Top 10 Things to Consider when Choosing a Bitcoin Wallet Development Company
The cryptocurrency market has witnessed a considerable growth of over 5X in crypto wallets from the last 3 years. A large number of businesses and entrepreneurs globally are foraying into the world of cryptocurrency by building their crypto wallets. These wallets can be developed by employing two approaches — building a crypto wallet from scratch and leveraging a white label crypto wallet. The latter is gaining more adoption as it is a ready-made solution that requires fewer changes and expedites the launch of wallet under any brand name while reducing the development cost.
You are more likely to come across many companies that offer white label bitcoin wallet solutions. However, not all of these companies may deliver as per your expectations. Thus, you must choose your wallet development company wisely.
Here is a list of top 10 considerations that will help you in choosing a reliable white label crypto wallet development company.
1. Company Reputation
The company you would be choosing for wallet development should be trustworthy and reliable. You should be confident with your workflow or mechanism and then work one-on-one with the development company for your wallet solution. The main things that you should consider include:
- Who is running the company (team of experts)
- Whether they store data on their server
- Who has the custody of your wallet’s private key
- Prior dealings of development practices
- Data management practices
- Process of solving glitches
2. Integrated features
You should identify the features that you want to integrate into your crypto wallet. The major list of features that you should pay attention to while developing your wallet is as follows:
- Biometric authentication
- Multi-currency support
- NFC (Near Field Communication) Support
- Auto denial of duplicate payment
- Automatic conversion rate
- Easy portfolio management
- Home screen customization
- User-friendly interface
3. Backup features
There should be a robust mechanism to rescue your digital assets in case of any default. A proper backup mechanism will ensure efficient and safe custody of your cryptocurrencies. For this, mnemonic phrases could be inserted into the software system.
Mnemonic phrases are 12, 18 or 24-word phrases directly linked with the private keys. As remembering of private key may be a challenging task, mnemonic seed phrases are easy to remember.
4. Security features
The crypto exchange hacks in the past have made crypto investors or traders more dubious about the security of exchange wallets. So, security has become a paramount characteristic for any customized and white label bitcoin wallet. Important security features can be integrated into the wallet include:
- Biometric authentication
- Two-factor authentication
- Password-protected access
- Optimal session logout
- Multi-signature support
5. Multiple cryptocurrencies
Earlier, many crypto wallets supported only one cryptocurrency and thus they were not able to capture the whole market. As nowadays many crypto traders are investing in more than one cryptocurrency and so they are looking for a single wallet to store all of their crypto assets. This, it is advisable to build a multi-cryptocurrency wallet. For instance, the Ancrypto wallet is compatible with BTC, ETH and ERC-20 tokens.
6. Shared Account
Multi signature bitcoin wallet follows a mechanism where more than one user is required to sign and authenticate a transaction. If you are considering developing a 2-of-3 mechanism then at least 2 of the co-signers must validate the transaction to process it. This feature maintains a high level of safety and security of digital asset in case of any theft or hack.
7. Platform Compatibility
The crypto wallet that you will be developing must be compatible with various devices. Such as white label bitcoin wallet software that you are looking forward to build should support iOS, Android, Windows and Linux. As various users have different operating systems then your wallet solution should be able to support the maximum user-base which would provide an edge of flexibility to your device.
8. QR code scanner
QR code scanner simplifies the process of sending and receiving the cryptocurrencies. A particular address looks something like this: 0x57f70FfbaDcD2d94a15AB6FB4849c7738aB4B110.
It is not easy to type the whole public address correctly in one go on a small touch phone. So it is advisable to just scan a QR code to transfer the crypto coins or tokens. The process is fool-proof and this is what makes a crypto wallet best.
9. Customer Service
When selecting a white label bitcoin wallet development company, you must also ensure the efficiency of its customer service delivery team. The more efficient the service team, the happier would be the clients. And happy clients would make your crypto wallet journey a prosperous one.
10. Blockchain Evolution
There are times when your crypto wallet needs some updating. Your wallet provider should manage systematic improvements as they evolve.
If you are planning to build your cryptocurrency wallet, Antier can help. We offer customized wallet development solutions to effectively cater to diverse business needs. Whether you need a custom wallet built from scratch or a white label bitcoin wallet, we have you covered.
We provide a feature-rich white label crypto wallet that has been tested with a large user base on parameters like security, speed, performance, and user experience. View a free demo of our white label wallet or share your needs for a custom wallet. A free consultation is available to discuss your business needs, no obligation, just a friendly chat to work out if we can help.