Overview
Rainbow is an Ethereum wallet known for its friendly design. It launched in 2020 and focuses on making EVM networks fun and easy, with a strong emphasis on NFTs and social features.
In early 2026 Rainbow launched its own token, RNBW, linked to its points program; it fell sharply after launch.
Features
- Supports Ethereum and popular layer 2s (Base, Arbitrum, Optimism, Zora, Polygon and more).
- A gallery-style NFT display.
- Swaps and bridges with a small Rainbow fee.
- iCloud or Google Drive encrypted backup of your recovery phrase.
- Ledger and Trezor support in the browser extension.
Security
Rainbow is open source and has no record of a major hack. Its encrypted cloud backup is convenient, but make sure the password you choose is strong.
Pros and cons
Pros
- One of the nicest designs in crypto.
- Great for NFTs.
- Easy for beginners, open source.
Cons
- EVM only.
- Swap fee on top of network costs.
- The token launch disappointed many users.
Who it’s for
Rainbow suits beginners and NFT collectors on Ethereum and its layer 2s.
Verdict
Rainbow makes Ethereum approachable and enjoyable. For pure DeFi power, Rabby does more; for a pleasant everyday wallet, Rainbow is hard to beat.