Cake Wallet vs Electrum Comparison

Bitcoin, Zcash, Ethereum and the other networks use a 12- or 24-word BIP39 phrase. New Monero wallets default to the 16-word Polyseed format; a 25-word Monero seed or a 12-word BIP39 phrase can be chosen instead. Only BIP39 wallets can share one phrase across several networks.

Electrum creates its own seed phrase: 12 words from the same 2048-word list as BIP39, but with a version number hidden in the phrase's hash instead of a BIP39 checksum, so a wallet that reads only BIP39 phrases cannot restore it. Electrum publishes the format, and it can also restore BIP39 phrases and SLIP-39 shares.

Cake Wallet's terms name Cake Labs LLC, a limited liability company formed under the laws of Nevis, and say disputes are governed by Florida law. The App Store lists the developer as Cake Technologies, LLC.

Electrum Technologies GmbH, Berlin, develops and distributes the software and hosts electrum.org. The company holds no user accounts and cannot freeze or reverse payments. Anyone can run an Electrum server, and none of the 84 servers in the app's built-in list is on electrum.org.

Founded by Vikrant Sharma, its CEO, who started the company in 2017; Cake Wallet launched in 2018 as a Monero wallet for iOS. Cake Labs also makes Monero.com, Cake Pay and Cupcake.

Thomas Voegtlin created Electrum in November 2011 and founded Electrum Technologies GmbH in 2013. Two developers, Thomas Voegtlin and SomberNight, have write access to the code; website changes and releases must be signed by both.