Do you want to find the Crypto wallet app development cost? The term cryptocurrency has gone from being a niche to an overnight hit. In its most basic form, cryptocurrency is a virtual, digital currency created and kept in the blockchain, protected by encryption, and designed to function as a medium of trade. However, it is impossible to trade cryptocurrencies without a Crypto wallet.
A cryptocurrency wallet is a piece of software used to store cryptocurrencies. The crypto wallet enables portfolio holders to lend, acquire, sell, and retain cryptocurrency records. There are undoubtedly multiple crypto wallets accessible on the market. However, most cryptocurrency wallets offer Ethereum or Bitcoin, while some customers prefer a solution tailored to their needs. Therefore, now is the optimal time to begin developing cryptocurrency wallet apps.
Cryptocurrency Wallet App Development: Features, Technologies & Cost
Before you hire developers, this article will explain the fundamentals of the cryptocurrency wallet app, including its features, technologies, and costs.
Types of Crypto Wallets
Consider whether you want to create a centralized or decentralized wallet, also known as custodial and non-custodial crypto wallets, before we provide you with the list of crypto wallet types.
A third party retains your private keys and secures your assets in a custodial or centralized crypto wallet. Lost passwords are never a problem; they may always be restored after identity verification. Moreover, transaction fees are cheaper in custodial cryptocurrency wallets. To use custodial crypto wallets, you need a stable network connection; otherwise, managing assets would be complex.
In non-custodial crypto wallets, you have complete control over your private keys and assets. Non-custodial or decentralized wallets enable easy monitoring and management of transactions. And the best thing is that authorization from your private keys is required for any trade. A non-custodial wallet can be accessed offline, and funds can be managed anytime. Keep in mind, however, that when using a non-custodial wallet, you will receive a mnemonic phrase of 12 to 24 syllables that must be written down and kept secure to regain access to your wallet. If you lose the term, you will also lose the associated cash.
Once you decide whether you want to create a custodial or non-custodial wallet, it’s time to choose a platform.
- Desktop Wallets: Desktop wallets can be installed on a computer’s desktop just like any other application and can be used to store cryptocurrency. These wallets are compatible with all operating systems, including Windows, Linux, and macOS.
- Online Wallets: Due to the web-based nature of online wallets, they are kept in the cloud and require unique access keys to work. Online wallets are ideal for customers who cannot access their PC but still need to access their accounts. A significant drawback of online wallets is their susceptibility to hackers.
- Mobile Wallets: Mobile wallets are a combination of online and desktop wallets. As their name suggests, mobile wallets are applications that can be installed on smartphones and allow users to access their cryptocurrency from anywhere.
- Hardware Wallets: Hardware wallets are the most secure way to trade and manage cryptocurrencies because data is stored on a USB-like hardware device. Hardware wallets are the optimal option for crypto users who do not change frequently.
Features of Crypto Wallet
The following are some of the features that are included in digital wallet app development are:
- Registration/Sign-in System: Sign-in functionality is the most crucial feature of a cryptocurrency wallet.
- OTC trading facility: Over-the-counter or OTC trading in the crypto wallet makes cryptocurrency trading private because it is conducted directly between two parties. OTC trades can be cryptocurrency-to-cryptocurrency or currency-to-cryptocurrency.
- Multi-Sig: As it requires several private key signatures for transaction authentication, a wallet’s multi-signature or multi-sig feature makes it more secure and minimizes the danger of misusing funds.
- KYC verification: Using official documents such as a passport or government-issued identification, KYC allows you to verify and authenticate the user’s identity. KYC in the crypto wallet is ideal for guaranteeing the safety of the user’s funds.
- Privacy: Users will have complete control over their data in the case of non-custodial wallets. The user receives a private key converted into a 12-word mnemonic phrase, ensuring increased privacy.
- Options to Sell/Buy Crypto Securely: Users may quickly purchase any cryptocurrency using a credit card in a secure transaction. They can even sell the cryptocurrency from the wallet and have the funds credited to their credit card almost instantly.
- In-chat transactions: The in-chat transaction feature in the crypto wallet allows users to exchange cryptocurrencies without needing an exchange platform.
- Cross-platform compatibility: A wallet can be made cross-platform compatible using the flexible and secure architecture, making it easier for users to access their portfolio from any device.
- Automated Denial of Duplicate Payment: Automated detection and rejection of duplicate transactions in the crypto wallet are essential for increased security.
- API connections for Crypto Exchange: If the wallet is linked to the market’s leading crypto exchange platforms via API, customers can purchase and sell their crypto assets without leaving the platform.
- Multi-Asset Storage: A crypto wallet must accommodate numerous tokens based on the user’s demands.
- Easy Portfolio Management: A further benefit of a cryptocurrency wallet is that it allows users to manage their portfolios and instantly view their transactions effortlessly.
Technologies for Crypto Wallet Development
Now that we have a fundamental understanding of cryptocurrency wallet apps, it is time to learn about the technology stacks that can be employed in their development.
Storage databases include PostgreSQL, MySQL, Cassandra, BigchainDB, AWS Quantum Ledger Database (QLDB), and others. You can conduct code reviews, static code analysis, unit testing, and single-user performance testing for testing and debugging.
Estimated Cost for Crypto Wallet App Development
The estimated cost of developing a cryptocurrency wallet app is contingent on some variables, including the size of the company, the program’s complexity, the size of the cryptocurrency wallet, and its design. Depending on the features you may choose to add to the wallet, the price will likely range between $85,000 and $95,000.
If you are interested in constructing your cryptocurrency wallet, however, you can employ our experienced developers, and we will supply you with a realistic cost for the project.