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 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 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 providing wallet services to their user. Hence, developing a crypto wallet could be a high-profit earning business idea for aspiring entrepreneurs.
Despite the demand and needs, it’s the cost factor that ultimately determines Crypto wallet development. In this blog, we are here to provide valuable information on how much a Crypto Wallet development costs and how it is calculated based on different entities.
A Brief on Crypto Wallet Development Cost
Crypto Wallet development cost 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 classic outcome for their project results with freelancers. Besides, it might not be an efficient idea to look at the future. Instead of compensating for the cost, entrepreneurs can approach a Crypto Wallet development company – Coinsclone for different solutions.
We provide a lot of business benefits for entrepreneurs. 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.
Before discussing deep on that, it’s crucial to know that the development cost 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.
Blockchain Support
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 in their Crypto Wallet which influences the development cost in the end.
Design of the Crypto Wallet
The frontend design matters when determining the Crypto Wallet development cost. 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.
Tech Stack for Developing the Crypto Wallet
Entrepreneurs need to understand that the tech stack required to build a Crypto Wallet does impact the development cost. If the entrepreneur wants to use a modern tech stack, the Crypto Wallet 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 government 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
- Multi-crypto support
- Transaction history
- Real-time conversion rates
- Automated session Logout
- Cross-platform compatibility
- Push notifications
- Easy portfolio management
Once these standard features are included in your Cryptocurrency Wallet, the next step is to provide tight security. Users build trust in a Crypto Wallet when the security features are top-notch. Also, a Crypto wallet is a business where security cannot be comprised 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 Crypto Wallet 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 how the Crypto Wallet development cost is calculated.
How is the Crypto Wallet Development Cost Calculated?
To understand how the cost is calculated, we have listed the three common options an entrepreneur tends to choose from.
- Cost for Crypto Wallet website
- 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, the Crypto Wallet application development for mobile has comparatively fewer features. The cost estimated to build a Crypto Wallet app is around $9,000 – $12,000.
In a hybrid way, entrepreneurs can get both a website and an application in their Crypto 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 on the development method an entrepreneur chooses. Basically, there are two methods for Cryptocurrency Wallet development.
- 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, purchasing a White-label Crypto Wallet software is quite affordable in the current trend. 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 create a Cryptocurrency wallet app.
How Long Does it take to Create a Cryptocurrency Wallet App?
To create a cryptocurrency wallet app, the estimated time comes around a year 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.
Final Thoughts On Crypto Wallet Development Cost
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!!!
