The scope and popularity of cryptocurrencies is growing quickly. Due to this, a significant increase has been observed in demand for crypto wallets widely used to store and manage assets. According to Future Market Insights, the global crypto wallets market revenue is set to reach US$ 1,505.9 million in 2023 and is expected to surpass US$ 3,675.4 million by 2033. By region, North America dominated the crypto wallet market by holding a share of 29.6%, followed by Europe. This means that the segment will open enormous opportunities for start-ups, investors, and varied-size enterprises and earn profitable returns with the guidance of crypto wallet development experts.
Various organizations provide crypto wallet development solutions, but not all will fit your business best. In this blog, we will highlight what crypto wallets are, why we need them, and the top 10 strategies to remember before buying a cryptocurrency wallet solution:
A crypto wallet is a software used to manage and transact cryptos securely and efficiently. It is just like a physical wallet that holds money, which is contrary to these wallets that hold private keys. The wallets are integral components of the crypto ecosystem and serve numerous purposes, such as:
Crypto wallet purchase is a crucial decision so here is the list of things to be considered before buying a solution:
1. Company’s Reputation-Indicates Work Quality
Before buying a cryptocurrency wallet solution, it’s vital to determine how long the company has been operating, who owns it, the services offered, or whether the solutions are secure. Consult them if they provide you with the answers; otherwise, start looking for the next one. Before making a decision, get an idea of the development solutions provided by the company in the past, along with the data management practices.
2. Security Mechanisms-Complete Crypto Asset Protection
Crypto wallets are susceptible to hacks and breaches. Therefore, advanced security features are impregnated within the wallet to prevent these threats. These mechanisms are generally two-factor authentication, encryption, Biometrics, and PIN. Sometimes, private key compromises can be catastrophic for businesses, so Multi-Party Computation techniques are integrated by dividing the private key into shards. The transaction is after multiple parties sign the transaction.
3. Technology Stack Involved
Before purchasing a crypto wallet development solution, it’s essential to determine the technology stack used for developing the wallet. Ensure that the wallet is integrated with state-of-the-art tools and technology to help it stay at par with the current trends. Also, it is vital to determine how private keys will be stored and who will keep them, you or the server.
4. Client’s Secrecy-Individual Decision
Most clients want to invest in a solution that holds their information privately. You must determine whether the wallet will take an email address or additional information. In certain cases, the wallet owners are verified via the Know Your Customer process. For some clients, obscurity is essential, and they won’t prefer disclosing their personal data.
5. UI Experience-Everlasting Impression
If you are a beginner, you will invest in a wallet with a simple and intuitive interface. This helps users procure the wallet’s capabilities without any hassle. Therefore, Invest in a wallet with a user-friendly interface that enhances the wallet experience of the users.
6. Compatibility-Prevents issues
Crypto wallets have been exclusively crafted for specific operating systems like Windows, iOS, and Android. Make sure the wallet you want to develop is compatible with your preferred operating system to prevent hassles later.
7. Reinforcement Capabilities-Regain Access
Check whether appropriate reinforcement mechanisms have been integrated within the wallet. It will help you regain access if your PC or mobile device has been attacked or information is lost. With appropriate reinforcement technology, you can access your cryptos again.
8. Transparency-Top-of-the-Line Source Code
A wallet should specify its administrators, activity strategies, and levels of safety. Find an open-source wallet with an enhanced level of crypto security. Also, invest in a wallet solution with an advanced source code for the smooth working of the wallet.
9. Ongoing Maintenance & Support-Smooth Working
Once the wallet has been deployed, it requires round-the-clock support and maintenance. This will keep security issues at bay and deliver an advanced solution. If you cannot do it independently, seek assistance from a crypto wallet development partner.
10. Shared Account-Multi-Signature Support
If you are sharing the wallet with someone else, getting approval from the parties to perform a transaction is essential. This feature is known as Multi-Sig and has been in trend for a while. Using the feature, the buyers can set up private keys to a wallet so that colleagues or families can access it.
Before buying a cryptocurrency wallet solutions, finding a reputed provider who can develop an application from scratch or provide a White Label wallet solution is vital. Furthermore, it is vital to follow the steps mentioned below:
#Step 1: Determine the Regulatory Requirements
Discover the regulatory requirements of crypto wallets in your jurisdiction. Ensure the solutions are KYC(Know Your Customers) & AML(Anti-Money Laundering Complaint).
#Step 2: Discover a Feasible Wallet Solution
Know the type of wallet you want to develop. While developing, you will come across several options like web, mobile, and desktop wallets, among which you can select the options based on your preferences.
#Step 3: Choose a Blockchain Platform
Select a blockchain platform where you want to deploy the wallet. During this step, you will come across two options: single-blockchain-compatible or multi-chain wallets.
#Step 4: User-Friendly Design
Ensure the wallet has a user-friendly interface, so novice and experienced users can easily access it. The design should be so simple that one can send, receive, and manage crypto holdings.
#Step 5: Development
After finalizing the application, moves to the development phase. Depending upon the platform type (Mobile, Web or Desktop) include appropriate languages and frameworks. Also, plan to develop the application from scratch or a ready-made wallet solution.
#Step 6: Testing & Audits
Once the application has been developed, it is tested & audited against bugs and errors. Obtain feedback and make necessary improvements to enhance the wallet’s functionality and user experience.
#Step 7: Launch & Deployment
The wallet is all set for launch after testing. It is made live on Playstores, websites, and other channels so that users can download and access it.
#Step 8: Maintenance & Updates
After deployment, the application is regularly maintained and updated to enhance the functionality and user experience. Maintenance and updates are a part of the budget, or the payment is made separately to avail them.
Crafting a crypto wallet development solution is complicated and requires thorough planning, sound domain knowledge, and experience. This is when you must consult the leading wallet development team at Antier. With over 10 years of industry experience,700 blockchain developers, and more than 50 wallets, the company has made a mark in crypto and assisted over 350 solutions enterprises globally. We adopt robust security mechanisms and customize the solution per business needs. Our development process is 2 times faster without compromising the quality and budget. We have developed our wallet with 4.6 Google ratings and 100 Million users registered. Make your mark in the finance segment by consulting us now!
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