Cryptocurrencies have gained immense popularity over the years and so have cryptocurrency wallets. Crypto wallets are used to store, send, and receive crypto assets in a secure and efficient manner. Essentially, there are two broad forms of crypto wallets – hot crypto wallets and cold crypto wallets.
In this blog, we will discuss how crypto wallet owners make money from their wallets.
Revenue streams for cryptocurrency wallet owners
There are numerous ways through which a white label cryptocurrency wallet owner can make profits, including the following:
1. Transaction fee
A transaction fee is used for executing transactions in the network and to get them stored in the block. Once a transaction enters the network, it needs to be validated through consensus, after which it is added to the block. Each validation takes up to 10 minutes on an average. Transaction fees vary with wallets and enable the wallet owners to create a revenue stream for themselves.
2. Staking
Staking is a process of holding crypto assets in a crypto wallet for a certain time to support the blockchain network. It involves locking users’ crypto assets after their permission and rewarding them in turn in the form of commission.
Staking allows crypto wallet owners to collect a considerable amount of funds that can be utilized to invest in other areas such as real estate, ICO, and more.
3. Launch of a new coin or token
When a new token or coin is launched in the market, it needs to be listed on a crypto wallet where it can be stored or transferred. Different crypto wallet owners charge a different fee to support a crypto asset and list it on their wallet.
4. Consultation fee
Cryptocurrency wallet owners also earn a commission for offering consultation services. They guide crypto users on the right investment opportunities. Even personalized consultants can be hired by investors or traders to customize their portfolio according to their specific needs and requirements. Crypto wallet owners can make a huge amount of earnings through consulting.
Concluding thoughts
A business model of cryptocurrency wallet generates huge earning opportunities for crypto wallet owners. If you are considering developing a white label crypto wallet or a customized wallet, we can help you build a feature-rich crypto wallet.
Antier Solutions is a leading blockchain and cryptocurrency product development company with real-world experience in delivering customized solutions to clients globally. Our blockchain experts deliver crypto wallets integrated with advanced features such as two-factor authentication, biometric authentication, mnemonic passphrase, multi-signature support, optimal session logout, and more.
Schedule a free demo of our white label wallet or connect with our subject matter experts to share your business needs.
