insight divided digital wallet application fields into six domains: payments/remittances, enterprise wallet infrastructure (WaaS), tokenized assets, Web3 ecosystem integration, verifiable delegation, and identity/credentials/credit.
In payments and remittances, Stripe, PayPal, and Revolut utilize central ledger structures. In the enterprise wallet infrastructure market, Fireblocks, Privy, and Turnkey are building structures that enforce client transaction rules through code.
For tokenized assets, the report presented Ondo Finance, Franklin Templeton, and JPMorgan Kinexys as cases. These services adopt structures reflecting existing financial regulations, including restricting access by unqualified investors and granting issuers authority for asset freezing and forced transfers.
In the Web3 domain, MetaMask, Safe, Argent, and Coinbase Smart Wallet were introduced as representative cases. The report projected that in environments where AI agents perform financial activities on behalf of users, 'verifiable delegation' structures allowing users to maintain final control while delegating only partial authority will become core competitive advantages.
Failure Cases Highlight Operational Control Risks
Toss Insight analyzed failure cases alongside success cases. The report cited Mt. Gox, FTX, Celsius, and Prime Trust as examples, pointing out that even when selecting appropriate wallet structures, failures in operational controls such as asset separation, signature authority control, balance reconciliation, and internal approval procedures can lead to large-scale losses.
Report Identifies Responsibility Management as Competitive Factor
Toss Insight diagnosed that future market competitiveness does not lie in integrating all functions into one wallet. Instead, the report projected that operators capable of stably connecting different responsibility structures — including payments, tokenized assets, decentralized services, and identity/credential verification — while providing users with a unified experience will secure competitive advantages.
With banks, securities firms, payment operators, platforms, and big tech companies expected to enter user contact point competition, the analysis states that capability to handle new responsibility structures will become a more important competitive element than technology adoption speed.
Kim Hyun-man, Toss Insight Strategic Consulting Team Leader, stated, "As on-chain finance expands, digital wallets will become core infrastructure connecting overall financial services rather than simple service functions. We hope this report serves as practical reference material for companies considering financial service design and business strategies utilizing digital wallets."
FAQ
What did Toss Insight define as the role of digital wallets in the report published on the 18th?
Toss Insight defined digital wallets as new financial infrastructure managing asset rights, responsibilities, and transaction permissions rather than simple digital asset storage tools. The report states wallets are evolving into platforms connecting payments, tokenized assets, DeFi, and AI agent services.
How does the report classify the four stages of digital wallet evolution?
The report divides wallet evolution into four stages: the 'digital vault' stage centered on Bitcoin storage from 2009-2014, a second generation serving as dApp access interfaces, a third generation connecting DeFi and on-chain services, and the current 'legal responsibility infrastructure' stage encompassing payments, enterprise infrastructure, tokenized assets, Web3 services, AI agents, and digital identity/credential management.
Why does the report present multiple wallet architecture types instead of one optimal structure?
The report emphasizes that wallet structure varies according to business purpose rather than being determined by security technology superiority. The same operator can utilize different wallet structures depending on service objectives — Coinbase operates separate wallet systems for institutional clients, general users, and developers/AI agents.
