Just setting up a cryptocurrency exchange that maps buyers and sellers is not enough. You need to back it with a secure crypto wallet where your traders will store their digital coins. If you are clueless about how to get a crypto wallet, read on.
What is a crypto wallet
You can’t expect your customers to leave coins on the exchange and let them vanish into thin air, can you? They need a secure crypto wallet to store their assets. When they want to trade, they will move the coins from the wallet to the exchange and continue. You may provide them a web URL of their wallet and they would use their private keys to get in.
Your prospects will settle for your exchange only when they are sure about the security of their assets. Whether it is crypto coins or fiat assets, people won’t invest their hard-earned money.
Types of wallets
Your wallet may be compatible with a single cryptocurrency, or more. Some exchanges offer bitcoin-only wallets as it is the most popular cryptocurrency. On the other hand, a few wallets support multiple cryptocurrencies, making it easier for traders to deal with various digital coins.
Though most traders tend to begin a business with bitcoins, they would later move to other currencies as they gain experience. If you are facing budgetary constraints, it will be a good idea to begin with a Bitcoin wallet and later expand it to a multi-currency wallet.
As for signing up for a wallet, it should not be harder for your users than registering for an email address. They won’t take more than a few minutes to complete the process.
Traders will need to write down a password and memorize it. The final step is to download the private key. It is extremely important to keep the private key very confidential as it is the key to their digital assets. As the digital currencies are not actual coins, but your claim to a certain amount of digital assets, anyone who has the private key can access them.
Crypto wallet development is a complex process, so you need to ensure you have a team of seasoned developers on board. The minimal skill set you will require is frontend and backend developers, UI/UX designers, and testers. Your development team should have proven skills in making apps fully accessible on mobile phones and a major chunk of your users will be accessing the wallet on smaller devices.
Various tasks that your development team will implement include:
- writing code for the wallet
- linking the wallet with various APIs for functions like authorization, balance view, push notification, QR code scanning, etc.
- setting up a mechanism for the processing of incoming and outgoing transactions
- implementing backup features
- testing of functions
If you are keen on having a crowd of traders accessing your exchange, one of the first steps you need to take is to provide them access to a multi-currency wallet. And if you are unsure how to get a crypto wallet, outsource the job to the people who know how to do it.
To create crypto wallet for your exchange, you need a company that you can trust. Antier Solutions is a reliable blockchain development company catering to the diverse needs of businesses across various industries. We specialize in providing a white label crypto wallet, and at the same time, we can build a custom wallet for you from the group up.
Schedule a free demo of our white label crypto wallet or get into a discussion with us to know how to create a crypto wallet.