A Beginner’s Guide to Multichain Crypto Wallet: Why Do You Need One?

A crypto wallet is a must-have requirement for handling any crypto-based activity like crypto token creation, exchange development, trading, staking, lending, etc. A crypto wallet acts as a pillar for all these platforms as cryptocurrencies are stored, bought, and sold with it. Basically, a crypto wallet is developed and maintained over a blockchain platform. In that sense, the cryptos will be stored with greater security, immutability, and reliability.

It will be intimidating if a crypto wallet just supports a single blockchain’s currencies. Users have faced many difficulties in creating an account in every single chain wallet. For instance, Bitcoin’s own wallet Bitcoin Core only supports Bitcoin and neglects other cryptocurrencies. Hence, there comes the evolution of multichain crypto wallets. Multichain wallets are the vice-versa of single-chain wallets. Hope, you might have got it! Multi-chain wallets are accessed with multi cryptocurrencies of different blockchains. Currently, new crypto users are preferring multichain wallets for their transactions. In that sense, many budding entrepreneurs are also choosing multi-chain Crypto Wallet Development as their business idea for attracting numerous crypto users. 

In this blog, we shall discuss everything about multichain wallet development, top multichain crypto wallets, their benefits, and features, the cost to develop a multichain wallet, etc. Let’s get started with…

What is a Multichain Crypto Wallet?

A multichain wallet is a virtual wallet that allows users to store various cryptocurrencies of various blockchains. Multichain wallets act as a perfect alternative for a single-chain wallet because it only supports various cryptocurrencies. With a multichain crypto wallet, anyone can access the cryptos of different blockchains like Ethereum, Tron, BNB chain, etc. With the multichain wallet, any user can manage and exchange currencies on different platforms. 

The portfolio of the wallet in the marketplaces will be unique and presentable if it is a multichain wallet. Hence, If you create your own multichain wallet, various crypto users can be attracted and the reputation of the wallet will also increase. Hence, create your own multichain crypto wallet to generate greater revenue. Here, I shall illustrate some of the top wallets that are outstanding.

Popular Multichain Crypto Wallets

The mentioned are the best multichain crypto wallets adopted by cryptopreneurs for the recent few years.

  • Coinbase wallet
  • Metamask wallet
  • Trust wallet
  • Trezor wallet
  • Exodus wallet
  • Ambire wallet
  • ZenGo wallet
  • Electrum wallet
  • Bluewallet
  • Ledger Nano X

You can also get added to this list, but, you should initiate creating crypto wallets that are multi-chain compatible. Even Web3 Wallet Development with multichain support can be developed and can be accessed in the Metaverse ecosystem. Before proceeding further, knowing the working process of a multichain wallet is mandatory. 

How Does a Multichain Wallet Work?

Without a wallet, you cannot send and receive cryptocurrencies and transactions cannot be done. Hence to make transactions, you should access the crypto wallet. A crypto wallet comes with two parameters named public and private keys. A public key represents the address of the wallet and a private key is its password.

With a private key, you can unlock and access the wallet. Whereas, you’ll need the receiver’s wallet address i.e. public key for sending the cryptocurrencies. With both these keys, you can send and receive cryptocurrencies in a hassle-free manner. Because of these private keys, the cryptos are stored with enhanced security. 

Benefits of a Multichain Crypto Wallet

Numerous perks come along with multichain wallet creation. That includes:

Enhanced Security

Multichain wallet includes jaw-dropping security features to confirm the assets are properly stored and managed. Some might include two-factor authentication, biometric access, etc.

Multiple platform support 

Within the single wallet, various cryptocurrencies of various blockchains can be easily supported. Hence, the users will be benefited by storing their diverse currencies all in one.

Cross-chain Transferability 

Different crypto tokens can be easily transferred to other wallets without any hassles using this multichain wallet. This is also used in any decentralized exchanges as just a wallet login is enough for accessing it. 

Wide Investment Opportunities

Not only storing assets, but multichain wallets also help in making investments and reaping greater revenue. For instance, if a multichain wallet is connected to a decentralized exchange, rewards will be continuously generated for staking currencies rather than merely storing them.

Reach Popularity

With a new multichain crypto wallet, many new crypto peeps can be attracted and included as wallet holders. Hence, the user base will be enormously increased parallelly leading to utmost popularity.

Better User Experience

As all the benefits come under a single multichain wallet, users can save lots of their time and money rather than spend on every custodial wallet. Hence, greater satisfaction will be felt among the users. 

On considering these perks and revenue generation in mind, multichain wallets are attracting the new cryptopreneurs searching for the best business idea. Along with these benefits, we shall also cover the jaw-dropping features of the multichain wallet.

Features to Look in a Multichain Wallet

Features play a major role in choosing a product or a service. Hence, it is mandatory to decide on the features priorly before creating a multichain wallet. Some of the mind-blowing features include:

User Privacy

Each wallet has its own private key that ensures users’ privacy and security. Any information cannot be shared or muted without the wallet owner’s concern thus reducing the possibility of hacks.

Automated Conversions

Any cryptocurrency can be automatically transferred from one wallet to another. Thus, it helps in saving more time and money.

Home Screen Customization

The dashboard of the wallet can be easily designed and customized as per your requirements. The placements of each icon and widget can be decided to exhibit a unique portfolio.

Security Features

Multichain wallets include many security features like encryption, two-factor authentication, tracking token balance, etc.

Update Price Tracking

The current price of each cryptocurrency will be readily updated in the wallet. Hence, there will be no need to reach exchanges to check the price of cryptos.

Account Backup

The wallet can be easily retrieved in cases of any unintentional user logout. Even if it is lost, it can be recovered by inserting the seed phrase.

Automatic Updates

If the software or technical version of the wallet gets improved, then the wallet’s functionality will be automatically updated to its latest version.

Multi-Language Support

Wallets are not restricted to any language barrier and hence, people across the globe can easily access the wallet in their own languages.

Transaction History

Any cryptocurrency’s transaction history can be easily watched or recovered and hence the token balance will be automatically updated.

Duplication Payment Rejection

As multichain wallets come with security checks, they automatically discord any junk or unsecured transactions from the other end.

As an entrepreneur, you might be amazed by these features and will be curious to create one. The creation of a multichain wallet is enclosed below.

Multichain Crypto Wallet Development: Step-by-Step Process

Developing a multichain wallet includes the technical specifications and it has to be done in a procedural manner. Those steps include.

Gather your Project Requirements

First, perform competitor analysis and decide the necessary parameters required for creating a multichain crypto wallet. Decide on the blockchain to create a wallet, features, and functionalities to be included, UI interface, etc. Hence, analyze your competitors and pick a unique strategy for your wallet creation.

Design your User Interface

Your wallet dashboard will play a major role in attracting multiple user bases. Hence, it should be designed in a highly impressive manner with perfect color, font, and design. If catchy features are included in the dashboard, then it also helps for the wide popularity of your wallet.

Pick the Best Token Development Platform

There are numerous blockchain platforms available in the crypto ecosystem for an ideal wallet creation like Ethereum, Tron, BNB chain, etc. You can choose your desired blockchain and proceed with the development phase. 

Developing a Multichain Wallet

Create a unique smart contract and import the code required for wallet development. Customize all the token parameters like the wallet name, symbol, features, etc, and execute the code to run.

Test and Deploy the Multichain Wallet

Once the development is over, test the code once to fix any bugs or errors. If the testing is done, then the multichain wallet will be ready for deployment.

By following these steps, a multichain wallet can be created efficiently. But as an entrepreneur, you might not be technically strong in blockchain technology and wallet development. So, having expert support by your side will help you stay ahead of the curve. To be precise, pick a reputed multichain crypto wallet development company like Icoclone in the crypto space for the best results.

Cost of Developing a Multichain Wallet

Each wallet has its own unique characteristics because every wallet is not the same. As the features of the multichain wallets are not the same, we cannot predict the exact cost of developing a crypto wallet. The cost might be influenced by various factors like

  • Design of the wallet
  • Customizations done
  • Quantity to be developed
  • Size of the development team
  • Local regulations
  • Processing fee

Not only these, but various factors too influence the multichain wallet development cost. But, we shall illustrate the average cost of the multichain wallet and it might start from $5000. You’ll include and customize the token parameters based on your requirements. Hence the above-mentioned cost might also differ parallelly.

A cost-effective and feature-rich multichain wallet can be offered only by a reputed crypto wallet development company. Perform ground research and pick the best one among the false apples.

Where Can I Get the Best Multi Chain Crypto Wallet?

Icoclone is a renowned and esteemed multichain Crypto Wallet Development Company in the crypto space. We have a team of developers who’ll design, develop and deliver your wallet exactly at the time mentioned priorly. All the above-mentioned features come along with our wallet development, hence it will be outstanding among the others. Multichain wallets developed from Icoclone come along with numerous security factors that offer greater immutability thus preventing hacks.

Not only in wallet development, Icoclone also excels in offering a premium ICO script, STO script, smart contract development, and multi-chain compatible crypto token development. You can access any of our services based on your business needs. Then why delay? Contact Icoclone immediately for initiating your multichain crypto wallet creation for reaping hefty revenue!

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