Just like any money needs a place to be stored, such as a bank account or maybe a real-life leather billfold, crypto wallet is the digital home for your Bitcoin, Ripple, Ethereum, etc. Unless it’s not always physical.
It’s a special piece of programming code created in harmony with the nature of cryptocoins. These wallets are very different, but, put simply, their nature is the same: to send, receive and store your cryptocurrencies.