Any business related to Cryptocurrency is expected to reach its peak in the next few years. Thus, the demand for a Crypto Wallet has always been high among traders. With the number of features that come along, it’s difficult to look beyond a better business than Crypto Wallet app development for entrepreneurs. Startups can generate lucrative revenue by providing Wallet services. However, the common question among the business heads has been about the crypto wallet app development cost.
A Cryptocurrency Wallet is where digital assets like cryptocurrencies can be stored securely. It works just like a purse where all the fiat currencies are stored and safeguarded from theft. Since Cryptos have dealt with a lot of internet hacking and malware attacks in the past, most Crypto-related businesses have been determined to develop the app for their users. Hence, developing a crypto wallet could be a high-profit earning business idea for aspiring entrepreneurs with the rise in app development market.
It has been learnt that Fintech enthused businesses will add Cryptocurrency Wallets as a part of their revenue and business model. Despite the demand and needs, it’s the cost factor that ultimately determines development of a crypto wallet . In this blog, we as a popular Cryptocurrency wallet Development company are here to provide valuable information on how much it would cost to develop a Crypto wallet and how it is calculated based on different entities.
A Brief on Crypto Wallet Development Cost
Crypto wallet development costs usually ranges anywhere between $10,000 to $15,000 according to the startup requirements. It should be cut down heavily if a freelancer is hired for the process. However, entrepreneurs cannot expect a guaranteed classic outcome when freelancers develop the Blockchain wallet app. Besides, it might not be an efficient idea to look at the future. Instead of compensating for the cost to develop a blockchain wallet app, entrepreneurs can approach Coinsclone for different crypto wallet development solutions.
We provide a lot of business benefits for entrepreneurs during the development phase of the crypto app. Any bugs can be fixed by us with ease in no time. Once developed and deployed by us, entrepreneurs can be assured of their development projects being successful and the Blockchain wallet cost being worth enough.
Before discussing deep on that, it’s crucial to know that the cost of the crypto mobile wallet app development varies considerably depending upon the entrepreneur’s requirements.
Factors Influencing Crypto Wallet Development Cost
Cryptocurrency Wallet development cost depends upon certain factors that entrepreneurs must notice before developing one. Once these factors are aligned, calculating the Crypto Wallet development cost becomes effortless. Here are the factors!
Type of application
For entrepreneurs, the Crypto Wallet business can be started as a browser extension or a mobile application. The cost to build a Crypto Wallet mobile app ranges from $5,000 to $10,000. On the other hand, the cost to develop a Crypto Wallet browser extension ranges from $4,000 to $8,000. It’s upon the entrepreneur to choose their requirement for the business. Interestingly, both application types can be provided by Coinsclone, and the cost differs as per request.
Type of operating software
The next aspect that entrepreneurs have to take into account is the compatibility factor. The Crypto Wallet app has to be supported by both Android and IOS users. This factor directly reflects in the successful running of the business. Providing a hybrid option is the best for entrepreneurs as it increases the user count and, thereby, increases their revenue for them. However, it reflects in the development cost finally.
Size of the Crypto Wallet app
Size is an important attribute while speculating the cost of a cryptocurrency wallet development. When the number of features in the wallet app increases, so does the cost as well. However, there is an alternative to develop a full-fledged crypto wallet app despite cutting down the number of features. Startups can pick the mandatory features that must be included while keeping the quality in tact.
Since Crypto Wallet runs on blockchain technology to store private keys, Crypto traders would prefer multi-chain support. Therefore entrepreneurs will have to provide different blockchain support which influences the Crypto wallet development cost in the end.
Architectural design of the Crypto Wallet
The frontend design matters when determining the cost of bitcoin wallet development. Entrepreneurs usually focus on building a sound UI/UX platform. However, the price varies on the complexity level and the creativity. For a simple design, the price may be reduced while it may not be able to satisfy the users. The required design has to be specified and selected by the entrepreneur eventually according to the business needs.
- Developer team size
The number of developers needed to build the Crypto wallet will also influence the cost of the app development . The developers are usually paid for working every hour in a blockchain app development company and it directly reflects at the end of the cryptocurrency wallet app development cost. Once the developer size gets large, the blockchain wallet cost can multiply and it’s crucial to have an eye on it.
Tech stack for developing the Crypto Wallet
Entrepreneurs need to understand that the tech stack required does impact the Crypto wallet development cost. If the entrepreneur wants to use a modern tech stack, the cryptocurrency wallet app development cost will rise. The old tech stack cannot be an ideal solution despite being relatively cheaper. Java or Kotlin are two technologies usually used to build Android apps while Swift is used for IOS applications.
License for the Crypto Wallet
Crypto Wallet development has certain degrees of freedom. Many countries have banned Crypto-related businesses, and their governments have failed to offer licenses. Secondly, the Crypto Wallet development cost changes in different locations. So, getting permits to build your Crypto Wallet is a must, and it can impact the overall development cost.
Apart from these factors, certain must-include features add up to the Crypto Wallet development cost.
Must-have features in Crypto wallet development
When it comes to Crypto Wallet development, features are vital, and they help in keeping your Crypto Wallet engaged among traders. The Crypto Wallet in the current era has increased the number of options in its service. Here, we have narrowed down a few of the custom features in Cryptocurrency Wallet development.
QR code scanner
QR code scanner can be incorporated into the wallet and hardly, we can find a wallet now without this feature. It helps to transfer Crypto from one wallet address to another wallet in a quick time.
This feature enables the users to access various cryptocurrencies in the same wallet. This feature is a luxury as users will not have to switch to other wallet apps for different cryptocurrencies.
The Crypto wallet app must inhibit a feature that stores all the transactions taking place. This helps largely because all the transactions cannot be remembered from time to time. Also, the blockchain wallet must be able to keep the transactions smooth and risk free.
Real-time conversion rates
Real time currency rates have to be updated quickly as the Crypto wallet app deals with excess transactions. From fiat to Crypto, Crypto to Crypto, all these values tend to change throughout the process and hence, Wallet needs to have a feature that updates the real time prices.
Automated session Logout
This is one of the prime requirements of a blockchain wallet. Automated session logout helps to save a lot of Crypto from getting stolen during any kind of hacks when the users or traders are offline. This feature defines the main purpose of Crypto wallets and should process effectively.
The Crypto wallet developed should be compatible with different blockchain platforms without any hassles. For example, a Crypto wallet should be able to switch between Ethereum and BNB Smart chain according to the protocol, the user visits.
The wallet should contain push notifications option which will be quite beneficial when a new update has been released by the admin. Also, this feature can help the admin release transaction details to the user along with the current Crypto prices.
Easy portfolio management
Crypto wallet should be able to manage the users portfolio by showing the most used Cryptos at first. This makes the traders’s experience wonderful while also cutting down the time to search for the latest or recently transacted Cryptos.
Once these standard features are included in your Cryptocurrency Wallet, the next step is to provide tight security. While building a crypto wallet app, the security features should be top-notch to ensure the trust is earned. Also, a Crypto wallet is a business where security cannot be compromised to any extent. Taking that into account, here are the security features that are mandatory during a Crypto Wallet development.
- Biometric Authentication
- Pin code or password protection
- Encrypted transaction
- Browser detection security
- Database encryption
- Anti Phishing protocols
- Key management server
- Threat protection
All these features have a separate cost, and it influences the cryptocurrency wallet app development cost. However, it is important that entrepreneurs add these features to their Crypto Wallet without regret. The benefits attained through these features are immense and definitely worth investing in.
Having discussed various factors and must-have features, we have made a detailed comparison of costs of developing a bitcoin wallet app.
How is the Crypto Wallet development cost calculated?
To understand how the blockchain wallet development cost is calculated, we have listed the three common options an entrepreneur tends to choose from.
- Crypto Wallet website Developing Cost
- Cost for Crypto Wallet application
- Cost for a hybrid Crypto Wallet
The usual Crypto Wallet website development includes a lot of add-on modules and additional features. On average, the cost to create a cryptocurrency wallet website comes to around $7,000 – $10,000. On the flip side, for mobile has comparatively fewer features. The cost estimated to build a Crypto Wallet app is around $9,000 – $12,000.
In a hybrid Bitcoin wallet developed, entrepreneurs can get both a website and an application in their Bitcoin Wallet development for a much cheaper cost combined. The cost comes to around $14,000 – $20,000, and the expense can go up if more features are required. However, all these costs can vary depending on the development method an entrepreneur chooses.
Popular methods to create a Cryptocurrency Wallet
Basically, there are two popular methods for Cryptocurrency Wallet development which are,
- Cryptocurrency Wallet development from scratch
- White-label Crypto Wallet software
Developing a Crypto Wallet from scratch is quite costly as it needs more manpower. The process extends for a lengthy period, and hence the cost can move up above $1,00,000 comfortably. On the other hand, you can build a cryptocurrency wallet app by purchasing a White-label Crypto Wallet software that is quite affordable in the current market. The software can replicate all the existing features of a popular Crypto Wallet and is an instant solution. The estimated cost of a white-label Crypto Wallet software is around $8,000 to $15,000.
Moving on, you might wonder how long it takes to develop a crypto application.
How long does it take to create a Cryptocurrency Wallet app?
To create a cryptocurrency wallet app, the estimated time comes around 10-12 months if the entrepreneur chooses to develop it from scratch. Also, once the number of features and add-on modules moves up, the developers will need more time to complete the process. For instant Cryptocurrency Wallet development, startups can prefer the white-label Crypto Wallet solution.
A white-label Crypto Wallet software enhances the entrepreneurs to build a Crypto Wallet app in a customized way. It is a prefabricated script containing all the basic requirements, including multiple currency support and multiple chain transfers. Seen as one of the best development solutions, the white-label Crypto Wallet software allows startups to create a Cryptocurrency Wallet app in a week or two.
Why Coinsclone to build your Crypto Wallet app?
On the whole, we have given an outline of the Crypto Wallet development cost. Building a Cryptocurrency wallet app on your own does involve a little bit of risk. This is where you can approach Coinsclone, a leading Crypto Wallet development company to ensure your work is easy and you can get enough guidance.
We at Coinsclone have the best development solutions for entrepreneurs with highly skilled developers in our team. Also, we suggest you try out our White-label Crypto Wallet software which has quite a number of business benefits associated. Our company focuses on Client satisfaction, and we have enough experience in the field to solve your queries.
Also, we have the best offers regarding Crypto Wallet development solutions for you and we list price quotations based on your requirements.
Get in touch with us now!!!