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The crypto market is always whirring with activities. Despite blockchain being one of the most secure platforms, hackers still find the loopholes and escape unnoticed. However, with proper security measures, cryptocurrency wallets can be fortified to prevent hacking attacks. So how can the wallet be protected? The first step is to buy white label crypto wallet software that is reinforced with the right security features.
So, what is white label crypto wallet software?
A white label crypto wallet is a ready-made wallet with a market-ready back-end. Its UI/UX can be easily customized and the wallet can be quickly launched into the market in less time.
Imperative Security Features of White Label Crypto Wallet Software
From recent incidents, we can see that 54% of cryptocurrency wallets have security holes. Also, approximately more than $2 billion worth of cryptocurrencies were stolen by hackers. So, if you are planning to develop a crypto wallet, make sure it is integrated with the right security features. Here are some crucial security features that are essential for a secure crypto wallet.
1) Two-Factor Authentication
The integration of the Two-factor Authentication into your cryptocurrency wallet solution will enhance the security of your wallet. This security feature works as an additional layer of security in the app and ensures legitimate user access. This feature requires not only a username and password but also requires some secondary information like OTP for granting access to the wallet.
2) Biometric Authentication
Biometric security, such as face and fingerprint recognition, executes legalized transactions by authenticating the user every time a request to transfer cryptocurrency is generated.
3) Multi-signature support
The multi-signature feature requires more than one user to sign the transaction. The most common arrangement is 2-of-3, which means 2 out of 3 users must sign the transaction to enable its execution. In case one of the private keys is hacked, the hacker won’t be able to process the transaction unless the other user with the private key signs the transaction.
To Sum Up
These are some of the necessary security features that you must integrate into your crypto wallet. Additionally, you can integrate web security protocols, Anti-DDoS modules, 12-word mnemonic phrases, and more.
If you are planning to develop your own crypto wallet, Antier Solutions can help. Our skilled team of blockchain developers has proven experience in building centralized crypto wallet and DeFi crypto wallet.
Schedule a free demo of our white label DeFi crypto wallet or connect with our subject matter experts to share your business needs.
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