What are multicurrency wallets and why are they needed?

Multicurrency wallets are convenient tools for storing multiple cryptocurrencies in one place. They allow users to manage various assets, such as Bitcoin, Ethereum, and other altcoins, without the need to create separate wallets for each coin. This simplifies the transaction process and makes it more convenient, as all funds can be controlled through a single platform. Such wallets become especially useful for those who actively invest in different cryptocurrencies and want to minimize the risks associated with losing access to a wallet.