The recommendation of contactless payments by the world health organizations(WHO) has paved the way for increasing the crypto user base. Due to COVID-19 crises, the world is now shifting to the contactless digital payment applications. Cryptocurrency wallet development services are parallelly increasing in the market space.
In this blog, let me shower you the brief information on cryptocurrency wallet, its features, benefits, and the cost to develop the application!
Abstract on cryptocurrency wallet!
A crypto wallet is a software that enables users to store and process transactions with crypto coins by connecting them to the native blockchain network. The crypto wallets possess the copy of blockchain address regarding the ownership of crypto assets.
Users can authorize the wallet application and directly access or process transactions the blockchain address of the crypto coin. The crypto owner can transfer the coins in the wallet by legally signing-off the ownership of cryptocurrency, and the blockchain network transfers the ownership to the recipient wallet address. Cryptocurrency wallets require some mandate and advanced features for effective functionality.
Now, let’s have a look at the features of crypto wallets!
Features of crypto wallets
The crypto owners are now looking for some advanced security and functionality features in the software. Here’re some of the common features that are included in the crypto wallet by every development company!
- Multi-factor authentication,
- Multi-cryptocurrency support,
- Multi-signature approval,
- Automatic session logout,
- Recovery backup,
- QR Code scanner,
- Push Notifications,
- Visual Portfolio,
- Real-time market stats.
Benefits of crypto wallets
Crypto wallets render huge benefits to users in their financial transactions. Let me list a few!
- Rapid cross-border transactions,
- Reduced transaction charges,
- Devoid of intermediaries & third-parties,
- Streamlined transaction process,
- P2P transactions,
- Traceable asset transfers,
- Transparent transaction.
Let’s delve into the objective of the blog post!
A budget of the cryptocurrency wallet development
When the crypto owner wants to build a customized wallet, many aspects come into play for budget framing. The list of functionality features, security measures, backup software, functionalities, workforce and other significant aspects count while quoting the cost of crypto wallet development.
While the crypto owners prefer secure wallet apps, building them right from scratch based on their requirements is a better choice. To build the crypto wallet application and inspect them with end-to-end functionalities, bugs, approaching a professional cryptocurrency wallet development company is a wiser pathway!
The wallet app development companies out there in the market quote around 5000$-20000$, depending on the complexity of software. You can find many white-label crypto wallets on the open-source platform, but auditing them with technologists and patching up is a risky operation!
With the booming competitive crypto space, the development services are increasing in figures, so the price quotes would decrease in the future. Never, compromise on the quality of your crypto wallets as it may lead to hacks!