What are wallets and why are they necessary?

A crypto wallet is a software program or physical device for sending and receiving cryptocurrencies. To be more precise, a crypto wallet does not hold any actual cryptocurrency. Instead, it holds the public and private key information needed to carry out crypto transactions. The cryptocurrency itself is stored on a blockchain—a type of digital ledger that serves as the basis for how many decentralized cryptocurrencies work.

Electra Protocol currently only offers software wallets:

It is recommended to use the XEP Desktop Wallet.