Cake Wallet vs Trust Wallet 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.

New wallets get a 12-word phrase; 12- and 24-word phrases can be imported. Addresses on a few networks, such as Wanchain and IoTeX, are derived differently from the Ethereum address of the same phrase, so another wallet may not find them.

Browser extension only: source code audit and penetration test; all five findings fixed and the fixes checked by the auditor. No audit of the phone app has been published.

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.

The privacy notice names Dapps Platform Bahrain W.L.L., doing business as Trust Wallet, as the company that handles your data. The terms of service are governed by Hong Kong law, with arbitration in Hong Kong. The app stores list DApps Platform Software Services Ltd. and DApps Platform, Inc. as the developer.

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.

Founded in 2017 by Viktor Radchenko and bought by Binance in July 2018, its first acquisition; Binance said at the time that Trust Wallet would keep its autonomy. Security reports go through Binance's bug bounty programme. Trust Wallet does not publish its current ownership structure, so Binance is the last documented owner.