Cryptocurrencies cannot be stored on Smartphones or computers as it makes them susceptible to hacks and breaches. This is something Santoshi Nakamoto, Bitcoin’s Founder, never wanted to happen. These assets are placed in a safe space known as crypto wallets used to access, secure, and manage seamlessly.
Among several wallet options, ultra-graded security and market-leading features will give the wallet a competitive edge. The features are integrated with the assistance of a reliable crypto wallet development service provider. In this article, we will shed light on must-have crypto wallet features of 2023 to accommodate the growing user needs, but before that, let us determine what crypto wallets, types, importance, and reasons to invest in the solution:
What are Crypto Wallets?
A crypto wallet is a software that stores, manages, and transacts crypto assets securely. It is distinct from a regular wallet as it holds private keys. The private keys are used to access and sign the crypto transactions securely.
Cryptocurrency wallets are also expected to increase among small and medium-sized businesses (SMBs), with 45% of SMBs projected to adopt cryptocurrency wallets by 2023. As an enterprise, you can tap into the growing space by partnering with cryptocurrency wallet development teams and boost your revenue with them.
Types of Crypto Wallets
Crypto wallets are of different types and are crafted according to user needs and preferences. Let us discover the types of crypto wallets:
Paper wallets are offline storage solutions in which private keys and public addresses are kept securely on paper.
Hierarchical Deterministic wallets create a hierarchical tree-like structure that manages multiple key pairs using a master key.
Web wallets are online wallets accessed via browsers. One can access them via any device using an internet connection.
Many exchanges have in-built wallets for storing the wallet contents. The wallets are used for trading without moving the assets back and forth.
Custodial wallets give third parties the authority to control and manage the assets. These are user-friendly and convenient choices for beginners.
Cold storage or hardware wallets keep the private keys offline, offering enhanced security to wallet users.
Brain wallets depend on users’ ability to remember seed phrases for generating private keys. It mustn’t be guessed easily, which prevents it from cyber-attacks.
Compare the different types of crypto wallets and choose the best fit per your requirements and business goals. Determine which wallet solution is feasible for business from crypto wallet development experts.
Since the basic crypto wallet features have been covered in previous blogs. It’s time to concentrate on the latest features. Let us discover the top 10 features of cryptocurrency wallet developmentsolutions in detail:
1. Connectivity with NFT Marketplaces :
Connecting traditional wallets with NFT marketplaces was impossible. With the increase in demand for NFT marketplaces, a solution that enables connectivity must be tailored to meet them.
2. In-Built Web3 Browser:
Traditional wallets lacked an in-built Web3 browser. However, modern wallets are integrated with in-built Web3 browsers that support blockchain games, dApps, and NFT trading. Users can search, buy and store their tokens in a single place using the feature.
3. Top-Tier Security:
Security is integral to crypto wallet development. Crypto wallets must provide enhanced security, such as Multi-Factor Authentication and encryption, to prevent unauthorized access and breaches.
The staking feature is used to stake the crypto assets on the wallet. Besides, the feature allows users to participate in the trading process on DeFi platforms. The activity allows individuals to contribute towards the security and efficiency of the network.
5. Lighting Network Integration:
Sluggish transactions and hefty fees are the two main concerns experienced by Bitcoin networks. Lightning network integration is an effective way to combat this problem by speeding up the transaction process. It enables users to perform off-blockchain transactions.
Crypto wallets provide real-time conversion rates through charts and graphs. Even the platform calculates transaction fees with the change in conversion rates. Besides, the users can view their transaction history via the platform.
7. Multiple Network Integration:
A crypto wallet should allow users to switch between networks. The platform must allow you to add multiple network addresses. Multiple network support will be helpful in testing before it is deployed on Testnet.
8. Customizable Transaction Fees:
A crypto wallet solution with customizable transaction fees will grab the users’ attention. The feature allows users to decide the transaction fees. To speed up the transaction process, users are supposed to pay more.
9. dApps Support:
Crypto wallets should offer decentralized application support to the users. This includes multi-session functionality and blockchain interoperability support. It allows users to exchange tokens provided by Decentralized exchange(DEX) platforms.
10. Customer Support:
Customer support is crucial to crypto wallet development. Giving quick responses and offering a prompt resolution will positively impact the business. The wallet development teams should offer round-the-clock support for the smooth working of the application.
Antier : Leading the Way to Crypto Wallet Innovation
The increased number of crypto users has increased demand for crypto wallets. Thus, wallet development and launch become a complex task. However, our guide can streamline your development process. Launch your wallet by joining hands with well-established crypto wallet development services provider Antier. As a trusted innovation leader, we have assisted start-ups and established businesses Leverage our advanced technology, cutting-edge technology, security, scalability, and support to gain a competitive edge in the dynamic landscape. Discover the transformative potential of our solutions by consulting us now!