How to Create a Crypto Wallet App in 2024

The crypto wallet has experienced unprecedented growth over the past few years. The surge in the number of users has allowed enterprises to tap into the segment with crypto wallet development experts and earn profitable returns out of it. The wallets were introduced to eliminate the in competencies of traditional systems, enabling safe and robust asset storage.

Before engaging with digital assets, it is vital to create a crypto wallet. This article covers every aspect of crypto wallet app development, including its relevance,prominent features, and development cost to help you make an informed decision.

What is a Crypto Wallet?

Crypto wallet app development software allows users to store cryptocurrencies, purchase, sell, send, and receive digital assets. It also stores transaction records. The crypto wallet does not only store assets, but also it partially allows users to have access to their digital currencies that are already stored on the blockchain network. The crypto wallet app is typically installed on a smartphone or laptop, but it can also be a browser extension or even be stored on USB devices. Activities involving the transfer of crypto assets are transactions with information rather than with the coin itself. Participants exchange ownership of a certain coin.

Well, for anybody who is wondering about their data security stored in the crypto mobile wallet app development solutions. The answer to this question is that it is the most secure and reliable solution to opt for. Each wallet includes a security key or private recovery phase (seed phrase) to increase asset security. The crypto wallet conducts transactions with the help of public and private keys. However, to avoid wallet hacking or stealing funds, it must be secured.

Types of Crypto Wallet

The selection of a crypto wallet app depends upon numerous aspects, including the convenience of use, security level, number of accessible cryptocurrencies, wallet format, and some other features. Let’s have a look at a few of the wallets to see what makes them unique.

1. Format

There are two types of crypto wallets based on the format : 

• Hot (software) wallet- Web, desktop, and mobile wallet apps are examples of hot wallets. 
• Cold wallet- Also known as hardware wallets. They can be easily stored on a USB device or can be connected to a computer. 

2. Authorization

We can differentiate a separate category based on the criterion of managing and keeping the user’s public and private keys. Before going into more detail about Crypto wallet app development, let’s understand how the software is separated into two groups based on their governance: custodial and non-custodial.

• Custodial wallet- A custodial cryptocurrency wallet is a service offered by a party, such, as an exchange, where they securely store and manage your keys. Users rely on the provider to safeguard their cryptocurrency investments. Although it offers convenience and user-friendly interfaces it also entails relinquishing some control over assets and potential security vulnerabilities.
• Non-custodial wallet- A non-custodial cryptocurrency wallet provides users with authority over their keys and cryptocurrency assets. In contrast to wallets, users maintain their security and have full autonomy. Although non-custodial wallets offer security and privacy users are responsible for managing their key management and security practices.

3. Devices

Non-custodial crypto wallets are the most widespread crypto wallets in the market. Therefore let us explore them and many other forms based on the devices that people use them on.

• Web wallet – They can be accessed with a regular browser without the need to install any software. This storage solution is deemed insufficiently dependable. Users should consider safeguarding their web wallets to avoid funds from being stolen. They have the option of using two-factor authentication and anti-phishing encryption to safeguard their web wallets to avoid any funds being stolen.
• Desktop wallet – It is the most widely used variety and is a program that needs to be installed on the computer. As all crypto assets and private key information are stored,the experts recommend taking extra precautions, such as utilizing two-factor authentication and a security program. The high level of security distinguishes the desktop wallet from other software wallets. 
• Mobile wallet – A wallet with enhanced capabilities is an alternative to desktop wallets.  The crypto wallet app development specialist can create a mobile-compatible wallet that makes it easier for users to make routine transactions and purchases using their smartphones. Experts advise encrypting the mobile crypto wallet with a strong password.
• Hardware wallet – These wallets are fairly comparable to flash discs. They are regarded as the most trustworthy of all currently available types. Hardware wallets produce private and public keys on their own. They are standalone devices with no internet access. This sort of storage is appropriate for those seeking long-term investments. Many cryptocurrency whales also choose hardware wallets for storage.
• Paper wallet – These crypto wallets are an acceptable replacement for cold storage. It is a piece of paper that contains keys for the wallet in the form of QR codes. When transferring files, the printed data can be scanned. Such a way of storing Bitcoin assets is quite safe because the cryptocurrency is reliably safeguarded from fraudsters. They are unable to steal private keys or any data when connected to the internet. 

Exclusive features that must be taken care of while performing Crypto wallet app development 

Eager to try mobile wallet app development? First, you must learn about the must-have features of the wallet app. It is typically designed to prevent issues connected with trading and keeping funds on a crypto exchange or marketplace, as well as to improve asset security. However, in addition to the major features, it has managed to distinguish itself from the competition by providing customers with numerous more benefits. Scroll down to see the whole list of advanced features:

• On-Chain/ Cross-Chain Crypto Swap- It allows users to effortlessly exchange one cryptocurrency for another through the crypto wallet app. Users can make swaps without the requirement for third-party exchanges, whether the cryptocurrencies are on the same blockchain (On-Chain) or distinct blockchains (Cross-Chain). This encourages smooth and efficient trading, allowing users to better manage their crypto holdings.
• Chrome Wallet Add-On- Users can leverage this capability to expand wallet functionality to web browsers such as Google Chrome. Users may access their wallets, manage crypto assets, and conduct transactions directly from their browsers. It enhances accessibility and convenience for people who wish to interact with their wallet while browsing the internet.
• User Chat- This feature allows users of the mobile wallet app to communicate and interact with one another. It enables users to safely communicate with one another while discussing transactions, trading methods, or other cryptocurrency-related issues.
• Referral- Users can use this function to refer the wallet software to others and get rewards in return. Users can encourage friends, family, and connections to join the site by sharing a referral link. 
• Security- The security function includes several safeguards to secure users’ crypto assets and sensitive information. This comprises PINs, biometric authentication (such as fingerprint or face recognition), two-factor authentication (2FA), and encryption. The wallet app incorporates cutting-edge security practices to protect against unauthorized access and cyberattacks, protecting the security of users’ cash.
• Multi-Wallet Compatibility- It allows users to manage multiple wallets within a single app. Users can establish and move between different wallets for varied objectives such as personal, business, or savings. This feature improves organization and flexibility by allowing users to separate their assets and transactions while readily accessing them through a single interface.

How to Create a Crypto wallet app in a few simple steps?

Crypto wallet app development is a complex task that necessitates professional guidance. They ensure entailing multiple critical processes to assure security, functionality, and user-friendliness. Here is a detailed guide on how to create a crypto wallet app in easy steps.

Let’s get started!

Step 1. Define the scope and features

Outline the function of your mobile wallet app development solution. Will it support a single cryptocurrency or several tokens? Select features such as sending, receiving, and saving, as well as additional features such as in-app exchange, portfolio tracking, and security features.

Step 2. Select a Development Platform

Select a platform for your app, such as iOS, or Android, or web browser extension. This decision affects development, user experience, and accessibility.

Step 3. Designing the user Interface

Create a user interface (UI) that is both intuitive and visually appealing. Concentrate on simple navigation, clear transaction displays, and security alerts.

Step 4. Security Measures

Implement comprehensive security measures such as PIN or biometric authentication, two-factor authentication (2FA), and backup alternatives. Concentrate on securing private keys and sensitive data.

Conduct extensive testing across many devices, operating systems, and scenarios. To ensure a flawless user experience, test transaction processing, security features, and UI/UX.

Step 6. Launch and distribution

Prepare your mobile wallet app development solution for distribution by optimizing performance, ensuring security, and complying with app store requirements. Launch your app on platforms such as the Apple App Store, Google Play Store, and other relevant app marketplaces.

However, you can only develop a robust crypto wallet if you have the right skill sets. It is recommended to seek professional assistance from a well-established and experienced Crypto mobile wallet app development company. It houses proficient blockchain developers who are well-versed in crafting secure and scalable crypto wallet applications.

How much is the Crypto Wallet app development cost?

The cost of developing a crypto wallet app depends on various factors and may vary. A basic crypto wallet app development solution is quite affordable and cheap compared to a wallet app with complex features, functionalities, and much more. Apps with more advanced and feature-rich functionality are expensive due to extra efforts made by blockchain professionals. Remember that the crypto landscape is always evolving, and these estimations may not accurately reflect current market pricing. 

It is recommended to consult a well-established mobile wallet app development company with competent app developers. They can help you obtain various quotations and guide you better on your exact requirements in depth so that there is a mutual and realistic estimate. Consider the potential ongoing expenditures for upgrades, maintenance, security enhancements, and customer support after the initial construction of the app.

Why do we need Crypto wallet app development solutions?

“The global crypto wallet market was estimated at USD 8.42 billion in 2022 and is predicted to increase at a compound annual growth rate (CAGR) of 24.8% from 2023 to 2030.”

Businesses are adopting cryptocurrencies due to their perks such as better security and the absence of third parties. Not only this, but companies are entering the crypto space by employing them as a store of value for operational, investment, and transactional purposes. Using cryptocurrency in business has catered to a new clientele with openness in their dealings.

The demand for high-quality, dependable, and secure crypto asset storage solutions has skyrocketed. As a result, the future of cryptocurrency wallets appears to be a thrilling and constantly growing sector. With the growing popularity of cryptocurrencies, the demand for secure and user-friendly solutions has also surged rapidly. Crypto wallet app development solutions have made trading, managing, purchasing, selling, and communication easier, making it an excellent choice for crypto investors and users seeking global access. It is an essential component of the crypto market since it protects the user’s private keys from scammers and hackers. 

The Final Thoughts

Hope this article was helpful for you! Now that you are familiar with the crypto wallet app development process, cost, and significance, you can make a clear decision about investing in the same. 

If you have been planning to get robust and secure crypto wallet apps developed, then you must partner with Antier. We are a premium blockchain company that also takes much pride in delivering successful and efficient crypto mobile wallet app development solutions. Our blockchain professionals are highly trained and skilled in crafting wallet solutions by leveraging our mere expertise and experience. You can visit our website and consult the experts to share your requirements. We would be happy to help you!