How To Increase The Safety Of Your Cryptocurrency Wallet

How To Increase The Safety Of Your Cryptocurrency Wallet

The cryptocurrency market is constantly bustling with activity. Even though blockchain is one of the most secure technologies, hackers continue to identify vulnerabilities and escape undetected. However, with adequate security measures, cryptocurrency wallets can be protected from hacker attempts. How, therefore, can the wallet be safeguarded? The initial step is to acquire white-label crypto wallet software with the appropriate security features.

What Exactly Is White-Label Crypto Wallet Software?

A white-label cryptocurrency wallet is a wallet with a market-ready backend that is pre-built.

Its UI/UX is easily customizable, and the wallet may be launched on the market in a shorter time.

Also read: How To Create A Successful Decentralized Cryptocurrency Wallet?

White Label Cryptocurrency Wallet Software Requirements for Security Recent events indicate that 54% of cryptocurrency wallets include security vulnerabilities.

Additionally, hackers took around $2 billion worth of cryptocurrency. Therefore, if you design a cryptocurrency wallet, ensure that it includes the appropriate security measures. Here are some critical security measures for a secure cryptocurrency wallet.

1) Dual Authentication Incorporating Two-Factor Authentication into your digital wallet app development will increase its security. This security feature provides an additional layer of protection for the application and guarantees only authorized users access. In addition to a username and password, this functionality requires additional information, such as an OTP, to give access to the wallet.

2) Biometric Validation Biometric security, such as face and fingerprint recognition, facilitates lawful transactions by authenticating the user whenever a request to transfer cryptocurrency is made.

3) Multi-signature support The multi-signature capability needs the transaction to be signed by many users. Two out of three users are commonly required to sign the transaction for it to be executed. If one of the private keys is compromised, the hacker cannot perform the transaction unless the other user with the compromised private key signs the transaction.

Sum Up These are some important security measures that any cryptocurrency wallet must incorporate. In addition, you can combine web security protocols, Anti-DDoS modules, and 12-word mnemonic phrases.

Suppose you intend to create your own cryptocurrency wallet. In that case, Suffescom Solutions Inc. is one of the cryptocurrency wallet development services provider is one of the best option available in the market. Their expert team of blockchain developers has demonstrated competence in developing centralized and decentralized crypto wallets.