A cryptoasset wallet is a user interface for interacting with your blockchain assets. Cryptoassets are simply digital data stored on the blockchain. Cryptocasset wallets store the private key to their position on the blockchain, and this private key controls whether you may access that cryptoasset.
In a nutshell, crypto wallets are similar to bank accounts, but without the middleman. As with bank accounts, crypto wallets enable you to manage your assets.
Crypto transactions take place on a blockchain and rely on the use of public and private keys. These keys may be considered the cryptographic equivalents of a bank account number and an online banking login. The former is a method of receiving assets into your account that you may share with others. However, your private key is more akin to the combination of your secret vault.