With the emergence of blockchain technology-based platforms, Cryptocurrency also becomes an overnight sensation. Cryptocurrency or digital currency is an alternative form of payment created using encryption algorithms. It is used to exchange goods and services on various web3 platforms, NFT marketplace and other similar platforms. But, it cannot be traded without using a Crypto wallet.
A cryptocurrency wallet is an application that stores cryptocurrencies that allow investors to loan, buy, sell, or keep logs of cryptocurrencies in their portfolios. If you are also planning to build a similar platform with the feature of a customized wallet, you are on the right track to offer a secured platform to users and build their trust. Then what is troubling you? Cost…
Generally, developing a crypto wallet solution cost can vary between $85k to $105K. To know how? You need to read this blog, defining various factors affecting platform development costs.
If you want quick assistance, you can reach us now! We are a leading crypto banking solutions provider that aims to simplify the process of launching crypto wallets for global businesses. Our experts have years of experience, and various domain knowledge, keep an eye on the latest wallet trends and how to integrate them. We aim to build customizable digital wallets fulfilling specific customer and platform requirements.
Before understanding the cost of crypto wallet development, let’s understand a few facts.
As the demand for Cryptocurrency wallets has grown by leaps and bounds, various businesses and entrepreneurs worldwide have adopted them. A report by Statista revealed that Blockchain wallets reached over 81 million users in 2022, and the trend is continually growing.
|Country||% Adoption Report|
The trend and demand for multi-currency wallet development are still growing.
The cost of developing cryptocurrency is based on numerous factors, such as;
Read all these in detail here.
From idea to launch: Exploring the costs of developing a cryptocurrency wallet.
Your industry has a direct relation to crypto wallet development and its cost. For instance, banking, healthcare, real estate or similar platforms involve huge funds transfers in a single payment. On the other hand, platforms like food, dating, entertainment or retail involving large transactions volume can be of less amount. Therefore the cost of developing these wallets could be less. So, find out which is your industry. And which blockchain technology will suit you the most?
Here we have a list of a few blockchain industries.
Also Read-How to Create A Successful Decentralized Cryptocurrency Wallet?
On the board of crypto wallet solution development, it is essential to understand the different types of solutions you want to develop. Let’s discuss some of them;
A secured and robust web wallet application designed to buy, sell, store and exchange cryptos, tokens and stablecoins without any hassle. The wallet is crafted to enhance the financial experience, specifically using the browser. Web wallet provides multi-currency support & helps users trade seamlessly.
Web3 wallets solutions are supported by secured and interoperable Blockchain platforms. It enables digital currency transfer and tokenization without hassle. The wallet is also known as an online wallet that benefits both start-ups and established enterprises.
An easy-to-download and install the crypto wallet on mobile phones. The platform allows buying/selling crypto with a QR code and NFC (Near Field Communication). The mobile wallet can be encrypted with a password and private keys with a safety backup.
As the name defines, Multi-Currency Wallet holds multiple currencies in one place instead of storing them in separate wallets. The platform provides real-time information on all your investments.
White label crypto wallet is a pre-built application that can be developed under your brand. It's a less time-consuming and secure platform that costs less compared to other wallet developments.
If you choose to build a centralized crypto wallet where funds are under the control of a third party and can be easily accessed with their permission. The wallet development is faster to build and ensures quick, safer transactions.
A personalized blockchain-based wallet consists of a wallet like TRON that stores TRX and other valuable assets. The platform never stopped improving its features and performance to provide a better user experience.
DeFi wallet development gives your customers a gateway to a non-custodial wallet that comes with enhanced security, private keys and complete control of cryptocurrencies. The platform guarantees the protection of crypto assets and coins.
The blockchain technology-based wallet gives complete control over keys and funds. A desktop wallet is followed by basic security measures such as antivirus, firewall, and anti-malware software. Examples of Desktop Wallet Development are Bitcoin Core, Bitcoin, Armory, Knots, MultiBit, and Electrum.
This type of crypto wallet address and its private key are on paper in QR codes. Users can scan the codes to execute cryptocurrency transactions.
The perfect wallet for users who do not wish to buy or sell crypto actively. This type of wallet protects private keys from viruses and hackers' online attacks, as everything is stored in a pen drive or hard drive. When the users connect it to the computer, they can operate the key.
Crypto wallet development cost varies because of security and other defined features. Some of them are complex on the basis of functionality, so consult with our experts to know which cryptocurrency wallet development suits your platform.
Discover the real price of creating your own crypto wallet and taking it to market.
The following are some Crypto wallet solution features. Adding or removing them has a direct impact on crypto wallet development costs.
Multi-Factor Authentication features are defined to enhance the security of your wallet. The wallet consists of public and private keys that promote end-to-end encrypted transactions.
As the name defines, the platform supports multi currencies like Bitcoin, Ethereum, Litecoin, and other Altcoins. It helps to boost customer reach but adds cost at the time of development.
The other cost-defining factor stores the number of peer-to-peer transactions performed by users on the platform. The transactions can be checked by using a single currency or multiple currencies using the filter option.
To understand the automatic exchange rates of the solution, the platform provides automatic exchange rate information. Users can check charts and graphs to make informed decisions.
To protect wallets from unseen situations like attacks and hacks, wallet development-backed features are integrated. Depending on the storage requirement, the cost of the backup feature is charged by experts.
The wallet session logs out on its own for a specific period when it stays idle. It also helps in preventing fraudulent activities on the wallets. Others need a password to access wallet content.
Enables all the payments through a single click via a QR code scanner. Users can send or receive cryptocurrency with their wallets.
Unlocking the cost of creating a crypto wallet from scratch - is it worth the investment?
The list of factors that add Cost to Cryptocurrency wallet Development is not ended here. We have curated a few more.
A blockchain is a chain of blocks where the blocks contain digital information (data), and the chain is the cryptographic principle that is used to connect the data blocks.
Crypto wallet development revolves around blockchain technology that allows sharing of digital assets in a secure way. To integrate blockchain technologies like Ethereum, Solana, Polygon, polkadot, EOS, Binance etc., you need to bear some costs. And it can start from $1500 (the price applicable at the time of writing and subject to change) and increase according to your platform.
Most cryptocurrency wallets are open source. Therefore, there is no need to reinvent the wheel. You can use free libraries and tools that are already available such as BitcoinJ SDK or Coinbase SDK.
If you want a cross-platform solution, Coinbase SDK could be a perfect choice. It helps developers to build a cryptocurrency wallet for both iOS and Android platforms. Also, it supports popular languages like Python, Java, Ruby, etc.
Using an API is a great way to enrich your platform with advanced features. Also, integrating an API allows you to synchronize your crypto wallet with the blockchain ecosystem easily. Coinbase, Bitcore, SimpleSwap, and Factom are the names of a few highly popular APIs.
Using ready-to-use API can boost your wallet development speed but add cost to your platform development. And the cost will depend on your API type.
The selection of the right technology stacks can help you to build a platform faster and cut costs.
|Web app||Node.js or Angular.js, along with HTML5 and CSS3.|
|Native Android app||Java or Kotlin.|
|iOS apps||Swift or Objective-C|
Crypto wallet cost also depends on the team size going to build your platform. Generally a standard team for cryptocurrency wallet app development will include;
Security is paramount when you build a cryptocurrency wallet app. Therefore, you should ensure that your cryptocurrency app has top-notch security. You can also look for an additional layer of security with 2FA — fingerprint, face ID, and hardware authentication.
Another essential factor is its continuous update and identifying bugs all the time. It’s an ongoing cost factor and has a huge role in platform development.
Understanding all the features, functionalities, tech stacks and more of the crypto wallet solution development, we crafted a chart defining the cost of cryptocurrency wallet development. Let’s check out the estimated fingers that you may app for your secured crypto wallet solution development.
|Backend Development||$12,000 – $16,000|
We navigate your crypto wallet development journey while ensuring meaningful outcomes that help your business to achieve tangible results. Some reasons to choose our platform are;
To know more about us, schedule a call with our expert. We provide you with a complete guide to assist you!!
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