Are you interested in knowing how to develop a cryptocurrency wallet app? If you answered yes, we’d say you’re on the right track because there’s a huge potential and many opportunities to grab in this field.
Today, we’ll discuss all about crypto wallet app development!
With millions of new users joining every day, the crypto markets are reaching unprecedented heights. The future of cryptocurrency exchanges looks to be promising.
Businesses from various markets have begun to explore the possibilities of developing a crypto wallet.
The secret of success in any project, including the development of a cryptocurrency wallet app, is planning.
This blog will show you how to properly plan the cryptocurrency wallet app development in order to achieve the best possible business outcomes.
But, before you know where to begin, how can you develop a cryptocurrency wallet app? It is necessary to know what a cryptocurrency wallet is.
What is a cryptocurrency wallet? Quick overview & how it works?
A cryptocurrency wallet is an application for storing digital currencies. An user can use a crypto wallet to lend, purchase, sell, or hold track of the cryptocurrencies in their investments.
Crypto wallet apps can integrate with various blockchains to let users transfer and receive digital currencies. Crypto wallets do not store cryptocurrencies in the same way as a wallet in your pocket does. This is due to the fact that cryptocurrency does not exist in the physical world. It exists on the blockchain. A user’s private and public keys are stored in a crypto wallet, proving their ownership in the cryptocurrency that they own.
As you’ve seen a quick overview of cryptocurrency wallet apps, now, let’s check what numbers say!
Cryptocurrency wallet app: key market stats!
According to reports from financesonline, there will be over 68 million crypto wallet app users in 2021. As new crypto wallets and cryptocurrencies enter the market, the number of users will continue to go up.
As per the reports by Valuates Reports, the worldwide Cryptocurrency Wallet App market is expected to grow at a CAGR of 33.7 percent from US$ 167.7 million in 2020 to US$ 1220.1 million by 2027.
Moving on, let’s talk about,
Why invest in crypto wallet app development? Is it worth investing in?
As per Statista, the number of cryptocurrencies in the globe surged by 350 percent from 2,388 in December 2019 to 10,656 in February 2022. Users require a crypto wallet to effectively handle their cryptocurrencies, which enables them to hold and safeguard their cryptocurrencies from security breaches and unwanted access.
Stats mentioned above are enough to state the potential and why to invest in crypto wallet app development.
Apart, some other reasons/ benefits of investing in crypto wallet app development are:-
1. Ensures easy transfer
Transferring digital currencies is made quicker, faster, and more comfortable using cryptocurrency wallet apps. Transactions with cryptocurrency wallets are cheap and decentralized, which means they are not regulated or controlled by a single authority.
2. Highly Secured
The nicest part about crypto wallets is that all transactions are completely anonymous and secure. Users are safeguarded from fraud and data manipulation in these transactions, which give the highest level of security.
3. No transaction delays
Cryptocurrency wallet apps enable transactions to be completed without the use of intermediaries such as banks and other financial institutions. It assures that cryptos are sent and received instantly, with no delays.
4. Removes the need for centralized control
The centralized ownership of the crypto wallet app may lead to data loss in the event of a security breach. The decentralized approach stores data across numerous nodes on the blockchain network, preventing data loss.
5. Multi-currency multilingual support
The cryptocurrency wallet app development provides multi-currency compatibility, allowing for easy conversions and transactions from fiat to cryptocurrencies.
Now as you know the reasons and benefits of investing in cryptocurrency wallet app development; you may be surprised to know that there are various types of crypto wallets.
Let’s move forward and discuss,
Different types of cryptocurrency wallet
Users have a wide range of options when it comes to selecting a cryptocurrency wallet. Top types of crypto wallets are:-
- Desktop wallets
- Paper wallets
- Hardware wallets
- Mobile wallets
- Web wallets
- Hot & cold wallets
Let’s read about each one of them in detail:-
#1. Desktop wallets
This is a standard wallet that was among the first to store and trade cryptocurrency. It allows users to store a variety of cryptocurrencies on their computer. Users of desktop wallets, on the other hand, should have a strong computer with plenty of storage space. Electrum and Bitcoin Core are two of the most successful wallets of this type.
#2. Paper wallets
It’s a real wallet with QR codes written on it. Some wallets allow you to download the code in order to generate fresh addresses when you’re not connected to the internet. They aren’t hackable, but the sheer quantity of defects makes them vulnerable. The inability to send partial funds is a big problem. As a result, it can’t be utilized again. They used to be quite popular for cold storage, but that changed after the introduction of hardware wallets. Overall, paper wallets can be set up if severe security safeguards are adopted.
#3. Hardware wallets
These are devices that resemble regular USB drives in style. They are really useful and trustworthy. Ledger and Trezor, for example, are regarded as two of the most convenient hardware crypto wallets for crypto currency.
#4. Mobile wallets
Mobile wallets are similar to desktop wallets, however they are designed for smartphones. They are quite convenient because they employ QR codes to do transactions. They are suitable for everyday use, however they are prone to malicious programs. Mobile wallet encryption is required. They are convenient and may be used on the go, but they are susceptible to viruses. Coinomi is an example of mobile based crypto wallet apps.
#5. Web wallets
As it has the lowest layer of safety, this method for keeping and selling crypto money is among the least popular. However, many users still choose to use these wallets when dealing with little amounts of cryptocurrencies.
#6. Hot & cold wallets
Internet connectivity determines whether a wallet is hot or cold. Hot wallets are linked to the Internet, making them less secured and posing risks or hazards, but they are more user-friendly. On either hand, cold wallets are stored offline and do not require internet access. As a result, there is more security and much less risk. Hot wallets are more inclined to be used for everyday transactions, whereas cold wallets are more likely to be utilized for longer-term investments. Hot wallets are simple to set up and use, and the funds are available immediately. Investors make use of them since they are convenient.
As you’ve seen the types of crypto wallets, now let’s talk about,
How to successfully build a crypto wallet app?
There are several stages in the cryptocurrency wallet app development process. Consider below-mentioned points in order to develop a top-notch cryptocurrency wallet app that users will enjoy:
#1. Do a Competitive research
Undoubtedly, you want your custom crypto wallet app to stand out from competitors. As a result, keeping an eye on your competition is most important. Know what they’re up to and what technology they’re using. You can look through the functionalities to discover what kinds of functionalities you can include in your app before starting the crypto wallet app development process. Keep in mind, if you want to get a competitive advantage over others, you must do competitive analysis.
When you have a viable plan, contact the top blockchain app development company to see how they deal and build a crypto wallet app as per your needs.
#2. Design UI/UX
One of the most crucial stages of the cryptocurrency wallet app development process is this. The success or failure of the product will be determined by the user interface. We recommend that you use current best practices and consider product requirements in order to create a harmonious design that combines both beauty and readability.
If you want to know top UI/UX design trends, then,
Read more – Top UI/UX design trends that will dominate in 2022.
Aside from the technological breakthrough, getting the app design, navigation, and user guide just right must be a top focus. Users will install a different app if it doesn’t work properly. Blockchain app developers must always keep in mind that the industry for crypto wallets is very densely packed.
#3. Select the right features and functionalities
Your cryptocurrency wallet app must provide additional functionality in addition to meeting your business logic needs.
Here are the functionalities that your cryptocurrency wallet app must have. So, take a look!
|– User verification|
– Lending & borrowing
– Session logout
– Analytics Admin panel
– Push notifications
– Transactio history
– Multi-lingual support
|– Multi-cryptocurrency wallet|
– Auto denial duplicate payment
– Auto public key generation
– Investment recommendation
– Billing & Invoicing
– Check conversion rates
– QR code scanner
– Daily/Monthly portfolio update
– Biometric authentication
#4. Hire top blockchain app developers to start crypto wallet app development process
Once you’ve decided on a plan and design for the custom crypto wallet app, the following step is to select a trustworthy blockchain app development company to carry it out.
In order to build top-notch blockchain app, you need following members in your app development team:-
- Expert blockchain developers
- Project manager
- UI/UX designers
- iOS developers
- Android developers
- QA testers
- DevOps experts
Collaborating with designers, engineers, developers, and other experts, a project manager will turn your concept into a reality. A UI/UX designer will create an appealing user interface that is tailored to the target audience, a developer will write code, a QA tester will test it, and DevOps will ensure that the crypto wallet app development process runs smoothly.
#5. Test the app
It’s now time to put the application to the testing phase. Testing is an important but sometimes overlooked aspect of the crypto wallet mobile app development process. During this phase, the QA team fixes any faults or malfunctions discovered in the mobile app. Ascertain that the crypto wallet mobile app development team has sufficient time and space to test the app. You’ll get an error-free result this way.
As you’ve seen, the points crucial for the crypto wallet app development process, now, let’s move forward and talk about the most crucial element of this blog!
How to secure the crypto wallet app?
The development of a crypto wallet must take security into account. Nothing else matters from the user’s standpoint if they can’t safely keep their cryptocurrency. Crypto wallet apps should provide high-end security measures in order to gain user trust.
So, what to do? How to secure a crypto wallet app?
Well, follow below mentioned standards in order to increase the security measures of your custom crypto wallet app!
#1. Two-factor verification
A crypto wallet app that uses two-factor authentication to log in safeguards user assets from hackers. Blockchain app developers must include a functionality that ask users to authenticate login attempts from unknown IP addresses, in addition to asking them to confirm their identity when they try logging in.
#2. Biometric authentication
When a request to move cryptocurrencies is made, biometric security, such as facial/fingerprint recognition, performs lawful transactions by verifying identity.
#3. Auto logout
A crypto wallet’s success depends on its security and other factors. To reduce the possibility of outsiders gaining access to a user’s account, wallets must log the user out after a period of inactivity or when the app is closed.
To develop truly successful crypto wallet apps, you must thoroughly test for security, user experience, and accessibility. After all, fantastic features are useless if they aren’t functional.
In order to build an efficient crypto wallet app from the ground-up, it’s beneficial to hire a top cryptocurrency wallet app development company!
Partnering-up with the right development company can make your app a huge success. But, it’s very difficult to hire the right development company, as there are numerous companies available nowadays.
How to find the best cryptocurrency wallet app development company?
Follow below mentioned points, if you really want to hire a top cryptocurrency wallet app development company!
#1. Check expertise
We all agree that practical experience demonstrates expertise. You must determine whether they have experience working on projects of similar complexity to yours.
Their experience will also assist you in assessing their skill set and technical expertise. It’s a good idea to choose a development team that has experience with a variety of business verticals and software components.
#2. Check company’s app development portfolio
When looking for a top cryptocurrency wallet app development agency to hire, look at their portfolio first. It is critical that you thoroughly investigate the organization you are considering hiring. This procedure allows you to gain a better grasp of the company’s capabilities.
#3. Check clients testimonials
A good crypto wallet app development business would be open about all of the kinds of feedback it receives, whether positive or negative. You can also approach their clientele and inquire about the level of service they’ve received.
Why choose Quytech for cryptocurrency wallet app development?
At Quytech, we honestly put out the effort to find new ways to provide our clients with the highest level of satisfaction and a high ROI.
We can assist you in creating a custom cryptocurrency wallet app that meets all of your unique requirements, features, and functionality. Quytech’s cryptocurrency wallet developers are experienced in creating a wide range of wallets, including those mentioned above and others.
Below we’ve answered some of the most common questions about crypto wallet app development. So, take a look!
The most important element of the crypto wallet is its security, which can indeed be further enhanced by combining basic security standards with advanced configuration such as biometrics, multi-signature, two-factor authentication, and more.
The cost is determined by the features and services that you desire in your wallet.
Yes, any information you submit will be kept totally confidential. We’ll sign the NDA after the initial call.
Of course, it will.
yes , you can.
We believe that this blog has given you a better grasp of how to develop a crypto wallet app.
The cryptocurrency industry is increasing, resulting in a plethora of investment avenues. Also, there are numerous challenges to overcome while developing a cryptocurrency wallet app, the rewards are enormous for those who design and develop the app correctly. Investing in building crypto wallet apps will provide you the opportunity to become a major player in the highly competitive industry.
Quytech is the ideal choice for you if you’re seeking a cryptocurrency wallet app development company!
Consider sharing your requirements with us, and we’ll create a cryptocurrency wallet tailored to your company’s needs.