When you are going to set off on a crypto wallet development project, creating the wallet from scratch is probably the last thing you want to do. Not only will it require a lot of time, but it will also substantially scale up your development cost. There is no reason to develop a crypto wallet from ground zero when you have a viable solution – a white label crypto wallet. Work with the best crypto wallet development company to get such a wallet.
How does a crypto wallet work?
Unlike a traditional wallet, a cryptocurrency wallet is a software functionality that enables users to earn, monitor, and transfer digital currencies. The wallet just records these transactions on the blockchain technology. Transferring the currency to a wallet indicates that the ownership of a certain amount is signed off to a dedicated wallet address.
If the user wants to unlock the funds, the private key of the crypto wallet should map with the public address of the digital currency it is assigned to. Wallets that require the Internet to function are termed hot wallets, while those which can be stored offline are called cold wallets.
When the public and private keys of a wallet match, the receiver’s wallet is credited and the sender’s wallet is debited with the underlying amount. The giving and receiving of money are demonstrated by a change of balance in the wallet.
Types of crypto wallets
Web wallet – requires web access to function
Mobile wallet – web-based wallet developed for iOS and Android platforms
Desktop wallet – able to cold store digital currencies on your desktop
Hardware wallet – easier and safer way to store currencies for a long term in a hardware device
Paper wallet – a physical copy of the public and private keys
Multi-currency wallet – your best choice
There are hundreds of digital currencies out there your customers may want to deal with, so go for a multi-currency wallet. A multi-currency wallet is equipped to deal with all these currencies, each with their own ecosystems.
Factors to look for
You may find wallet development companies offering a string of fancy features, many of which you may not even actually need. Getting these features will only shoot up your costs. In the initial stages of your business, limit yourself to essential features and you can leave the rest for the next stage.
Some must-have features offered by the best white label Bitcoin wallet include native support for multiple coins, cross-platform compatibility, multi-layer security, NFC (near field communication support), automatic conversion rates, highly secure and scalable infrastructure, auto denial of duplicate payments, seamless linking to other crypto exchanges, accessibility on the web and mobile devices, real-time swapping of assets, OTC (over-the-counter trading), easy portfolio management, and simplicity to use.
How to choose the best crypto wallet development company
You will find so many wallet development companies out there, all claiming to offer you cutting edge services, and making it difficult for you to decide which one of these to eventually work with. Settle for the best crypto wallet development company that has a strong track record of top-grade service. They should have the technical expertise to offer you wallet customization, application integration, beta testing, product launch, and other features.
Antier Solutions has gained for itself reputation as the best blockchain development company. We come up with a well-considered roadmap for setting up a wallet that fulfills your business objectives. Working as your trusted technical partner, we can provide you with a white label Bitcoin wallet and multi-currency wallet, and at the same time build a custom crypto wallet for you from scratch.
Schedule a free demo of our white label crypto wallet or connect with our subject matter experts to share your business needs.
