Important Things to Consider When Building a Crypto Wallet

Regardless of the type of cryptocurrency business you are in, you just cannot do without a crypto wallet. Your users need it to send and receive digital currency and keep an eye on their balance. To boost your revenue-generation opportunities, you need a white label or a custom wallet built from scratch.

A white label cryptocurrency wallet is a ready-made solution that can be quickly launched under your brand name. On the other hand, a custom crypto wallet is built from scratch and thus requires more development time and cost. With a white label wallet, you may get going within a few weeks.

Features your cryptocurrency wallet needs to have

What you need is a safe and secure crypto wallet that enables your users to deal with digital currencies on all their devices, whether desktops, laptops, or mobile phones.

A crypto wallet should:

• determine blocks’ addresses;
• execute incoming and outgoing transactions along with certain blocks’ addresses;
• provide a clear view of transaction history;
• give the ability to customize ongoing operations;
• introduce a system of transaction fees;
• recognize and process transactions received from other addresses;
• provide a record of the transactions;

Now that you are aware of the features of a cryptocurrency wallet, let us move on to know about the process of developing an optimized cryptocurrency wallet. Here are the steps explaining how to create a cryptocurrency wallet:

Examine legal issues

While most countries regard cryptocurrencies legitimate, some countries have imposed strict deadlines. A bit of discomfort with new technology is natural and is expected to ease up with time. Take a look at the legal aspects of your venture.

Select development tools

It is important to find the right software tools as well as recruit a team with the skillset and experience to develop a crypto wallet. To build a sophisticated application so crucial for your success is never easy, so you just cannot take chances here.

The minimum team you need includes frontend and backend developers, UI/UX designers, and testers. They would perform tasks like:

• create an intuitive interface
• write code for the wallet
• implement backup features
• develop a tool to process various types of transactions
• connect to the necessary APIs
• test the wallet extensively

Deploy dependable security

When considering how to create a cryptocurrency wallet, security is one of the crucial aspects that cannot be taken lightly. You need to work on creating a wallet as secure as possible. Moreover, thieves tend to rush wherever the money lies.

Two foremost layers of security on crypto wallets are two-factor authentication and multi-signatures. Two-factor authentication allows users to execute a transaction only after confirming a code sent to their mobile phone. A multi-signature feature requires more than one user to authenticate a transaction.

Another important step you may take is to create a mechanism for allowing the users to back up their wallets on regular occasions. In case anything happens to the wallet, they can regain access to their funds using a backup password phrase.

Add functionality

Once you have added the basic functionality such as viewing transaction history and determining blocks’ address, it is time to add specific functions that you may need. For instance, you may want to enable users to trade in cryptocurrencies, or exchange digital coins to fiat currencies right into the wallet. Every owner of the wallet has its own requirements and it is for the developers to incorporate the desired functionality into the wallet.

Summing Up

Having a sophisticated custom or white label cryptocurrency wallet is an essential business tool for you to tap into the world of digital coins. Ensure careful execution of all the steps to get for yourself a wallet that you and your users need. If you lack the technical expertise on your team, simply outsource the job to trustworthy blockchain developers.

Antier Solutions is a reputable cryptocurrency wallet development company with a robust track record in developing top-of-the-line crypto wallet solutions. We have proven capability in both white-label crypto wallet and customized crypto wallet from ground zero.

Schedule a free demo of our white label crypto wallet or connect with our team to discuss your requirements.