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The sudden boom of emerging technologies has led to advancement in every sector. The financial industry has witnessed the greatest revolution of all time. People in today's era no longer have to visit physical banks; on top of that, every transaction occurs online. With the blockchain and web3, the craze of cryptocurrencies is at its peak. Businesses are interested in developing crypto banking platforms. The average cost to develop a crypto banking platform is $35,000-$500,000. The crypto banking development cost varies according to multiple factors, including the design, features, quality, and more.
We will create an incredibly unique budget consisting of every top feature and attribute that will meet your business requirements.
As per Finder, the crypto banking app is used by 10% of US people who have used crypto banking products, 18% of banking institutions are invested in crypto banking, and 36% of US people think that crypto must be used for payments. Amazon, Ali-express, and eBay are in-demand online crypto debit retailers.
This article will give you a thorough analysis of the crypto banking platform development cost. Let’s get started!
The basic method to calculate the crypto banking development cost depends upon two major things. The first one is the developers' hourly rates, and the other is the time invested in building the app. Time plays a crucial element, and it relies on the type of platform and features to be involved, technological stacks, etc.
The hourly rate depends on the developers' experience, skill sets, and geographical location. The formula is very simple;
Cost To Create Crypto Bank App = Total Development Time * Hourly Charges Of The Developers.
This will give a rough cost estimation for your crypto bank project.
Countless factors play a vital role in crypto banking app cost. There are several factors that affect the overall cost of mobile application development for the banking sector. These factors are significant from the costing perspective. Not only that, they are even beneficial for the app’s performance and success.
The development process is the essential stage of the crypto banking app. Here, the practical implementation of the application takes place. It starts with the research and analysis and then goes to design and development. The stages of the development process are as under;
R&D is the basic conceptualization of product development. After research, there is an analysis of all the requirements. This also takes some time. So, the money depends on the time taken to perform the activities. This also creates a road-map for how the product will reach its destination.
The blueprint of the crypto banking app involving the basic design and architecture forms a major part of the wire-frames. Designers structure the whole overview of the product and exhibit the design flow. The all-inclusive application layout is usually developed with the help of Sketch, MockFlow, UXPin, Figma, etc. Several testing procedures are carried out till the envisioned product does not come out.
A wire-frame typically has to go through multiple testing procedures to finalize the one that offers a true vision of the product. Generally, a wire-frame design can cost around $8,000 to $10,000.
The look really matters. The crypto banking platform has to have a tangible user interface. Along with that, the customer experience must also be kept in mind. The crypto banking app possesses characteristics like user information, transaction details, and many more. These things need a systematic design that incorporates all the necessary elements. Even the navigation should be seamless so the users' engagement does not break.
We build scalable platforms that are as per the financial norms. We have included all the necessary characteristics that have a distinctive role to play.
The developers help in the crypto bank app development process by performing coding, installing the software, and maintaining it. They develop crypto banking software using advanced programming and coding techniques to meet the client's specifications.
After the product is developed, the conditions are evaluated and verified. This is done by carrying out different types of testing methods. This stage is important as the complete quality checking takes place. Software defects are identified and eliminated to maintain quality control.
The developed platform is then deployed and launched for public use. Technical glitches can happen anytime, even after the release of the product. So, as a terrific crypto exchange development company, we even provide post-maintenance facilities.
Now, this whole development process, as stated above, is itself a long procedure. The team involved is surely going to be massive. A bunch of researchers, analysts, strategists, designers, developers, testers, technical experts, customer support assistants, etc., form the major part of the development team. So, to cater to all of them is imperative. The more team members, the more will be the costing budget.
Most companies downplay marketing. But we give it the utmost importance. The promotion and marketing of your product is essential. Because most of the time, users have no idea about the product's availability in the market. We will help you in the desired advertising of your crypto banking app on various social media platforms so that they come to the notice of the target audience.
We have created a table that will provide you with all the paramount information regarding the crypto banking development cost.
| Development Stages | Development Cost |
| Consulting | $3000-$5000 |
| Research And Analysis | $4000-$6000 |
| Wire-framing | $8000-$10,000 |
| UI/UX Design | $9000-$12000 |
| Development, Testing, And Launch | $10000-$14000 |
| Post- Maintenance | $5000-$7000 |
| Marketing | $6000-$8000 |
Features are the key components of any application. Specifically, talking, multi-currency bank accounts, user-friendly wallets, payment gateways, crypto trading desks, fraud protection, and providing real-time analysis are some of the features of the white-label digital bank platform.
Below, we have described a few of them; let’s have a look!
Allows the users to interact in case of any query. The digital banking chat bot is available 24*7, making it convenient for users to share their queries.
Today applications are integrated with AI technology. This feature is slightly costlier as it automatically detects fraud, reduces risk, and leaves no space for fraudulent activities. Advanced technologies like Artificial Intelligence, Deep Learning, Machine Learning, etc., are used here.
This allows the integration of the superior attributes, making it convenient for the admin to manage the transactions.
Security is the top-notch element that is a must for crypto banking development. Various security measures like multi-factor authentication, fingerprint authentication, end to end encryption are the must-have app security elements.
Several notifications are sent to the users. These could be transaction, application, and promotion based. Transaction-based alerts inform the users about their account information, then come applications that tell them about the change in login and password. Another one is promotion-based notifications which notify about discounts, offers, and rewards.
Here we have mentioned very few features; the list is long. The features are dependent upon the liking of the clients. It is up to them what type of customizable features they want to add. The features are classified into three main categories, basic, mid-level, and advanced features.
| Features Classification | Cost Estimation |
| Basic features | $10000-$12000 |
| Mid-level | $12000-$14000 |
| Advanced | >$14000 |
Here the size denotes the number of employees working in the company. The start-ups comprise up to 50 employees; the mid-scale companies have team members from 100-250. On the contrary, large-scale companies have 500+ employees. So, the more employees, the more salaries need to be paid. So, when deciding on an app development company, these things must be considered.
Related to the companies, another thing revolves around the budget. The concept of hiring freelancers or a dedicated development team is another great option. Each one of them has its own pros and cons. Freelancers take more charges, but there is no scheduled work timeline. Similarly, the dedicated development company will charge less than the freelancers, but they will have the entire knowledge of the project. There will be a complete project management team handling your project.
It's not rocket science that the development company's location decides the crypto bank development cost. Western countries often charge more money. The United States and Europe developers charge more than the Middle East, Asian and African countries. It is because there are huge tech giants in the West with technically high living costs.
| Geographical Location | Development Cost |
| USA | $40 - $70/hr |
| Europe | $50 - $80/hr |
| Middle-East | $30 - $35/hr |
| Asia | $25 - $40/hr |
| Africa | $20 - $35/hr |
The tech-stack integration is the salient factor directly involving the cost of the crypto banking app. The involvement of relatively modern technologies like blockchain and artificial intelligence provides a top-class security element that keeps the banking app fraud-proof.
Top-programming languages and databases form the fundamentals of the application. Some of the frameworks are ReactJS, ExpressJS, NodeJS, and AngularJS. The databases are MongoDB, PostgreSQL, and MySQL. The programming languages include Java, Python, C++, PHP, and more.
Our fantastic crypto banking solutions are the talk of the town. We are the top choice of the business regarding app development. Contact our team in case of any cost-related information.
Talk to our team, and have a free consultation with them. Share your thoughts, and we will tell you how to start your project development journey.
Crypto banking platforms are in high demand right now. Several enterprises are keen on developing a crypto bank platform. The reason behind this is the huge popularity and higher ROIs. It is becoming a lucrative business that is all set to break records. There is a greater interest among the enterprises, but it's only hindrance is the information related to development costs.
Above, we have mentioned the crypto banking cost estimation. Read this blog carefully, and if you are still doubtful, talk to our analysts. They will guide you in the right direction. With 13+ years of experience in the IT industry, we are pioneers in app development. We have served thousands of global clients, and everyone has appreciated our development services. To be ahead of the curve, it’s best to grab the opportunity and make the investment at the right time.
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