Five Simple & Easy Steps to Crypto Wallet App Development

Common Misconceptions Related to Crypto Wallet Apps

Several misconceptions revolve around crypto wallets, so let us have a look at them:

1. Fact: App Switching is a Simple Process

Reality: You can download another application along with a non-custodial wallet,enter the seed phrase to access virtual currencies which is a complicated process. On the contrary, users are responsible for holding private keys securely and can access the wallet by entering them.

2. Fact: Web Wallets are the Least Secure Alternatives

Reality: Cyber security threats and vulnerabilities can take place with any crypto wallet app.The same is true with web wallets. Hence, it is the responsibility of the crypto wallet app development company to educate the customers on safe practices and the way advanced tools must be used to protect the funds. Even users can develop crypto wallets like Metamask, which has been integrated as a web browser extension and has created very few cyber threat cases.

3. Fact: Hidden Crypto Transactions

Reality: The crypto transactions aren’t hidden as if someone has your wallet address, that individual can view all account-related transactions as the blockchain holds the data. However, This doesn’t mean that the security is at stake. It is basic transparency, one of the significant traits of blockchain technology.

4. Fact: Users can Generate a New Crypto Wallet Phrase

Reality: Getting the wallet contents back is impossible once the private key is compromised. Losing cryptos is just like losing money from physical wallets. One can only retrieve their funds in the case of custodial wallets.

Signature Features of Crypto Wallet

If you are planning to create a crypto wallet, make sure that it includes the following critical features:

• Dashboard
• Profile linked with a bank account or credit/debit cards
• Favorite addresses
• QR code Scanner
• Import wallet
• Transaction history
• Add custom token
• Push Notifications
• API Connections to Crypto Exchanges
• User-Chat

Advanced Features of Crypto Wallet App

If you wish to make your crypto wallet app more attractive, integrate the advanced features listed below:

• Staking
• Swapping
• Trading
• Fee adjustments during transactions
• Multiple chain support
• Price information updates
• Dark mode / quick web login / direct integrations with DeFi products

If you are new to crypto wallet development, there is a possibility that you might feel lost and exceed your budget. Ensure that the features you need are included in the wallet while launching a product initially.

Security Considerations Taken into Consideration 

• Ensure that the user has written the 12-word mnemonic phrase & make them enter them correctly to access the non-custodial wallet.
• In the case of custodial wallets, KYC is integrated with image recognition and AI for face & text recognition.
• A decentralized wallet provides a referral code, thereby providing a bonus to the users.
• Crypto wallet generates PIN code or face ID.

These steps will make the onboarding process smooth for the users.

Challenges Faced while Developing a Crypto Wallet App

What challenges will you experience during crypto wallet app development? An enterprise will face technical and business challenges while developing an application discussed as follows:

• Blockchain forks don’t occur regularly, but when they do, it is vital to determine the blockchain version supported by the wallets.
• The need to include more blockchains to support more coins.
• Despite the huge demand adopting the technology is still a challenge as customers come across fraud companies while developing the application for the first time. It is vital to research thoroughly and associate with crypto wallet development experts with a proven track record in wallet development.
• Crypto products that fail get a second chance in very few cases under the same brand.
• Finding a Blockchain wallet development team with hands-on experience developing user-friendly designs and blockchain technology.

Technology Stack Used for Developing Crypto Wallet

Different blockchain developers use different technologies as per their experience. Thus, One can develop crypto wallet apps based on different technologies. Also, you require basic knowledge about blockchain projects to develop them. Here is a complete list of technical stacks:

• Mobile Apps

Mobile apps are developed using React Native for iOS &Android devices. These languages are supported by Google and Apple by providing more advanced toolsets for developing applications for Android and iOS devices.

• Web

React and Node.js consists of the latest development tools with numerous instruments present in the market.

How to Create a Cryptocurrency Wallet App?

The process of developing a crypto wallet app has been divided into steps. Let us go through each one of them:

• Step 1: Commence the Process by Generating a Business Idea

The process of crypto wallet app development starts with a business idea. The industry is still in its budding stage, and many ideas come from our experiences as we come across various issues. These challenges will tempt you to find a solution resulting in intensive research. Many individuals have already proposed a solution for the issue that you are experiencing. If this is the situation, study the product, find ways to enhance it, and make it appealing to the target audience.

• Step 2: Find a Crypto Wallet Development Partner

Once you have shared your idea, it’s time to turn it into reality. Hire a reliable crypto wallet app developer to pick holes out of your business idea and provide a feasible solution. They are from a development background and take care of every single aspect, from discovery to maintenance.

Specialists You Need for Crypto Wallet Development

• Product managers
• Project Managers
• UI/UX Designers
• Developers
• Testers
• DevOps Engineers

• Step 3: Develop an Engaging Design Prototype

Once you have selected the wallet provider, it’s time to design a prototype. Make sure that the screens are well-designed and linked with each other. The prototype is shared with the client to give an idea of the look and feel of the project. Changes are made based on the client feedback, and the project heads to the development phase.

• Step 4: Development & Testing

Once the prototype has been developed, it is time to make it live using development. The wallet is developed using advanced technologies. Furthermore, the application is tested and undergoes third-party audits the application to prevent errors and glitches.

• Step 5: Release & Maintenance

Finally, the application is released on Playstore or App Store. During this phase, user feedback is obtained, and alterations are performed for the smooth working of the wallet.

Cost of Developing a Crypto Wallet App

The cost of developing a crypto wallet application depends on numerous factors like features & functionality, technical stack, crypto wallet team, and app size. Let us discuss them in detail:

1. Size of the Wallet App

The size of the application affects the overall cost of the wallet. The application size increases with the increase in the feature list, increasing the wallet cost.

2. Crypto Wallet Design

Simple and appealing aesthetics leave an everlasting impression on the users. Determining the specifications and giving the cryptocurrency wallet development team time to work on intricacies like UI/UX design, wireframes, etc, is vital.

3. Size of Team

The price of crypto wallet development also depends on team size. Hiring a full-fledged team would be the suitable course of action as they will divide different parts of the project and develop a powerful solution in the least turnaround time.

4. Technical Stack

The technical stack incorporated while developing a crypto wallet app impacts the project cost.

5. Features

The addition of features increases the price of the wallet. Software with a limited feature set will cost less, while software with a huge feature list, like in-chat payments, KYC checks, OTC trading, etc., will cost more.

Final Words

Partner with top cryptocurrency app development companies like Antier that develops secure solutions and develops them as per your business needs. The experts keep the entire process transparent to prevent issues at later project stages. Our experts have delivered innovative and unique solutions since 2016 and deployed over 250 projects. 

Discuss your requirements and turn them into reality with the support of our dextrous developers today!