Over the past few years, you may have frequently heard the terms “Blockchain” and “cryptocurrency”. As of today, the world is striving for many new technologies. This huge technological development has induced all sorts of industries to put their efforts to incorporate blockchain in their business verticals. When it comes to applications of blockchain technology, cryptocurrency stands first as its work is completely based on blockchain.
Now, the question is, where will those cryptocurrencies be stored? There comes the answer i.e crypto wallet. In that regard, a crypto wallet plays a mandatory role in executing any crypto-related activities like trading, crowdfunding, crypto exchange development, etc. As per recent market analysis, the crypto wallet market generated a revenue of $8.42 billion as of 2022 and it is expected that it’ll reach multiple billion with a compound annual growth rate of 24.8% in the forthcoming years. Hence, cryptocurrency wallet development can be one of the ideal business ideas to be initiated.
In this article, we shall discuss everything about crypto wallet app development, its types, how to create a crypto wallet, its features, benefits, etc. Without any delay, let us take off this blog with,
What is a Crypto Wallet?
A crypto wallet is a software that is used to store, send and receive cryptocurrencies. The transactional records can be easily handled and maintained securely with the crypto wallet. The crypto wallet can be accessed using public and private keys. Basically, a public key is the wallet’s address and a private key is a password that is used for unlocking a wallet. You can send your cryptocurrencies to the other user by filling in their public key.
Types of Crypto Wallets
Based on accessibility and authority, crypto wallets are primarily divided into
The public and private keys are maintained by a central authority or an exchange owner in custodial wallets. The transactions that are made with the custodial wallet will be monitored by a third party. Usually, custodial wallets come along with centralized exchanges where the users will login and hold a wallet account.
It is the vice-versa of custodial wallets. Here, the user will have full access to the private keys and funds in non-custodial wallets. Basically, non-custodial wallets exist in further various forms. Those types of crypto wallets like desktop wallets, mobile wallets, web wallets, paper wallets, and hardware wallets. Here, mobile and web wallets are the most preferred ones as they come as applications and web extensions.
Currently, there is a great demand for non-custodial wallets in the crypto marketplace. Without a non-custodial wallet, any decentralized platforms cannot be accessed. In that sense, if you’re an entrepreneur willing to initiate a business in the crypto sector, then developing a crypto wallet app will be the best choice. For creating your feature-rich crypto wallet, you can contact a reputed Cryptocurrency wallet development company like Icoclone for immense results. Now, you might think, what might be the reasons behind developing a crypto wallet? Here comes the following.
Why Create a Crypto Wallet App?
- The core advantage you can receive by creating a cryptocurrency wallet is community building. As a startup, you might require a set of users to reach fame in the crypto space. In that sense, by developing a crypto wallet, you can make your brand popular among your target audience.
- Rather than focusing on the local people, you can reach a wider population by executing the crypto wallet development without any location barrier. You can attract users across international borders for your crypto wallet.
- Every trader or investor entering the crypto market will search for a new and ideal crypto wallet for the safer storage of cryptocurrencies. Hence, as a startup, you can create one and attract those new users by providing certain offers and high-end premium features.
Keeping all these in mind, you can develop a new crypto wallet app for the enhancement of your business. Once you’ve decided on a cryptocurrency wallet development, you might be interested to know the process to create an ideal crypto wallet app.
How to Create a Crypto Wallet?
Basically, a crypto wallet app can be developed in two possible methods. One is using the open-source code available on the internet or else approaching the best cryptocurrency wallet development company in the crypto space.
Creating a crypto wallet with open-source code might involve certain bugs as they are not properly tested. You have to properly test the code and work on it in case of any mistakes. But as a budding entrepreneur, you might not have that much expertise in development so you can go with an alternative way.
To skip the hassles of open-source code, you can approach a renowned crypto wallet development company like ICOCLONE in the crypto space for the best results. We’ll develop your crypto wallets based on your requirements. But, creating a crypto wallet from the initial phase is a long and complicated process. So, we offer a ready-made solution as a premium white-label wallet software for new entrepreneurs and startups to kick off their crypto wallet development instantly.
Benefits of Using White Label Crypto Wallet App Solution
There are numerous benefits that come along with our white-label crypto wallet solution.
- Basically, a white-label crypto wallet software is a readymade solution that has all the exemplary features filled within it. Certain customizations can be done based on your interest and the crypto wallet can be deployed.
- The core benefit of utilizing this white-label software is time efficiency. A massive time can be saved by creating a crypto wallet app with this pre-built solution.
- Our white-label wallet software comes at an affordable cost than spending much money on development from scratch. As a newly emerging entrepreneur, our white-label wallet software will be a budget-friendly solution for you to pick.
- Our white-label wallet app comes with high-end security features so your crypto wallet will not be prone to any malicious attacks or hacks. You can attract multiple users by showing off your wallet’s security features.
- No technical knowledge is needed as your crypto wallet comes with an all-in-one solution.
- Then finally, you can customize any of your desired features and functionalities in our white-label wallet app software to get your expected crypto wallet as an outcome.
Top Features of White Label Crypto Wallet
Features play an important role when choosing or developing any product. Here, I list some of the exemplary features that should be incorporated into the top-notch crypto wallet. They are as follows,
- Multiple cryptocurrency endorsements
- Two-factor authentication( for the custodial wallet)
- Automated session logout
- Numerous payment gateways
- Password-secured access
- Multi-signature vault
- Home screen customization
- QR code scanner
- Multi-platform agreement
- Rigid security mechanism
By enabling these features, your crypto wallet will be an outstanding one. Once after realizing the benefits and features of our white-label crypto wallet, you might be eager to know the cost to create a crypto wallet app. It is included below.
Crypto Wallet Development Cost
Speaking about the cost of developing a crypto wallet app, there is no accurate cost fixed for a crypto wallet development. Because the wallet creation cost might vary from app to app based on your requirements. The common factors that influence the crypto wallet app development cost are
- App’s complexity
- Size of the development team
- Crypto wallet’s design
- Tech stack
- Own customizable features, etc.
Not only these but if you wish to include your own desirable features, then the cost may change accordingly. Here, we can give you an average range for the cryptocurrency wallet development cost. It might start from $4000.
In some cases, a crypto wallet comes along with the crypto token creation as a combo and it may cost around $10000. If you wish to get the crypto wallet app along with the ICO dashboard that comes as an ICO script, then it may range from $14000. Now, you might come to the idea of creating your own crypto wallet by recognizing the exemplary benefits we offer.
Why Choose Icoclone for your Cryptocurrency Wallet Development?
Icoclone is a renowned cryptocurrency wallet development company in the crypto ecosystem. We have years and years of experience in offering all crypto wallet app development services. For a successful crypto wallet app development, hiring a team of experts and skilled blockchain developers from Icoclone will help you to create your crypto wallet in an ideal manner.
We offer high-security features integrated crypto wallets from Icoclone. If any sort of technical error is identified, then our developers will rectify the errors and solve them in seconds. Not only in cryptocurrency wallet development but we also have expertise in crypto token development and in offering ICO script, STO script, etc. So, contact Icoclone for kickstarting your crypto wallet app development instantly.