Cake Wallet Introduces Monero Wallet Groups, New Seed Formats, and more!

One Seed to Rule Them All: Monero Joins Wallet Groups

We're excited to announce a significant leap forward in simplifying your Monero! With Cake Wallet v4.26.0, you can generate a deterministic Monero wallet using a standard 12-word BIP 39 seed phrase to be used in a multi-crypto wallet group!

What does this mean for you? Let's break it down.

Imagine you have several different bank accounts – one for everyday spending (like Monero), one for long-term savings (maybe Bitcoin), and others for different purposes. Typically, each of these would require its own unique set of credentials. This can quickly become cumbersome, right?

Well, that's traditionally how managing multiple cryptocurrency wallets has worked. To use Bitcoin, Litecoin, or Monero, you need to create distinct wallets, each secured with its own unique seed phrase. These seed phrases, usually a sequence of 12 or 25 words, are the key to your funds. Lose them, and you lose access to your crypto.

We've already directly tackled this issue with Wallet Groups. These groups unify multiple cryptocurrencies under a single, easy-to-manage 12-word BIP 39 seed phrase. This means something like this phrase functions as your single 'credential' to restore multiple cryptocurrencies:

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And now, with Cake Wallet v4.26.0, we're introducing Monero support with wallet groups! Here's how it works: You just create a Monero wallet with a 12-word BIP 39 seed phrase within a wallet group. This wallet group can be used with Bitcoin, Monero, Litecoin, Solana, Ethereum, Bitcoin Cash, Nano, and Tron all with the same seed phrase!

Why is this so useful?

• Less to manage: You only need to safely store one 12-word seed phrase instead of multiple ones.
• Simplified recovery: If you ever need to restore your wallets on a new device, you only need to enter one seed phrase to regain access to all your supported cryptocurrencies, including Monero.
• Still secure: All of our security & privacy features still apply to ensure the safety of your funds.

Important Note: While this 12-word seed phrase will generate a standard Monero wallet within the Wallet Group, you still have the option to create a standalone Monero wallet with its own, separate 16 or 25-word seed phrase. We want to give you the flexibility to choose what works best for you!

Pay with Crypto in the Real World: Introducing Open CryptoPay by DFX

We're excited to launch our new DFX's Open CryptoPay integration, enabling you to pay in-store at participating merchants by simply scanning a static QR code and letting Cake Wallet do the rest.

It's fast, secure, and opens up a world of possibilities for spending your crypto. We're waiting to see wider merchant adoption, but Cake Wallet will never be the reason you can't use it. Learn more and keep up with Open CryptoPay development on their website.

Other Important Updates:

• New OnRamper Flow
  • We've significantly enhanced our OnRamper flow, reducing the number of steps required for each transaction. This makes it easier to onboard and offboard your fiat currency.
• Expanding Ethereum Ecosystem
  • In this release, we've added dEuro to the Ethereum token list, giving you more options within the DeFi space. Fun fact: Our CEO, Vik, recently invested in dEuro!
• Improved Hardware Wallet Integration
  • We've directly integrated hardware wallet functionality into the new send flow bottom sheet.
• Consistent and Clear Addresses Across the App
  • We recently rolled out the new Bitcoin design guidelines, and we've expanded this user-friendly formatting to all areas of the app!
• Under the Hood Improvements
  • Robinhood fixes, Minor UI enhancements, and bug fixes to improve overall stability and performance.

Get it now!

Download the latest update today from your app store and explore all the new features and improvements!

With this latest release, Cake Wallet continues to be a leading privacy-focused, open source cryptocurrency wallet for your safety. We were the first major cross-platform Monero wallet, and the first to implement new privacy tech like Silent Payments for Bitcoin, MWEB for Litecoin, and more. Enjoy the new update and please leave your feedback on our forum! Share this blog on socials and tag us for some love back.