Is there a Universal Wallet?

If I have a whole portfolio of crypto currencies, do I need to manage several different wallets? I gather devices like the Ledger Nano can hold keys and tokens for several protocols and send/receive on account on multiple networks. I’d guess the mainstream tokens and coins all use one of a handful or protocols, most related to BTC and ETH, probably mostly software compatible. ADA is trying to be another one supported by most wallet software/hardware, but needs to be adapted. I’d imaging Hashgraph and Iota are yet another set of protocols and wallets.

Do people who do this really have many distinct wallets to make sure you install correctly and protect the keys for? This seems hopelessly complex for most and probably why they often just keep accounts on exchanges, no?

There is no universal wallet wich can hold ALL cryptocurrencies. Ledger as of 17/5/2019 supports 1185 assets. The Ledger Nano X can hold 100 of them. The Ledger Nano S only holds a couple. Wallet suppliers tend to (only) support popular crypto. Cardano currently can be held on Ledger and Trezor hardware wallets:

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