Blockchain technology’s vast application has drawn many new businesses and entrepreneurs to invest in them. Cryptocurrency is a virtual, digital currency created and stored in the blockchain. But you need a crypto wallet to trade them. Blockchain wallets are digital wallets that help store your passwords and private keys and enable transactions.
Many companies accept cryptocurrency payments, but most wallets support Ethereum or Bitcoin. One needs to build a crypto wallet app that fits their requirements to receive customized currencies. So let’s discuss how much it costs to develop a crypto wallet app and if there is a real need for it.
Data is everything
Statista reports show that blockchain wallet users reached 83 million in July 2022. This statistically supported rise in demand has led Fintech-enabled businesses to add blockchain-powered e-wallets as part of their business model. With a steep rise in blockchain wallet use, it is safe to say that now is the time to build your crypto wallet app.
Types of Crypto wallets
There are two types of digital wallets. Wallets that stay connected to the World Wide Web are called hot wallets, and the ones kept offline are called cold wallets.
Hot wallet is a crypto wallet that stays connected to the internet and crypto network. Some wallets accept only a particular cryptocurrency, while some exchanges accept only transfers to and from specific wallets. There are mobile, web, and desktop wallets. Although hot wallets are highly accessible and user-friendly, they are less secure as the keys are in the exchange servers. MetaMask, Coinbase and Edge are examples of hot wallets.
Cold wallets are also called cold storage. They are devices or applications that store your private keys offline. These can be applications on your device that don’t connect to the internet or a USB drive that stores your keys. They are considered one of the safest methods to secure your crypto. But to use the crypto in cold storage, you need to transfer them to your hot wallet; transactions are time-consuming.
Using a hybrid approach with hot and cold wallets can offer improved security and flexibility to your users.
Crypto wallet app development cost
When developing a blockchain wallet, you need to keep in mind the following points.
App features and complexity: Perhaps this is the essential factor determining the cost of developing a blockchain wallet app. The features, the tech stack that backs it, and design elements determine the crypto wallet’s complexity. The app should have sufficient complexity but not too much to confuse users. The app should have feature options that allow smooth operation and an easy user interface. Also, remember that the more complex features, the higher its price.
Firm size: According to industry standards, there are three types of companies; small, mid-size, and large. To ensure you select the right blockchain development company for your business, you need to research. Working with a large company might cost you $45,000 to $15,00,000. But you can rest assured that you will get a reliable app. However, working with a small company might cost you $10,000 to $50,000. But there is no guarantee for quality. Choosing a mid-sized company with a good reputation is advisable, as it costs less than the large companies and still gets good quality.
Tech stack: This is similar to the tech stack used in application development. Applying the correct principles and technicalities to create a robust and powerful crypto wallet app is crucial. Hence, it is advisable to opt for a reputed blockchain app development company for the best tech stack.
Wallet design: The key to a successful crypto wallet is its attractiveness and simple design. While the right plan may cost more, you will reap its benefits in the long run. Depending on your requirements, expenditure will vary. The more intricate the designer, the higher the cost.
Must have features
Authorization: Authorization is the most important thing to consider in digital wallets. In the case of crypto wallets, two-factor authentication and Google’s authentication features provide security.
Multi-currency support: Blockchain is a global business. Programming crypto wallets to accept and hold multiple currencies makes payments more manageable.
Transaction functionality: Blockchain technology is known for its secure transactions. Hence, the transaction feature is crucial in the crypto wallet app.
Push notification: The push notification feature allows admins to notify crypto wallet users about the price of their crypto, success or failure of a transaction, and more. This feature helps users keep track of their account activities.
Conversion rate: It is essential to keep currency conversion rates updated when allowing multi-currency transactions. Updates must reflect the current value of real-time currencies.
Paper wallet: Like many mobile wallet applications, crypto wallets must also use QR codes that allow users to decode the bitcoin paper wallet. It will scan the paper bitcoin wallet and add keys to the wallet app. Thus, enabling you to perform any transaction. This is more of an add-on feature that might cost you more.
The cost of developing a crypto wallet app depends on the scope and platform support needed. As all services are customizable for industry-specific requirements, the approximate development cost will range from $85K to $95k. For further details on crypto wallet app development, reach out to our Agiratech executive.