Crypto wallet development is the need of the time with an increasing interest of the finance industry towards the latest technology standards. These days people are more into smart devices, and they can do everything using their fingertips in the comfort of their homes.
On seeing the demand, it is easy to assume that the next high revenue-generating business will run on fintech apps powered by blockchain and smart contracts. With the advent of new technical concepts like cryptocurrencies, decentralized exchange, and NFT platforms, finance businesses are also inclining towards launching mobile applications rather than entertaining the traditional methods anymore.
Based on last year's statistics, crypto wallet development is highly in demand and will have a secure and promising future. So, there is no better time than now to invest in crypto wallet development services to get a huge customer base.
If you have decided to launch your crypto wallet clone, the next big question is how you will launch your crypto wallet. What are the needs behind developing a crypto wallet, features, the development phase, etc.?
Before diving into the detailed scenario, firstly, let‘s have a brief introduction of the crypto wallet and its types:
Like other currencies, cryptocurrency also needs a safe and secure place for storage. So, a crypto wallet is a digital wallet to safeguard your crypto asset and the private keys (passcodes to send/receive the crypto). The private keys authorize your ownership of your digital assets.
The users can easily buy/sell and keep track of cryptocurrencies. The most popular cryptocurrency supported by crypto wallets is Bitcoin and Ether. With the increasing growth in the field, many cryptocurrencies are now supported by crypto wallets.
The transaction of the funds in the crypto wallet depends on the usage of the two keys; private and public. When a user transfers the coins to another user, the ownership of the coins is transferred to the receiver’s wallet address. Every transaction detail is saved as a record on the blockchain network. The blockchain network reflects the real-time changes made in the crypto wallets.
Users can access the web wallets using web browsers. Downloading any special software to access the wallet is not at all necessary. The keys are under the website's control with a web wallet, which gives the users less control over cryptocurrency.
Mobile wallets are like software that needs to be downloaded on the device for further access. The mobile wallets have the OR code scanning options to sell or buy the assets. Mobile wallets are more vulnerable to malicious activities and viruses, so encrypting the wallets with strong passwords is necessary. Also, don't forget to take the keys back up in case your smartphone gets damaged or lost.
It is a crypto wallet that you can download on your computer. You get complete control over your currency and key. You need to consider a few measures while using the desktop wallets to ensure your safety, like using the anti-virus software and a robust firewall.
All the mentioned above wallets are prone to online hacks and viruses. However, the hardware wallets are the ones that are designed to protect your keys and the funds from online sources, for example, mobile phones and computers. The keys are stored in a hardware device that you can keep in a secure place. And take it out only when you need to use it and connect with the computer you want to access your cryptos.
In paper wallets, as it is clear from the name itself, the keys are imprinted on the paper in the form of QR codes along with the crypto address. The users need to scan the codes to make the transactions. Undoubtedly, all the wallets are in trend due to their features. However, if we talk about the most trending one, it is a mobile wallet with the most attractive features.
Various reasons are there behind the driving popularity of the crypto wallets. The primary reason is the ease of using these wallets. Wallets make cryptocurrency trading easy because of their simple and clear user interface.
Crypto wallets are not only for a single currency; they can also support multiple cryptocurrencies. So, it saves the user from switching the multiple wallet apps when buying/selling the multiple currencies. Users can be satisfied with one app only to trade multiple currencies conveniently.
The apps are built over a strong security mechanism to offer high-end safety to users' keys and assets. Users can have their wallets with them on their smart devices. They can safely access them from anywhere.
Let’s Know The Essential Features To Integrate With Your Crypto Wallet Apps
To get your app's enhanced functionality and meet your business requirements, you must consider the top-tier features in your crypto wallet app mentioned below.
The user's account should be safe from fraudulent activities and security attacks. Therefore, robust user authentication methods should be integrated into your app for setting up the crypto wallet. The authentication protocols like two-factor and multi-factor authentication offer an additional fold of security missing in the traditional crypto apps.
The QR code scanning feature makes automatically scanning the wallet address possible without any effort. It adds convincing simplicity and security to the crypto wallets. The crypto transactions are possible in seconds.
Using a QR code scanner saves from typing the long wallet address, eliminating the chances of typing the wrong address or missing any character. So, it is a method that is more accurate and less time-consuming.
If your wallet supports multiple currencies, your app will automatically attract a huge user base as they will get everything in one app. Your app should be capable of allowing users to make transactions in multiple currencies seamlessly!
A feature like scanning the paper wallet with a QR code for sending/receiving cryptocurrencies is like a cherry on the cake. It can attract the audience without making additional efforts.
A secure and fast payment gateway is essential for the crypto wallet to facilitate the users to buy and sell the assets safely.
Imagine if you use an app that gives you alerts and updates through notifications. There is no point that you will not love such an app. Therefore, push notifications are the need of the fast-paced time so that no user will miss any informational thing that can add value to his business or earnings. Also, the notification for the activities like successful transactions and transaction failure will not be missed. In simple words, you get real-time notifications for all the activities and latest information.
If the questions like “How to develop a crypto wallet clone” weigh in your mind, then don’t worry; you are at the right place. Our blog will guide you about building a crypto wallet-like app step by step. Let's learn about the step by step procedure:
The basic building block of the crypto wallet app is blockchain. So, it is the crucial component that can make or break your business. So, choose the right cryptos and the blockchain network to develop the crypto wallet clone app. Before deciding, explore the blockchain world and weigh the positives and negatives of the blockchain network you want to adopt.
The open-source libraries and tools are free, like BitcoinJ SDK or Coinbase SDK. Coinbase SDK is the widely used cross-platform java library that facilitates the developers to create the crypto wallets for android and iOS platforms. Many popular languages like Java, Ruby, and Python are supported by the libraries.
API’s support to create a rich-featured crypto wallet. The right use of the APIs easily synchronizes the wallet with the blockchain environment. Here are the most popular APIs: Coinbase, Factom, and BitCore. The development of the crucial parts of the app is possible in less time with the use of APIs.
At this stage, the selection of the cloud platform is made. You can select the PaaS platform to start web application development. On the other hand, if you create an app, you can opt for the BaaS to include cloud services in your app. The companies like Amazon, Microsoft, and Azure offer cloud services for crypto app development.
Based on your needs and concerns, you can decide about the cloud platform to offer a secure and fast crypto wallet app to your customers.
Technology stacks have the upper hand in building an app that can be successful and user-friendly. Therefore you should invest enough time selecting the tech stacks that will work best for your business needs. For example, Node.js, Angular.js, HTML5, and CSS3 are popular tech stacks for wallet web app development. Whereas for building an android wallet app, you can go for Java or Kotlin. However, Objective-C and Swift are the popular choices for developing an iOS application.
In conclusion, blockchain networks are the most popular in today’s era. And its applications are vast, specifically with crypto wallet development on the top. If you are interested in launching crypto wallet services, you need to collaborate with the right and experienced development partner like us.
We are a top-tier crypto wallet development company globally with vast experience. We have worked with reputed clients worldwide and delivered more than 15 crypto projects. So, if you are interested, take no time to shake hands with our crypto app development team for better business opportunities. We feel pride in serving our clients!!!