True Reasons Why Startups Are Interested In Crypto Wallet Development

 Distributed ledger technology has been extending its use cases across various industries. One of its by-products, ‘cryptocurrency,’ has been evolving as a non-avoidable technology for over a decade. This is why many budding enterprises and entrepreneurs are investing in crypto-related businesses. Before knowing much about this, you have to know about crypto wallets. Moreover, blockchain wallet development services do have a high demand nowadays, especially within a business ecosystem. So, let us get into it!


What Do The Stats Say?

Recent studies have shown that the active user base of various crypto wallets is approximately 42 Million. Well, the numbers are still increasing!


This proves why new enterprises are choosing this domain. Obviously, they want to take advantage of the massive user base and deploy their crypto wallet app. If you are one of those startups that are interested in building their own crypto wallet, this blog will guide you through it!


Overview Of A Crypto Wallet App

Simply, a crypto wallet app is a digital platform that stores digital keys, allowing users to access (send and receive) crypto assets seamlessly. These apps are similar to regular mobile apps. Thus, it is easier for users to operate them. Additionally, they help to manage crypto assets and protect them from malicious hackers. 


Now, how much will it cost to develop a crypto wallet?

Factors such as the wallet type, features integrated, development method used, and others will determine the cost of the crypto wallet development. 


For example, if you want to develop a centralized wallet, you might want to add more security features. On the other hand, if you want to create a decentralized wallet, you have to focus on designing an intuitive interface to avoid network congestion.  


Secondly, there are two ways to develop a crypto wallet. One is by developing it from the grass-root level and another is by using a white-label solution. This will also impact your development cost. 


ROI Features Impacting The Crypto Wallet Creation Cost

We are focusing on this part because the wallet creation cost highly depends on the ROI features added to the wallet. If many features get added to the wallet, the resultant developing costs will be high. We have listed some of those highlighting features below.


Staking

The most important reason to have a staking feature is to assure wallet security. Using staking, wallet users can earn considerable rewards in exchange for their contribution to the network. At the same time, their funds will get used in other areas like ICO and more. 


Token Swapping

With the token swapping feature, users can swap native tokens with any other token they prefer. However, you can charge a small fee for allowing users to perform swapping. Thus, you can create a revenue-yielding branch here. 


Crypto Withdrawl

The crypto wallet must have a smooth entry and exit, especially while withdrawing funds. You can charge withdrawal fees for this. 


Above all, integrating these features into a crypto wallet is not easy. It requires technical expertise which a professional cryptocurrency wallet development company will give. An expert will analyze your needs and customize the wallet exclusively for your target market. contact us :

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