The number of cryptocurrency wallet users worldwide has elevated from less than 6.7 million in Q1 2016 to over 34.6 million in Q1 2019. As of mid-September 2019, the crypto market witnessed an incredible number of over 42 million crypto wallet users.
These stats are a testament to the increasing popularity and adoption of crypto wallets — both white label cryptocurrency wallet and new wallets built from scratch. If you are into cryptocurrency, you are more likely to have a wallet. For those who do not what crypto wallets are and why you need the wallets, let us shed some light on the same.
What is a cryptocurrency wallet?
A cryptocurrency wallet is akin to a traditional leather wallet used for fiat currencies. However, being an online wallet, a crypto wallet is for cryptocurrency — it is used to send, receive and store crypto assets. It uses public and private keys to initiate and process transactions.
Why do you need a cryptocurrency wallet?
Cryptocurrencies are gaining rapid traction and are being traded by a multitude of individuals and businesses worldwide. Furthermore, Bitcoin has acquired acceptance as a means of payment by various countries around the globe. Several US states like California, New Hampshire, Indiana, and Arizona are planning to legitimize Bitcoin for tax payment. Many food delivery apps and e-commerce sites are accepting Bitcoin payments. Even the National governments are paying for trade deals in Bitcoin.
If you want to use Bitcoin to make your payments, or you want to trade Bitcoin or any other cryptocurrency, you need a crypto wallet. You can choose between a single-cryptocurrency wallet and a multi-cryptocurrency wallet. A single-cryptocurrency wallet like Bitcoin wallet and Ethereum wallet stores Bitcoin and Ethereum respectively. On the contrary, multi-cryptocurrency wallets support a spectrum of cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, and more, along with various tokens. Cryptocurrency wallets simplify and expedite transactions without jeopardizing the security.
How much does it cost to develop a wallet?
The cost to build a cryptocurrency wallet depends on various factors, including the following.
1. Type of wallet — White label wallet or new wallet from scratch
A white label cryptocurrency wallet has market-ready back-end and easy-to-customize front-end, thereby allowing quick deployment and launch. Many businesses and individuals prefer a white label wallet because it is relatively cheap and accelerates time-to-market. Furthermore, since it is ready-made, you need not have the technical expertise to get your wallet developed.
Although a white label crypto wallet is an already-developed solution, it is integrated with all necessary features to ensure world-class security and performance. At Antier, we reinforce our white label cryptocurrency wallet with the following features:
- 12-word mnemonic phrase for easy wallet recovery
- Biometric authentication for authenticated transactions
- Multi-sig support to add an extra layer of security to ensure authenticated transactions
- Multi-cryptocurrency support to allow seamless integration of multiple coins and tokens
- QR code scanner to automatically scan wallet address
- Option to send/receive crypto assets in the chat itself
- NFC (Near Field Communication) support
- Automatic session logout for secure wallet access
- Password-protected access to ensure authenticated user access
- Multi-platform compatibility to ensure seamless working of the wallet across all iOS and Android devices
- Home screen customization and auto conversion rates for world-class user experience
On the contrary, a wallet built from ground zero needs everything to be done from the very beginning. It involves more development time and cost. It is a good option if you want a fully-customized wallet integrated with special features that are not available in any white label wallet.
2. Features integrated into the wallet
Features play a crucial role in influencing the cost of a cryptocurrency wallet. More the number of features, higher will be the development cost.
While a white label wallet comes with a pre-defined set of features, its cost would be more or less the same as that is set by a crytocurrency wallet development company, although it may vary slightly as per the level of customization required.
Conversely, for a wallet built from scratch, there is no set cost and it varies with the requirement of features. However, a wallet development company may set a basic price for a new wallet and advise you the exact price once your requirements are known.
3. Number of cryptocurrencies
The integration of each coin and token requires its own time and efforts. The cost of a wallet is directly proportional to the number of coins or tokens to be integrated into the wallet.
Antier Solutions for wallet development
With real-world experience delivering white label and new crypto wallets to our clients in more than 200 countries, we are a trusted cryptocurrency wallet development company. Our Blockchain experts offer personalized wallet development solutions to help you accomplish your goals. Whether you need a white label wallet or a new wallet, we provide you with highly-secure and flexible wallet infrastructure at an affordable price.