With a market cap exceeding 1.18 trillion dollars, the crypto space has become an unskippable part of our everyday lives in some sense. As more use cases of crypto and blockchain applications come into the wider space, driving user adoption becomes mandatory to make them useful. Crypto wallet app development becomes essential at this juncture due to these applications’ inherent nature and the pivotal role they play in onboarding new users to the lucrative crypto ecosystem. Come ahead; we present you with a complete guide on creating a crypto wallet app from a business perspective!
Why Should You Develop a Crypto Wallet App?
As we know, a crypto wallet app enables users to store the private keys to access their crypto holdings. These applications have been in existence since the first cryptocurrencies bloomed, and they have become an essential part of the wider crypto ecosystem.
As for why one should create a crypto wallet app, the reasons are pretty simple. Firstly, the app offers a ever-evolving business opportunity. There will be no shortage of new users adopting cryptocurrencies for a long time to come, and offering user-friendly experiences is enough to retain them.
Secondly, setting up business partnerships can become easier, unlike other business models, where such partnerships are hard to come by. This factor is crucial for entrepreneurial minds that want to gain a foothold in the crypto space. Also, cryptocurrency wallet app development as a business option can be a pathway to delve into NFTs and decentralized finance (DeFi).
Benefits of Developing Crypto Wallet App
- Building a crypto wallet app for your business can be instrumental in tapping into the emerging popularity of cryptocurrencies.
- Running such an app can present you with numerous revenue streams that you can utilize to grow your business with time.
- You can gain access to user data and statistics that can prove crucial for improving your business decisions by putting them to good use.
- By offering support for the growing decentralized finance (DeFi) movement, your crypto wallet app can be part of the future FinTech ecosystem powered by blockchains and cryptocurrencies.
- Becoming a business based on a crypto wallet application can help you delve into any of the Web3 provisions in the long run based on your future plans and market trends.
- Such applications also offer increased opportunities for business collaboration with other ventures, such as NFT marketplaces, crypto exchanges, Play-to-Earn (P2E) games, metaverse platforms, and DeFi applications.
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How to Create a Crypto Wallet App?
Creating a crypto wallet app from scratch involves a long process which we can see in the points below.
- Conceptualization: The cryptocurrency wallet app development campaign begins with creating the technical concept to be used in the process. Our experts will carefully listen to your idea and conduct sufficient market research to create the official documentation of your crypto wallet app.
- Front-end & UI/UX Design: Designing the front end of the crypto wallet app comes next, where our experienced front-end developers and UI/UX designers will create the platform’s user end. The crypto wallet app will now have a dummy prototype that users can utilize and see the available options.
- Back-end Development: We now proceed to develop the crypto wallet’s back end that consists of smart contracts. These programs dictate various functionalities of the wallet application and connect the front-end interface with the blockchain network. These contracts can even be coded to offer multi-chain and cross-chain functionality.
- Test: Your crypto wallet app development campaign now reaches the phase where the application will be tested using various use cases. Our Quality Control (QC) team and testers facilitate the process by identifying and resolving defects promptly. The process occurs multiple times until most deficiencies are eliminated.
- Launch: Now, the crypto wallet app is fully ready for public use, and we launch it in the public domain. You can go about promoting the wallet app using various marketing strategies, including incentivizing people who participate in Beta testing.
- Maintain & Upgrade: As time goes on, your crypto wallet software could come up with new faults. However, you will never need to worry, as our professionals can offer unparalleled support by conducting timely maintenance and performing software upgrades.
Features to Consider While Building Crypto Wallet App
One should consider adding some advanced features while developing a crypto wallet application to ensure it offers unique propositions to users. Apart from the usual functions crypto wallets offer, it will be good if they come with added features. Here are some significant features of a crypto wallet app you should consider adding to your app:
- Multi-Currency Support
- Decentralized Crypto Exchange (DEX) Integration
- Hardware Wallet Integration
- Biometric Authentication
- Two-Factor Authentication (2FA)
- Multi-Signature (MultiSig) Transactions
- Batch Transactions
- Customizable Transaction Fees
- Portfolio Tracking
- Coin Swapping
- Labeling & Categorizing
- QR Code for Instant Transactions
- Fiat Integration
- Push Notifications and Alerts
- Offline Transaction Signing
Using these can aid you in having a one-of-a-kind cryptocurrency wallet app that can drive your business to success. With Blockchain App Factory’s expertise in cryptocurrency wallet app development, it is enough to state your intentions – We will craft the app with everything included with the utmost quality.
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Technology Stack Needed in Crypto Wallet App Development
Our excellence in crypto wallet app development is complemented by the set of technological stacks we utilize in building these applications. Here, we provide the technical infrastructure we harness for various processes involved in developing a cryptocurrency wallet app.
Back-end Programming – Node.js for server-side scripting
Blockchain Integration – Web3.js/Ethers.js (Ethereum), Bitcoinjs-lib (Bitcoin), Ripple-lib (Ripple)
Cryptographic Libraries – OpenSSL and CryptoJS handle key generation, encryption, and signing transactions.
Database – MongoDB, PostgreSQL, GraphQL, IPFS, Filecoin, Pinata, and Arweave for storing encrypted data and transaction history.
User Authentication – OAuth 2.0 and JWT (JSON Web Tokens) for user authentication and security.
Security – HTTPS, SSL/TLS certificates, and 2FA for user account protection.
Cloud Services – Amazon Web Services (AWS) and Google Cloud for scalability and backup.
UI/UX Design – Figma, Adobe XD, and Sketch to create intuitive and intriguing user interfaces.
Testing and Quality Assurance – Jest (unit testing), Postman (API testing).
Push Notifications – OneSignal, Google Firebase, LeanPlum, and Airship to inform transactions and updates on the go.
Payment Gateways – Coinbase Commerce, Coinify, Circle, and Bitpay to facilitate fiat-to-crypto purchases.
Real-Time Price Data – Binance, CoinAPI, Coinbase, and CoinCap to fetch and show real-time crypto prices to wallet users.
Challenges You May Face When You Develop a Crypto Wallet
While crypto wallet app development is a fantastic business opportunity, there are concerns that come in the way that could challenge your venture. Hence, we advise you to be cautious with the below elements as a crypto wallet app business:
- Security Concerns – Since a crypto wallet involves multiple potential fronts of threats, ensuring the app’s security at any point is paramount.
- Regulatory Compliance – The legal aspects of the crypto space are still evolving, and complying with them (mainly KYC and AML) becomes necessary for crypto wallet app companies.
- Handling Private Keys – With users having their private keys, it is important to educate them on storing keys and seed phrases safely offline to evade malicious acts.
- Blockchain Complexity – Integrating a crypto wallet with different blockchains with differing mechanisms proves to be challenging for developers.
- User Experience – Crypto wallets should provide a user-friendly experience as they allow people to experience the depths of Web3 technology.
- Transaction Speed and Scalability – To become an industry leader, a crypto wallet app needs to process transactions quickly and be scalable during times of congestion.
- Multi-Platform Support – Supporting multiple platforms and devices while not compromising on user experience tends to be a challenge for crypto wallets.
- Network Connectivity – Since crypto wallets are a basic necessity, they should be able to work even in low-network and offline environments.
- Crypto Volatility – Since the crypto market is volatile in nature, offering real-time updates on coin prices and handling fluctuations dynamically can be complex.
- User Awareness – Most users might not be well versed with the crypto market’s nature and crypto wallet usage. Educating them on necessary fronts is essential.
- Backup and Recovery – Enabling a secure and easy-to-use recovery portal for users in case they lose their private keys (in case of custodial wallets) or devices is a must.
- Customer Support – Offering extensive and reliable support to users is critical for a crypto wallet app product firm, as inquiries can range from usage instructions to lost funds.
How Much Does It Cost to Make A Crypto Wallet App?
The cost to develop a crypto wallet app depends on various factors, including the features integrated, the technological stack used, and, obviously, the number of hours worked. The nature of cryptocurrency wallet app development is also a saying factor, as prices vary drastically between building a wallet from scratch and tapping into a customizable pre-built solution.
Thus, we have seen most things, if not all, about crypto wallet app development. As said earlier, operating a crypto wallet can be a vital business option as millions are expected to get on board with this lucrative space in the coming years. If that excites you, this is the right time to commence your plan! With support from Blockchain App Factory’s expert team, you can conduct a comprehensive cryptocurrency wallet app development catering to all your needs at competitive prices. Initiate a conversation with one of our professionals by filling out the form given below!