Are you a cryptopreneur eager to shine in the crypto market and reap considerable profits, but still confused in choosing your business stream?
Keep your worries aside, Cryptocurrency wallet development will be the best solution for kickstarting your business. But, wait, before knowing about the wallet development process, be clear about cryptocurrencies and crypto wallets. Here, you will come up with the question, What is the need for a crypto wallet? To safeguard your cryptocurrencies, wallets are used.
There is a large variety of cryptocurrency wallets adopted by investors for their convenience. Every day as new cryptocurrencies are emerging in the crypto market, the need for cryptocurrency wallet has also increased. Now, they have become one of the prominent business ideas for startups and entrepreneurs. But, when crypto wallet development came as a business idea, many startups were very confused and not sure about the creation cost. I guess, you might also be the one among them! Don’t worry.
In this blog, we are going to explore the tentative crypto wallet development cost, along with wallet types, their overall features, and their functionalities in an elaborate manner.
Overall Cost of Crypto Wallet Development
As mentioned earlier, cryptocurrency wallets are physical wallets where all the cryptocurrencies are stored securely. The average cost to create a crypto wallet might start from $5000 to $8000. But, the crypto wallet development cost differs based on various factors.
Factors that Influence Crypto Wallet Development Cost
The crypto wallet creation cost varies based on various factors,
1. Complexity
An important factor that impacts the crypto wallet development cost is decided based on the complexity of the wallet. Each startup prefers a wallet having astonishing features. However, the integration of the features directly influences the Crypto wallet development cost. The usual features like transaction history, display settings, and sign-in/sign-up options will be included automatically. You can also include additional features like multi-language support, multiple cryptocurrency compatibility, and others.
2. Types of Crypto Wallets
The cryptocurrency wallet can be developed as a browser extension, mobile app, or offline wallet. Based on your choice, you can choose the accessibility type of your cryptocurrency wallet. Hence, as accessibility changes, the crypto wallet development cost changes. For each application mode, the creation cost may vary.
3. Development Method
The development method of the cryptocurrency wallet is also a crucial factor that impacts the cost of the crypto wallet. Based on that, crypto wallets can be developed in two different methods. They are
- Creating from Scratch –If you want to develop your crypto wallet from scratch, you need to initiate the creation process from the beginning. For this, you need a well-experienced set of developers from a development company. But, the cost of a crypto wallet will vary if you choose this method.
- Adopting Crypto Wallet Script – If you are not willing to develop the crypto wallet from scratch, then you can choose a renowned Crypto wallet script to create your wallet. A crypto wallet script is a pre-designed software that has all the necessary features and additionally, you can make customizations.
By choosing any of these development methods, you can create your wallet. Based on this, the crypto wallet development cost is calculated.
4. Development Team Size
The crypto wallet development cost varies as per the selection of the cryptocurrency wallet development team. Based on their expertise and experience in the crypto field, it will cost a lot to hire them. In addition to that, the size of the wallet development company also plays a crucial role in the cost factors. The size of the development company is calculated based on the number of developers and experts working on a project.
5. Security Factors
To protect cryptocurrencies from scammers and online frauds, the crypto wallet must have robust security features that support the users to safeguard their digital assets. However, Common security factors like Biometric authentication and encryption will be available in a crypto wallet. Besides these, face recognition, multi-signature support, and two-factor authentication are also an add-on feature of crypto wallets. By including these additional security factors, the crypto wallet development cost can be varied.
6. Technology Stack
The sole factor that impacts the crypto wallet development cost is the technology stack. The technology stack includes the platforms, programming languages, frameworks, UI/UX design, API integration, databases, front-end & back-end tools, etc.
Platform Compatibility – You can create your cryptocurrency wallet as a Linux, iOS, or Android version app. But, while you choose to develop on multiple platforms, the cost may vary.
UI/UX Design – The design and the user-friendliness of your wallet will be the attracting factors of investors. Hence, by using varied UI/UX designs, the price factors can differ.
Front-end & Back-end Tools – For the proper execution of your wallet, technical experts use front-end and back-end tools. For hassle-free execution, you can use various tools
API Integration – API or Application programming interface is responsible for the seamless execution of your wallet. So, for advanced API, you must spend an extra cost. As per the technology stack used, the crypto wallet development cost can differ. Based on your technical choice, the cost to develop a crypto wallet can be concluded.
7. Testing and Debugging
It is very important to run a crypto wallet without any errors, bugs, or hassles. In that sense, before introducing it to the market, testing the wallet is very essential. By testing the wallet initially, you can initiate your crypto wallet and hence it will be more user-friendly.
Hence, these are the factors that influence the crypto wallet development cost. Not only this but also technical maintenance, back-end support, and regulatory compliance also decide the cost factor. So, as a potential startup, you have to consider some of the factors to decide to develop your crypto wallet.
Cryptocurrency wallets are of various types and they can be used in different modes. As per your business needs and requirements, you can choose any mode of crypto wallet that can be developed. So, let’s see about the types of crypto wallets in detail.
Types of Crypto Wallets
Crypto wallets are of two different types. They are
- Custodial Wallets
- Non-custodial wallets
Custodial Wallets
A custodian or third party who manages the crypto wallet is a custodial wallet. Also, the custodian takes responsibility for the cryptocurrencies. Security factors like two-factor authentication, and biometric recognition are used to access the wallet.
Non-custodial Wallets
In non-custodial wallets, the user itself takes full responsibility for the cryptocurrencies. These wallets can be used in two different modes.
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Hot wallets
Hot wallets can be accessed only with the internet. These wallets can be used in various modes like mobile apps, browser extensions, and website wallets.
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Cold wallets
On the opposite side, cold wallets can be accessed without the internet. That means, the cryptocurrencies are stored in hardware devices like USB or paper.
These are the types of crypto wallets. You can choose any of the crypto wallet types for launching your wallet. Mostly, non-custodial wallets are created, as they are compatible with all decentralized exchanges. So, it is better to choose any of the non-custodial wallet modes to develop. Based on your type selection, the crypto wallet development cost can be varied. While you tend to create a crypto wallet, you must be aware of the must-have features of that crypto wallet. Let’s get into that topic.
Features and Functionality of Crypto Wallets
The essential features that must be provided in the crypto wallets are,
- Compatibility
- Transaction history
- Transaction speed
- Multiple cryptocurrency support
- Multi-language support
- Price tracking
- Security features (2-FA authentication, biometric recognition)
- QR code accessibility
The above-mentioned are the essential features that must be offered to the users. So, while you create a crypto wallet, make sure to provide these features in the crypto wallet. The sole functionalities of crypto wallets are, that they will store, manage, and help in the transaction of cryptocurrencies. They will maintain the transaction history of digital assets securely.
As a result, I hope you have got a clear idea about crypto wallets. Next, you will be thinking about the development process of a cryptocurrency wallet. Then, I will give an illustration of the creation process.
Process for Developing a Crypto Wallet
The creation process of a crypto wallet is not so hard. And with proper guidance and ideology, one can easily develop a wallet without any hassles.
Ideology Gathering
First, you must have a clear idea about the crypto wallet development. So, you must choose the type of crypto wallet to be developed, the compatibility of your wallet, and other such things.
The Back-end and Front-end Management
Choose the technology stack that is to be used to create your wallet. The wallet design, name, and symbol are for the front end and you have to choose the private/public key management, blockchain integration, and others for back-end management.
Security Implementation
After the back-end and front-end management are over, then you have to implement robust security features like biometric recognition and encryption.
Testing
Once they complete the creation and implementation process, the cryptocurrency wallet will then enter the testing process. They rectify the technical errors by doing bug testing in a full-fledged manner.
Deployment
After the testing and debugging process is completed, you now have to deploy your crypto wallet. For simple understanding, if you have developed your wallet as a mobile app, you have to deploy your wallet in apps related to the intended platforms. So, follow the platform submission guidelines and rules.
Hence, these are the development processes of a crypto wallet. By approaching a Crypto wallet development company, you can create and deploy a first-class crypto wallet in the market. So, choose Icoclone for your crypto wallet development.
I will explain…
Why Approach Icoclone for Crypto Wallet Development?
Icoclone is a popular and leading crypto wallet development company. Moreover, we provide crypto wallet development services at a very affordable cost with features and functionalities of your choice. Especially we offer you a tamper-proof, enriched, and exemplary crypto wallet. Additionally, we are not only specialized in providing crypto wallet solutions, but we also offer ICO & STO development solutions, Token development, and smart contract creation.
Get in touch with us and shine in the crypto space!