While cryptocurrencies occupy a significant place in a user’s life, they often have robust software to safeguard their assets.
There comes the role of a crypto wallet. Similar to a real-world wallet, these crypto wallets are utilized to secure the digital assets for trading, staking, and storing. Depending on the format, usage, storage capacity, etc, there are numerous crypto wallets in the market.
As per the reports of Grand View Research, the global crypto wallet size is estimated at 12.59 billion dollars in 2024, and it is predicted to reach 100.77 billion dollars in 2033.
From this, it is evident that the demand for a full-fledged crypto wallet will rapidly increase in the upcoming years. So, this is the right time to create a crypto wallet with enriched features and kickoff your crypto business journey. If you are a curious startup with the question of ‘How to create a crypto wallet?’.
Don’t worry, we have crafted this comprehensive guide to cover all the nooks and corners of crypto wallet development. But, before that, know the reasons to launch a crypto wallet.
Why Should Startups Consider Creating a Crypto Wallet as a Business?
Compared to other business modules, creating a crypto wallet will be a profit-reaping business idea for entrepreneurs. Also, with an efficient business setup, profit streams, and a community-building module, crypto wallet development stays ahead in the digital landscape. So, let’s dig deeper into how crypto wallet creation offers a lot of business perks.
- Competitive Aspect – A crypto wallet is essential for every crypto transaction. So, creating a crypto wallet will make you in demand in the crypto world.
- Innovative Features – Features are an important factor that helps your crypto wallet stand out of the box. Also, the higher the features, the higher the user count.
- Undying Demand – The demand for crypto wallets is growing rapidly, so your opportunities of being at the forefront as the best crypto wallet.
- Cross-Platform Compatibility – Creating a crypto wallet that can be accessible to both mobile and desktop users will be an add-on benefit for startups.
- Quick Market Entry – You can easily adopt a White Label Crypto Wallet software to securely launch your personalized crypto wallet. Also, this approach enables startups to expand their crypto business quickly, avoiding the hassles of planning everything from scratch.
- Profitability – Crypto wallets have numerous money-making streams like transaction fees, affiliate marketing, subscription fees, etc.
Hence, building a crypto wallet is not a daunting task unless you get to know the entire development process. So, let’s get to know about the crypto wallet development process in the next section.
How to Create a Crypto Wallet in 10 Effective Steps?
We at Coinsclone follow a 10-step process for creating a crypto wallet with enriched features, top-notch frontend & backend functionalities.
- Ideation
- Choice of development Company
- Legal Considerations
- Roadmap Planning
- Market Analysis
- Resource Gathering
- UI/UX Designing
- Wallet Development
- Quality Assurance
- Crypto Wallet Launch
STEP 1: Ideation
The foremost step to consider is to be clear on your crypto wallet business. Analyzing the business pros & cons, business perks, current market, and target audience will help you in crypto wallet creation. Also, the Ideation about the crypto project will help you avoid unnecessary confusion or struggles in the development phase. In this phase, ask yourself,
- What is the purpose of launching a crypto wallet?
- Is this crypto wallet development project long-term?
- Who will be my target users?
When you are clear about the crypto wallet creation process, then you can proceed with the next step in the development process.
STEP 2: Choice of Development Company
Once you have finalized the basic things, you have to choose the best crypto wallet development company with a 100% success rate. Also, creating a crypto wallet with the help of a reputable firm will help you create a platform without any hassles. Compared to freelance hiring, the development team ensures to offer various development solutions to make your project at ease.
Therefore, Consider a crypto wallet development company that has blockchain expertise and enough tech stack resources. Some of the things that have to be considered before choosing a development team are,
- Tech stack proficiency
- Compliance Knowledge
- Post-launch support
- Development solutions
- Infrastructure Design
- Testimonials
STEP 3: Legal Considerations
Even though the crypto business is making a revolution in the financial industry, many are still not sure about the legal and regulatory compliance. Presently, many countries and regions have not yet formulated proper laws for the crypto business.
Considering that legal compliance is the key factor for the security of your crypto wallet. Take proper measures to secure your crypto wallet that help you avoid threats, scams, and hacking. Make sure to get legal advice on,
- Privacy and Data Protection – For launching the crypto wallet, every startup has to follow AML (Anti-Money Laundering) compliance and CDD (Customer Due Diligence). This is to protect the sensitive data of the crypto users.
- Jurisdiction Regulations – There are crypto-friendly countries in the market where the laws and regulations are lenient. With the help of your legal advisor, you can pick the right region for launching your crypto wallet.
STEP 4: Market Analysis
Once you are clear about the legal considerations, you can start to analyze the crypto market. Also, in this development phase, choose the type of crypto wallet that has to be developed. Based on the crypto wallet types, usage type, and format, there are numerous types of crypto wallets. Additionally, the two common wallet types are custodial and non-custodial crypto wallets. Along with that, make sure of recent upgrades in the Types of crypto wallets like Multi-currency wallet, blockchain-based wallet etc. So, choose the best one of the given wallets based on the below factors,
- Blockchain Types
- Types of Crypto Wallets
- Emerging trends in crypto wallet creation
STEP 4: Roadmap Planning
Partner up with the crypto wallet development team to frame the roadmap for creating the crypto wallet. By creating a complete roadmap for your crypto wallet development, it will be easy to process them. Also, have a detailed discussion with the developer team, technicians, and legal experts to start your creation process. In this roadmap planning phase, make sure to,
- Set clear objectives
- Analyze the Feature integration
- Utilization of Tech Stack
- Cost considerations
- Timeline of the wallet development
STEP 6: Resource Gathering
After the roadmap creation, you can go on to gather the necessary tools, resources to build your crypto wallet. This step is all about building the foundation: the team, tools, frameworks, and infrastructure that will make your crypto wallet secure, scalable, and successful.
Give roles and responsibilities for the development team. Pick the right tech stack for your crypto wallet development process.
- Blockchain – Ethereum, Solana, Polygon.
- Front End – React Native, Flutter, Swift (iOS), Kotlin (Android)
- Back End – Node.js, Express.js, Python (FastAPI)
- Crypto mobile App Monitoring: Sentry, LogRocket, Prometheus
- Tools – Push Protocol (Push Notifications), Moralis (NFT APIs), Sumsub (KYC)
Also, seek guidance from the developers for upgraded tools and resources for launching the crypto wallet.
STEP 7: UI/UX Designing
With the help of the developers and UI/UX designers, you can design the crypto wallet’s interfaces. Integrate the necessary features for both user and admin dashboards. Also, research the crypto user needs and expectations for a crypto wallet. Frame the possibilities of implementing them into your crypto wallet. Some of the features of the crypto wallets include,
User Panel
- KYC/AML registration
- QR Code Scanner
- Multi-crypto Support
- Session Logout
- Push Notifications
- Transaction History
- User Chat
- Affiliate Marketing
Admin Panel
- User Management
- CMS configuration
- Live Analytics
- APIs Integrations
- Revenue Stream modification
- Dispute Resolution
STEP 8: Crypto Wallet Development
After integrating the features within the crypto wallet, it is essential to build the actual wallet with all core and custom functionalities. Also, make sure to integrate user-friendly features and easy navigation which helps crypto wallets to work seamlessly.
In this development phase, developers will create the frontend, backend, blockchain integration, and security module implementation. Based on the blockchain network, the programming language varies. Therefore, make sure to offer a,
- Lightweight frontend for faster load times
- Scalable Infrastructure
- Easy Onboarding for users
- Integration of the security mechanisms
STEP 9: Quality Assurance
Ensuring the quality of the crypto wallet is essential before launching it into the market. A small technical bug within the platform can make huge losses. Also, conduct a testing process to ensure the functioning of the crypto wallet. Some of the valid testing process that has to be done are,
- Unit Testing – Verification of the smallest modules within the platform for smooth execution.
- Integration Testing – Tests the interactions between modules, such as crypto wallets and blockchain, or crypto wallet and notification system.
- Security Testing – This is conducted to ensure the functioning of the security features of the crypto wallet.
STEP 10: Crypto Wallet Launch
Once you are satisfied with the features and security protocols, you can then deploy them. If you want to know about your crypto wallet’s working process, you can launch a beta version of your wallet. Through this, you can get a clear view of your wallet. Once the crypto wallet is launched, you can make sure to offer,
- Upgrades – You can update the crypto wallet with updated versions, additional features, etc. Through this, you can stay with the upcoming trend.
- Scaling – After analyzing the outcome of the crypto wallet, you can expand the crypto wallet app with traffic-handling features and plugins.
What are the Factors To Consider Before Building a Crypto Wallet?
As a startup, you have to note down some of the key factors before kickstarting your crypto wallet development. So, we have given the complete list below,
- Legal & Regulatory Considerations – Crypto is still a legal gray area in many countries and governments. If you are looking to build a crypto wallet, it is better to analyse legal restrictions. So, Look out for KYC/ AML requirements, licensing, and document issues.
- Geographical Limitations – Each country has its language and UX preferences. It is important to consider that and offer region-specific features. Also, the crypto wallet might face legal action to strict bans if you fail to follow the regulatory framework.
- Security Considerations – Crypto Wallets handle huge funds effortlessly, which are prime targets for hackers. Just a breach could destroy trust completely. So, ensure the security of your wallet app by implementing necessary security protocols like 2FA, biometric access, or PINs.
- Stay with Trend – Web3 and the digital ecosystem are evolving rapidly. From QR scanners to staking, your wallet needs to be future-proof. Avoid limiting your wallet to minimal currencies. Also, staying up to date with trends like MPC Wallet creation, will position you in the futuristic ecosystem.
- Tech Stack Utilization – Adopting the wrong tech stack could lead to serious issues like scalability bottlenecks, poor performance, or security vulnerabilities. Also, ensure that your crypto wallet has proven Web3 tools like React Native, Web3.js, and secure key management systems.
- Expertise of Developers – Be careful about your hired Crypto Wallet App Developers. Also, for a secure and structural crypto wallet, a strong tech backup is necessary. Therefore, take a look at their portfolio and read reviews to understand their expertise level to plan accordingly.
Creating a crypto wallet in the competitive landscape is not an easy task unless you have a technical partner on your side. With the right tech partner by your side, you can overcome all kinds of hurdles easily and build a crypto wallet. Among numerous crypto wallet development companies, Coinsclone tops the list with its successful wallet deliveries.
Why Choose Coinsclone to Create a Crypto Wallet?
Coinsclone is a leading Cryptocurrency Wallet Development Company that has completed nearly 90+ crypto projects. We are experts in launching the crypto wallet with power-packed features, security protocols, and plugins. We possess a dedicated team of developers, technicians, and testers who strive to offer you a crypto wallet that stays ahead in the market. We are also experts in offering perfect solutions for launching your crypto wallet seamlessly.
We optimize the features, UI/UX design, revenue streams, etc, based on the client’s needs and business requirements. Our development team also offers prolonged support, maintenance, and updates for the crypto wallet. Along with these, we are also offering crypto exchange creation, DEX development, and NFT-related business modules.
Make a call to our business team to get your precise cost quotation!!
Frequently Asked Questions
1. How much does it cost to develop a cryptocurrency wallet?
The average cost to create a crypto wallet will range from $10,000 to $15,000. Based on various factors like blockchain network choice, development method, customization, UI/UX design, etc, the cost may differ.
2. How long does it take to complete the crypto wallet development process?
The time taken to complete the crypto wallet development will be around 2 months to 6 months. Yet, it depends on the startup’s idea of either creating a simple wallet or a complex wallet.
3. What challenges are faced in creating a crypto wallet?
The most prominent challenges that are faced during the creation of a crypto wallet include security concerns, interoperability, regulatory hurdles, user adoption, technical complexities, etc.