Why ICOs often expect you to use their wallet

[authorfriendly]

Can someone tell me why in many cases ICO's expect you to use their wallet? I already have five wallets and if I diversify enough, I wll most assuredly get lost. David

[mk4]

Of course you need to use their own wallet. An ICO's coin has it's own wallet just as bitcoin, ethereum, litecoin, and other cryptocurrencies has their own separate wallets; unless you're using wallets like Exodus and Coinomi. Wallets like Exodus and  Coinomi only supports coins that are somewhat at least in the top 30 cryptocurrencies. ICOs are coin offerings on NEW cryptocurrencies, so you definitely don't expect them to be supported by multi-coin wallets.

[HabBear]

Of course you need to use their own wallet. An ICO's coin has it's own wallet just as bitcoin, ethereum, litecoin, and other cryptocurrencies has their own separate wallets;

And Bitcoin and Litecoin are accepted by many other wallets. And many wallets except multiple coins.

Can someone tell me why in many cases ICO's expect you to use their wallet? I already have five wallets and if I diversify enough, I wll most assuredly get lost. David

Hi David, it's because ICOs are unproven. It costs developer time and money for an exchange to set up the infrastructure to accept, trade, and exchange a new coin. Many of the ICOs fail. It would be an extreme waste of resources for exchanges or wallets to openly accept new ICOs without them having demonstrated a loyal following of users. To get around this, ICO teams need to provide their own wallet. If the ICO succeeds, eventually other wallets and exchanges will begin to accept the new coin.