What is a Crypto Wallet?

A Crypto wallet is a digital wallet that helps in storing and transferring cryptocurrencies and gives access to diverse cryptocurrencies like Bitcoin, Ethereum, etc. It is an excellent choice for anyone wishing to invest in cryptocurrencies.  

With its features like exchange access and multi-signature support, it serves as a significant tool for companies of all sizes. A crypto wallet is an ideal answer for anyone who wants to store their bitcoins conveniently and safely. Additionally, it gives users access to exchange services and other features like cold storage and staking. 

Why Build a Cryptocurrency Wallet?

There is a growing demand for crypto wallets with each passing day. According to Statista, the global crypto wallet market revenue totaled $1398.2 million in 2022 and is expected to reach $3371.3 million growing at a CAGR of 9.2% from 2022-2032. And for those who are looking to enter into the crypto space, a crypto wallet is a great option to invest in. 

No matter how many currencies you have, you need not worry about cryptocurrencies getting mixed up and this is where crypto wallets come as a savior. Crypto wallet storage solution provides enough room to accommodate all of your different currencies. You will be able to see a history of your spending, including where you spent your money and when, as well as how much you spent overall. 

Related Article: Best Crypto Wallets

How to Build a Crypto Wallet App?

To create a feature-rich crypto wallet app, it is essential to have a clear idea about crypto wallet requirements that allows the developers to frame a suitable project plan that ultimately helps them understand the purpose of the project. Let’s have a look at how we work to build a crypto wallet. 

1. Choose the Tech Stack to Build a Crypto Wallet App

There is a need for perfect technology backing to build scalable, stable, and hack-proof crypto wallets. They should be built on the appropriate technology stack to provide glitch-free solutions. We build scalable crypto wallets using HTML5, Node.js, etc. 

2. Design a User Interface for the Crypto Wallet 

The second step to developing a crypto wallet is to design an intuitive user interface. What users see on screens is what we create in front-end development. Our talented designers make sure that your wallet offers a convenient user experience and has an intuitive UI.

3. Finalize Crypto Wallet Features

Before proceeding with the code and core functionalities, it is necessary to finalize the features of a crypto wallet. You need to decide on the features that must be integrated and which could be considered a second priority. Some of the must-have features of crypto wallets are user authorization, QR code scanners, payment gateways, and support for multiple cryptocurrencies. 

4. Integrate Crypto Wallet APIs 

Integrating APIs is an ideal way to create a feature-packed cryptocurrency wallet. We synchronize your crypto wallet with the blockchain ecosystem using a distributed ledger API. The APIs allow our development team to accomplish the necessary tasks quickly, accelerating the pace at which your wallet is developed.

5. Develop Crypto Wallet Core Functionalities 

The next step after integrating crypto wallet APIs is to develop its core functionality. A crypto wallet performs a range of functions, such as buying, selling, staking, storing, and trading cryptocurrencies. It is better to develop the wallet following the core functionalities it is about to perform. 

6. Create Smart Contracts for Crypto Wallet 

We prepare custom smart contracts that meet your requirements and execute them flawlessly. They help you execute transactions better than ever before. Being a smart contract auditing company, we make sure that your contracts are well-tested and free of bugs.

7. Develop Back-end Code for the Crypto Wallet 

Developing backend codes, otherwise known as operational codes, is the most important step in creating a crypto wallet. These operational codes are responsible for the seamless performance of all transactions, features, and functionalities of a crypto wallet. There is no limit for the developers to use operational codes. The more advanced operational codes are used, the more flawless crypto wallets perform. 

8. Add Wallet Security Protocols

Building a cryptocurrency wallet app requires the utmost security. We make sure that your cryptocurrency app has excellent security features including 2FA fingerprint and face recognition etc. We utilize the most recent technologies to quickly find vulnerabilities and other security flaws and solve them.

9. Integrate Database with Front-end and Back-end

Once you have completed the backend development, it is essential to integrate the database with the front-end and back-end code. Out of the diverse options available in database integration, it is hard to choose which one is right for your wallet. But to access third-party APIs and enhance the wallet’s performance, these kinds of integrations are more important. 

10. Conduct Crypto Wallet Testing and Deployment

The developed crypto wallet is then moved to the test phase where rigorous tests are conducted on the crypto wallet to check for bugs and glitches. Our software testing team tests your wallet on multiple devices and locations quickly and effectively. We deploy your wallet on various platforms and provide support after post-deployment. 

How can Maticz help you Set Up a Crypto Wallet?

White-label Crypto Wallet 

The white-label solution makes the cryptocurrency wallet easily accessible and fully testable. It is simple to update changes during development and also adjustments can be made to the well-developed script easily. When compared to open-source development, the disadvantages are disregarded. 

Know More: White Label Crypto Wallet

Crypto Wallet Development From Scratch 

Although a cryptocurrency wallet can be created from scratch, doing so may be difficult due to the high requirements and resources needed. Despite being viewed as a difficult undertaking, it may be made simpler with the appropriate strategy. All you need to build your cryptocurrency wallet is a capable programming team like Maticz. 

How much does it cost to develop a Crypto Wallet?

The crypto wallet has grown more rapidly, and with new cryptocurrencies popping up daily, the demand for crypto wallets has also increased. The cost to develop a crypto wallet may approximately range from $15,000 to $100,000. However, it may vary depending on various factors like the project’s scope, business size, and the type of wallet, design, tech stack, and platform chosen to be integrated into a crypto wallet.

An app's overall size increases with the number of features it has, which increases the cost of developing the app as well. 

Why Choose Maticz to Develop a Crypto Wallet?

Maticz is a top crypto wallet development company that explores new avenues to provide our clients with the best possible experience. Our team can handle even the most challenging projects with ease and provide services that cater to your various business requirements. If you are looking to develop a custom crypto wallet, Get in touch with our team to discuss the process in detail. 

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