How Much Does a Crypto Wallet App Development Cost?

How Much Does a Crypto Wallet App Development Cost?

Cryptocurrency is an idea that has quickly evolved from a niche to a global phenomenon. Simply explained, cryptocurrency is a digital, virtual money that is produced and maintained on the blockchain, protected by encryption, and designed to be used as a medium of exchange.

However, exchanging cryptocurrency is impossible without first having a Crypto wallet app development.

A cryptocurrency wallet is an application that allows you to store digital currency. A crypto wallet can be used to loan, buy, sell, or maintain track of the cryptocurrencies in an investor’s portfolio.

Without a doubt, there are numerous crypto wallets available. While the majority of cryptocurrency wallets accept Ethereum or Bitcoin, some consumers prefer a tailored solution that addresses their individual requirements. So now is the best time to begin developing bitcoin wallet software.

Cryptocurrency Wallet App Development Features, Technologies, and Costs

We’ll go over the fundamental ideas of bitcoin wallet software, the features it should have, the technologies it should use, and the development expenses to give you a better idea before you hire developers.

The Various Types of Cryptocurrency Wallets

Before we go into the various types of crypto wallets, consider whether you want to build a centralized or decentralized wallet, often known as custodial and non-custodial crypto wallets.

In a custodial or centralized crypto wallet, a third-party company stores your private keys and secures your assets. Passwords are never a problem because they can always be recovered after confirming your identity. In addition, transaction fees with custodial crypto wallets are lower.

To use custodial crypto wallets, you’ll need a strong network connection; otherwise, managing assets will be tough.

On the other side, non-custodial crypto wallets provide you complete control over your private keys and assets. With non-custodial or decentralized wallets, you can easily monitor and govern behaviors. The best part is that any transaction must first have authorization from your private keys. Even if you don’t have internet access, you can manage your funds in a non-custodial wallet. Keep in mind that while utilizing non-custodial wallets, you’ll be given a mnemonic phrase of 12-24 words that you should write down and keep secure because it’ll let you access your wallet again. If you lose the phrase, you will also lose your money.

You’ll need to choose a platform for your wallet after deciding whether you want a custodial or non-custodial wallet.

Desktop Wallets: Desktop wallets are similar to other software in that they may be downloaded and used to store cryptocurrency on your computer. These wallets are compatible with all operating systems, including Linux, Windows, and macOS.

Online wallets: Online Wallets are web-based, which means they are stored in the cloud and need the usage of unique keys. Online wallets are useful for users who can’t access their PC but still want to manage or monitor their accounts. One of the most significant drawbacks of online wallets is their vulnerability to hackers.

Mobile wallets: Mobile Wallets include the functionality of both desktop and web wallets. Mobile wallets, as the name suggests, are smartphone programs that allow users to access their cryptocurrencies from anywhere.

Hardware Wallets: Hardware wallets are the most secure way to trade and preserve cryptocurrencies since the copy of data is stored on a hardware device such as a USB. Hardware wallets are perfect for people who do not routinely acquire or sell cryptocurrencies.

Features of a Crypto Wallet

Some of the elements that a Crypto Wallet App development company must have are as follows:

Registration/Sign-in System: A crypto wallet’s ability to sign in is the first and most crucial feature.

Trading bitcoin in a crypto wallet over-the-counter, or OTC, is confidential because it is done directly between two people. The OTC market allows for both crypto-to-crypto and fiat-to-crypto trading.

Multi-Signature: By requiring several private key signatures for transaction authentication, a wallet with a multi-signature or multi-sig feature is more secure and reduces the risk of fund misappropriation.

KYC: KYC allows you to confirm and validate a user’s identity by using official documents like a passport or government-issued identification. KYC in a cryptocurrency wallet is a great way to ensure that a user’s funds are protected.

Users that use non-custodial wallets will have complete control over their data. The user’s secret key is converted into a 12-word mnemonic phrase, ensuring improved confidentiality.

Users may rapidly buy any cryptocurrency with a credit card through a secure transaction, and they can also sell cryptocurrency from their wallet and have the proceeds credited to their credit card practically promptly.

In-chat transactions: The in-chat transaction function of the crypto wallet allows users to convert their cryptocurrencies without having to visit an exchange site.

Cross-platform compatibility: With the flexible and secure architecture, a wallet may be made cross-platform compatible, making it easier for a user to access their portfolio from any device.

Automated Duplicate Payment Denial: An automatic detection and denial of duplicate transactions in the crypto wallet is a must-have for better security.

Customers can buy and sell crypto assets without ever leaving the platform if the wallet is connected to the market’s leading crypto exchanging platforms via API.

Multiple asset storage: Depending on the needs of the user, a crypto wallet must be able to support a variety of tokens.

Another advantage of a crypto wallet is that it allows users to manage their portfolios and view their transactions in real time.

Technologies for Crypto Wallet App Development

We can move on to learning about the technology stacks that can be used to construct bitcoin wallet apps now that we have a basic understanding of them.

The crypto wallet’s backend can be built in Java, C++, Python, Rust, Go, and other computer languages, while the frontend can be built in Javascript and its cross-platform frameworks.

Awesome CryptoCoinJs, Pycoin, BitcoinLib, and BitcoinJ are examples of cryptocurrency wallet libraries.

Storage can be done with PostgreSQL, MySQL, Cassandra, BigchainDB, AWS Quantum Ledger Database (QLDB), and other databases. For testing and debugging, you can employ review codes, static code analysis, unit testing, and single-user performance testing.

Estimated Cost of Developing a Crypto Wallet App

The cost of crypto wallet app development is governed by a variety of factors, including the company’s size, the application’s complexity, the size of the crypto wallet, and its design.

However, depending on the features you choose to include in the wallet, you may expect to pay between $85k and $95k.

However, if you want to create your own crypto wallet, you can hire one of our expert engineers and we’ll give you an actual pricing estimate.