A mnemonic phrase, also known as a seed phrase or a recovery phrase, is an ordered list of 12-24 words that enable user access to a wallet, thereby eliminating the need for a private key. Furthermore, a mnemonic phrase is easy-to-remember and helps in easy wallet recovery.
For example, your user installed a DeFi wallet on their mobile phone and loses their wallet somewhere. Your user can easily recover their wallet as well as the funds stored in it by simply downloading the wallet on a new mobile phone and entering the mnemonic phrase.
Given that crypto wallets store users’ assets, they are vulnerable to hacks. Thus, it is important for a wallet to have a robust security mechanism. Multi-signature is an important security feature that can enhance the security of a wallet. It requires more than one user to sign a transaction for it to execute successfully. In case the thieves manage to compromise on one of your keys, they won’t be able to access the wallet unless they acquire the rest of the keys, too.
API connection to exchange platforms
Your users won’t be using a DeFi wallet just to store their assets. Most of them are likely to use a DeFi wallet to put their assets to work, meaning that they would trade their assets on crypto exchanges for other cryptocurrencies. A secure API connection to crypto exchange platforms will enable your users to buy and sell crypto assets on the exchange platforms, without the need to leave the wallet.
With a DeFi wallet, users get complete ownership of their funds – and this is the reason for the growing popularity of DeFi wallets. In addition, the use of an easy-to-remember mnemonic phrase is a major advantage of DeFi wallets.
If you are looking to create Bitcoin wallet for DeFi, Antier Solutions can help. We provide a white label DeFi wallet solution fortified with market-leading features like multi-signature support, QR code scanner, API connection to crypto exchanges, in-chat transactions, multi-layer security, and more. Our white label solution accelerates deployment and can help you launch your wallet in just 3 weeks.
In addition to white label wallet development, we specialize in DeFi wallet app development from the ground up.
Schedule a free demo of our white label decentralized wallet solution or connect with our subject matter experts to share your needs for a custom wallet built from scratch.