Now you have made up your mind to develop a custom-branded wallet. This is because you want to implement loyalty programs in your cafe, introduce a centralized payment system for the local market, or launch a solution like a pre-existing one. There are numerous ways enterprises can use them.
Unfortunately, developing a wallet from scratch can be time-consuming and costly for several businesses. Keeping a proper set-up to develop these wallets is a tough nut to crack for several enterprises. This is when a white label crypto wallet development firm comes in. The experts will understand your requirements and tailor a scalable and secure solution. The have the basic wallet infrastructure, so the bulk development load is removed from your shoulders.
There are over 170 million blockchain wallets worldwide, with Around 336,600 Bitcoin transactions carried out in a single day as of March 2023. This means that more investors and businesses are venturing into this growing market & boosting their income with it. Whether a start-up or an established corporation, you can harness the segment’s potential by developing a wallet solution from the scratch or investing in a ready-made solution.
Due to its benefits, the white label crypto wallet has become a preferred choice of all-sized enterprises. First and foremost, it is an economical solution and can be launched in the market in the least time. Let us take a quick look at them:
1. Launched Quickly in the Market
These are ready-made solutions which are tailored according to the business needs. This is why they are launched in the least turnaround time, which isn’t possible while developing it from scratch. Aspects like time certainly matter in the fast-moving crypto space, as business success is measured based on speed.
2. Economical
A white-label wallet is an inexpensive solution compared to developing a solution from the start. This solution is generally developed by businesses that don’t have sufficient budget to launch the wallet.
3. Customizable
The wallets are customizable, which means businesses can integrate their colour scheme and logo into the wallet. Besides branding, customization includes UI/UX design, security features, and many other factors.
4. Scalable
You can develop a simple or complex application based on the business requirements. Using the platform, you can track the growth and perform alterations based on user demands. As the business thrives, new features and functionalities can be integrated into the wallet.
5. Operates Effectively
They are ready-made solutions tested to work effectively in the market. This means businesses can confide in the wallet’s trustworthiness and security without undergoing intense training or development work.
6. Maintenance & Support
White-label crypto wallet providers offer maintenance and support,save businesses time and resources for performing them. While performing the process, emphasis is laid on security updates, bug fixes, and new feature development.
1. Multi-Currency Support
White-label crypto wallets support numerous currencies as per the needs of the users. Users must be able to keep and manage different currencies via the wallets.
2. Stores Funds Securely
The wallet’s secure storage facilities ensure that user funds are kept securely within it. The crypto assets are secured using the wallet’s multi-factor authentication, biometric authentication, and hardware security modules.
3. User-Friendly Interface
While developing a white label wallet, attention is given to the interface, which must be simple and easy to use. The wallet should also have easy-to-use features like sending, receiving, managing transaction history, and viewing wallet balances.
4. Customizable Design
The wallet should be customized to depict the branding and differentiate it from others. Businesses must be able to modify the wallet’s user interface, add logos, and select color schemes which must be in sync with their brand identity.
5. API Integration
A white-label wallet solution should support API integrations like payment gateways, exchange platforms, and other cryptocurrency-related services. This integration will simplify the buying and selling process on the platform.
6. Supports Multiple Platforms
The solution must offer multi-platform support like web, desktop and mobile devices to meet the requirements of different users. This will make engagement and accessibility better.
7. Customer Assistance
The white-label crypto wallet developer must identify users’ issues and concerns and try to resolve them. They can render their valuable assistance via chat, email or phone.
Security is a significant aspect of every wallet. The best thing about white-label EVM wallet is that they have been integrated with powerful security mechanisms to protect against hacks and breaches. These security mechanisms have been discussed in detail as follows:
Multi-Factor authentication adds a security layer to the wallet’s login process. In MFA, users are given two or more two forms like a password and a one-time code on their mail or mobile device.
HSMs are special hardware devices that offer secure storage and promote cryptographic key processing. They hold the private keys, thereby making the wallet contents unhackable.
The wallet users are authenticated via Face Recognition or Fingerprint. This makes the wallet extra secure as the Biometric data of every individual is different.
Wallet data such as private keys and transactional history must be shielded to prevent unauthorized access.
Cold storage holds the private keys offline. This enhances the security wallet security and shields the platform from online attacks.
Users confirm the transactions through second-form authentication shared as a one-time code on their mobile. This prevents unauthorized users from accessing the data.
Gas fees must be optimized from time to time to help users enjoy low-cost Ethereum transactions. This will minimize the likelihood of gas price manipulation attacks.
The market is flooded with numerous wallet providers, and associating with sub-standard providers can take a toll on your business. The question is how to choose the right one. Here is the list of parameters you must consider before hiring a white label crypto wallet development company :
1. Cost
is one of the most significant factors before hiring a white-label crypto wallet development company. Ensure the payment structures have been devised according to the existing business stage. The company you associate with must offer flexible cost structures so that additional features can be incorporated as the business grows.
2. Provider’s Reputation
Payment gambling is something a business cannot afford. You can analyze whether the provider is reliable by checking its reputation. There are several things you can do to check the company’s reputation. Reviewing the reviews or viewing the demo before consulting their sales team is better. Also, go through the investors’ list that were associated with the firm in the past. You associate with a reputed company if you come across some prominent names.
3. Relevant Experience & Skillset
Ensure that the firm you associate with has relevant experience and skillset in handling similar projects. A company that has completed similar projects will be able to develop a project as per your needs.
4. App Complexity & Requirements
App complexity and requirements is another critical aspect to be considered before hiring someone for your job. Ensure that the firm you associate with must know how to deal with the complexities while meeting your requirements. Remember the white-label crypto wallet app requirements to search for a company per your skills. The detailed discussion will make the development process transparent and smooth.
5. Working Process
Ensure that attention is given to the working process followed by the development company. Check the tools and techniques incorporated by the experts while developing the solution. Ask the team how they manage their development process to understand their procedures.
6. Transparent Payment Structure
Crypto investments aren’t petty; the process is all about efforts, understanding, and finances. Almost everyone wants a smooth development process which is only possible with a clear payment structure. Choose a firm that offers a multi-tier payment process like initial project cost, app design cost, launching stage, and more.
7. Deadline
Deadline is one of the primary components of wallet development. There is no point in partnering with a firm that cannot develop the project as per the deadline. Ask estimate development time from the agency and consult them in case you are experiencing hurdles during or after development.
Businesses or investors can launch a rebranded, customizable and secure wallet solution without undergoing extensive technical knowledge. The white-label crypto wallet development process has been divided into steps highlighted below:
#Step 1 : Define Requirements
Before commencing the wallet development process, the client gathers the wallet solution requirements. These consist of features, security measures and customization options they wish to incorporate.
#Step 2 : Design UI/UX
After gathering user requirements, a design prototype(UI/UX) is created, and main attention must be given to features, security measures and customization options. The prototype is shared with the client for approval, and alterations are performed based on the feedback.
#Step 3 : Development
Once the changes have been made, the process moves to the next stage, which is development divided into three parts front-end development, backend development and blockchain integration.
#Step 4 : Testing
The wallet software undergoes rigorous testing post-development to ensure that it is secure and consists of functions desired by the client. The testing process is divided into three steps: unit testing, integration testing and end-to-end testing.
#Step 5 : Deployment
After completing the testing process successfully, the white label crypto wallet is deployed on the desired platform, such as the web, iOS, or Android. The wallet is configured and deployed per client branding and feature needs.
#Step 6 : Maintenance & Support
The deployed wallet undergoes maintenance and support. During this phase, the technical team performs bug fixes, updates and technical support for the smooth and secure working of the wallet.
The cost of developing a white-label crypto wallet depends on numerous options like customization and features included, technology stack, and pricing structure offered by the provider. High costs may benefit businesses by boosting customer loyalty and retention, enhancing brand recognition and widening your presence in the competitive market. Compare the features and pricing options meticulously so that a solution that aligns with their needs and goals can be tailored.
When it comes to launching a white-label crypto wallet, a good start leads to success in the long run. Even the early stages of the business are extremely complicated. This is when you need a reliable crypto wallet development firm like Antier. The experts will be by your side to save you from unpredictable business crises. Professional assistance gives experience and prospective business exposure, which is critical for the firm’s long-term success. Our experts develop solutions fortified with market-leading features that enhance users’ experience. Additionally, we have extensive experience and expertise in developing custom wallets from scratch.
Antier sets itself apart from its competitors by conducting in-house wallet development. This helps us deliver premium-quality wallets. As a leading wallet development firm, we have assisted start-ups and established firms in achieving their goals and have developed more than 250 wallets so far. Antier takes pride in delivering exceptional product quality, as stated in the customer reviews, and our top developers handle the entire development process.
We wanted to implement a crypto wallet. Antier has saved us from the pain and cost of implementing the wallet ourselves and has delivered a cost-effective business solution. Their solutions were straightforward, and the constant communication offered by the tech team throughout the development journey was quite helpful.
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