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Rainbow Wallet provides a complete wallet management system supporting multiple wallet types, account creation, and secure key management.

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Wallet Types

Rainbow supports several wallet types to fit different security and usage needs:

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HD Wallets (Hierarchical Deterministic)

  • Mnemonic-based: Generate multiple accounts from a single seed phrase
  • Account derivation: Uses BIP-44 derivation paths
  • Easy backup: Back up all accounts with one seed phrase

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Read-Only Wallets

  • Watch-only mode: Monitor addresses without signing capability
  • No private keys: Track balances and transactions safely
  • Multiple addresses: Add any Ethereum address to watch

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Hardware Wallets

  • Ledger integration: Connect and manage Ledger devices
  • Secure signing: Transactions signed on hardware device
  • Multiple accounts: Support for multiple derivation paths
See Hardware Wallets for Ledger integration details.

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Wallet Store Architecture

Rainbow uses a custom Zustand-based store for wallet state management: 
// From src/state/wallets/walletsStore.ts
interface WalletsState {
  walletReady: boolean;
  selected: RainbowWallet | null;
  wallets: AllRainbowWallets;
  accountAddress: Address;
  
  setSelectedWallet: (wallet: RainbowWallet, address?: string) => Promise<void>;
  updateWallets: (wallets: { [id: string]: RainbowWallet }) => Promise<void>;
  loadWallets: () => Promise<AllRainbowWallets | void>;
}

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Key Features

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Multi-Wallet Support

  • Create and manage multiple wallets simultaneously
  • Switch between wallets seamlessly
  • Each wallet can contain multiple accounts
  • Customizable wallet names and colors

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Account Management

  • Generate new accounts within existing wallets
  • Import accounts via private key or seed phrase
  • Custom account labels and emoji identifiers
  • ENS name integration for account display
Learn more about Account Management.

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Secure Key Storage

  • Private keys stored in device keychain (iOS Keychain/Android Keystore)
  • AES-256 encryption for sensitive data
  • Biometric authentication support
  • PIN code protection option

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Wallet Initialization

Wallets are initialized through a robust process: 
// From src/state/wallets/initializeWallet.ts
const initializeWallet = async (props: InitializeWalletParams) => {
  // 1. Run migrations if needed
  if (shouldRunMigrations) {
    await loadWallets();
    await runMigrations();
  }
  
  // 2. Load network configuration
  await store.dispatch(settingsLoadNetwork());
  
  // 3. Initialize wallet with seed phrase or create new
  const { isNew, walletAddress } = await walletInit({
    seedPhrase, color, name, network
  });
  
  // 4. Set up analytics and telemetry
  const { walletType, walletAddressHash } = await getWalletContext(walletAddress);
  analytics.setWalletContext({ walletAddressHash, walletType });
  
  // 5. Run keychain integrity checks
  runKeychainIntegrityChecks();
  
  // 6. Set wallet as ready
  setAccountAddress(walletAddress);
  setWalletReady();
  
  return walletAddress;
};

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User Workflows

1

Create New Wallet

Users can create a new wallet from the welcome screen or settings:
  • Generate a new 12 or 24-word seed phrase
  • Choose wallet name and color
  • Secure with biometric or PIN authentication
  • Wallet is automatically backed up (if cloud backup enabled)
2

Import Existing Wallet

Import wallets using multiple methods:
  • Enter seed phrase (12 or 24 words)
  • Import private key
  • Connect hardware wallet (Ledger)
  • Watch-only address
3

Switch Between Wallets

Quickly switch active wallets:
  • Tap wallet selector in navigation
  • Choose from available wallets
  • App state updates to selected wallet context
  • Assets and transactions refresh automatically
4

Manage Wallet Settings

Access wallet-specific settings:
  • Rename wallet or accounts
  • Change wallet color theme
  • View backup status
  • Export private keys (with authentication)
Always securely back up your seed phrase before receiving funds. Rainbow provides cloud backup options, but you should also maintain an offline backup in a secure location.

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Wallet Recovery

If you lose device access:
  1. With Cloud Backup: Restore from iCloud/Google Drive
  2. With Seed Phrase: Import seed phrase on new device
  3. Hardware Wallet: Connect Ledger to new device
  4. Watch-Only: Re-add addresses (no funds at risk)
See Backup & Restore for detailed recovery procedures.

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Security Features

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Keychain Integrity Checks

Rainbow performs automatic integrity checks to detect keychain issues: 
// Checks run automatically after wallet initialization
const runKeychainIntegrityChecks = (): void => {
  // Run with delay to avoid blocking startup
  setTimeout(checkKeychainIntegrity, time.seconds(2.5));
};

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Wallet Damage Detection

The system detects and flags damaged wallets:
  • Missing keychain entries
  • Corrupted encryption data
  • Inaccessible private keys
  • UI warnings displayed to user
If a wallet is detected as damaged, Rainbow will prompt you to restore from backup or re-import using your seed phrase.

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Platform Differences

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iOS

  • Uses iOS Keychain for secure storage
  • iCloud backup integration
  • Face ID / Touch ID authentication

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Android

  • Uses Android Keystore system
  • Google Drive backup integration
  • Biometric authentication
  • Additional Google account login for cloud backups

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Next Steps

Account Management

Learn how to create and manage multiple accounts

Backup & Restore

Set up cloud backups and recovery options

Hardware Wallets

Connect and use Ledger hardware wallets

Assets Overview

View and manage your crypto assets

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