Until a few years ago, people used to carry cash in their pockets. Then, it became possible to make cashless purchases using mobile wallets, or net banking apps. However, this invited security risks too. Today, we are living in an era in which a user of a decentralized crypto wallet can enter into a business relationship with a complete stranger in a trustless manner. It’s because of the in-built high-security feature of blockchain.
As we have entered 2023, the number of crypto wallet users is increasing rapidly, and so is the popularity of DeFi wallet Development Services. In the current times, we can find numerous crypto wallets that have the potential to accommodate the heightened expectations of users. Popular wallets like Metamask and Coinbase are evolving at a rapid pace to stand themselves apart from the competition. After all, who won’t like to use a decentralized crypto wallet with ultra-high security and market-leading features?
As per a report by Grand View Research, Inc., as referred by Bloomberg, the market size of crypto wallets across the globe is expected to touch $48.27 billion by 2030, with a CAGR of 24.4%.
While speaking to David Hoffman, the Bankless co-owner, about three major opportunities that are yet to be explored, Vitalik Buterin, the co-founder of the Ethereum blockchain, mentioned the mass adoption of crypto wallets and inflation-proof stablecoins, apart from Ethereum-backed website logins. He replied during the conversation to Hoffman, saying “If you can make a wallet that a billion people will use — that’s a huge opportunity,”
It’s needless to say that DeFi wallet Development Services are slowly and steadily enabling common people the power to store and invest their crypto assets with complete security by using a decentralized crypto wallet. The trend is going to accelerate in 2023 and beyond as more and more people have started realizing the worth of investing in crypto markets.
Here are some of the notable features of a crypto wallet that make you future-ready:
1. Sign Up/Sign-in : A user needs to register and gain access to his dashboard only after login. It ensures an added layer of security.
2. KYC Verification : Earlier, KYC verification was not mandatory, but it is now becoming a culture in all parts of the world. It helps to verify the identity of the wallet user. If you want to enter the realm of crypto trading, you will need to verify your identity by submitting government-issued documents like a passport.
3. OTC (Over-the-counter) Trading Facility : It provides more power to crypto users as they can enter into trading deals with greater privacy between two parties. Trading can be done fiat-to-crypto or crypto-to-crypto.
4. Cross-chain Compatibility : A crypto wallet must be cross-platform compatible, as it will increase its usability. However, you must discuss this feature with the DeFi wallet Development Services before starting with the creation of your crypto wallet.
5. Multi-Signature Feature : With this feature, a wallet can be accessed only using multiple private key signatures. It’s a comparatively more secure way of login into the wallet and eliminates the chances of misuse of funds. It simplifies the transaction authentication process.
6. In-chat Transactions : As we are entering 2023, this unique feature of a decentralized crypto wallet will enable users to exchange cryptocurrencies without involving any crypto exchange.
7. Data Privacy : Users will have complete control over the transactional data, which ensures greater privacy. However, you must keep your private key undisclosed, otherwise, whoever has your private key will have an access to your wallet. In the crypto world, it is said “not your keys, not your wallet”.
8. Buying/Selling Options With Security : The wallet users must be able to buy or sell cryptocurrencies or digital assets like NFTs or tokens in a secure way.
9. Automated Denial of Duplicate Payment : A decentralized crypto wallet will have the capability to detect and deny duplicate transactions. It’s the most sought-after feature by businesses.
10. Capability To Store Multiple Crypto Assets : A crypto wallet will allow the users to store multiple types of coins and tokens, as per their need.
11. Easy Integration : A crypto wallet should be easy to connect to the leading crypto exchanges.
It’s tough to provide an accurate estimation of developing a crypto wallet. It depends on the following factors:
Therefore, it is better to consult a service provider of your choice to discuss the budget and requirements. It will not only end your worries about handling technical aspects related to security and usability but also the price factor.
Gone are the days when all transactions were done in cash and businesses were confined to a specific region. With the advent of advanced software solutions, net banking, and web accessibility, everything seemed to become so easily manageable, but there were still some security issues that needed to be addressed. As times changed, blockchain technology ended all the worries related to security and privacy.
Today, millions of people have ownership of their decentralized crypto wallet, and they are using it for multiple purposes. Businesses are using crypto wallets for managing business transactions, and crypto traders are using them for storing and investing their crypto assets in a safe and secure manner. Feeling fascinated to get one for you?
Reach Antier for DeFi wallet Development Services, and become a proud owner of a next-gen crypto wallet today!
