Development Wednesday August 3, 2022

How much does it cost to create a Crypto Wallet app?

How Much Does It Cost to Make a Crypto Wallet App on BlockChain?

Cryptocurrency wallets have grown by leaps and bounds as various businesses and entrepreneurs worldwide have adopted them since their inception in 2009.

And a need for cross-platform crypto wallets grows even faster as many new cryptocurrencies emerge in the market every day.

A report by Statista states that the number of Blockchain wallet users worldwide has surpassed 81 million.

Country% Adoption Report
Indonesia41%
Brazil41%
UAE35%
Singapore30%
Israel28%
US20%
India20%
UK18%
Australia18%
Germany17%

According to News Crypto, crypto ownership was the highest in Brazil and Indonesia. And there will be massive and continuous demand for multi-cryptocurrency wallet development.

That is why you must know everything about Cryptocurrencies and a Cryptocurrency wallet to determine the crypto wallet development cost.

What are Cryptocurrencies? And what is a Cryptocurrency Wallet?

A cryptocurrency is a digital/virtual currency designed to work as a medium of exchange through a computer network. It can work without a central monetary authority such as a government or bank.

Cryptocurrency Wallet

A crypto wallet is a digital currency wallet that can store/retrieve public and private keys of users to help them conduct transactions with cryptocurrencies like Bitcoin, Ethereum, and Tether.

Users can easily download and install the wallet for multiple cryptocurrencies or access an easy-to-use interface to manage their crypto balance.

Crypto Wallet App Development Cost?

The average cost to develop a crypto wallet app on blockchain is around $15,000 for a simple crypto wallet and around $200,000 for one with extra/complex features.

But the crypto wallet development cost depends on several factors discussed below:

Factors affecting Crypto Wallet App Development Cost

Every cryptocurrency wallet development company follows a different approach to creating an app. And the costs vary from company to company.

Blockchain App Development Factors

Here are some factors that impact the crypto wallet development cost:

1. Size of the blockchain development company

Companies that offer blockchain development services are of 3 categories. And they charge the clients based on team size and expertise.

  • Small-scale
  • Mid-scale
  • Large-scale

a) Small-scale

They have a small team of about 10 to 30 experts and have just begun to work in this industry. Charges are comparatively less than large-scale as they want to build their work portfolio. Cost to create a cryptocurrency wallet varies from $15,000 to $30,000 with a small-scale company.

b) Mid-scale

Mid-scale can be the best choice if you are a newbie and plan to enter the blockchain market by developing a cryptocurrency wallet app.

They have a good team size of 50+ employees and can provide you with a balanced cost estimate. Mid-scale company development cost varies from $30,000 – $70,000.

c) Large-scale

Companies have a large team of over 500+ employees working for them. Large-scale is best if you have a project designed for a large target audience. And you want a whole team working for you.

Blockchain wallet app development cost may vary from $60,000 – $150,000 with a large-scale company.

SizePrice
Small-scale $15,000 to $30,000
Mid-scale$30,000 – $70,000
Large-scale$60,000 – $150,000

2. Type of the Blockchain App

Each crypto business needs the best-decentralized crypto wallet to maintain its business capacities. Analyze your business requirements first and decide on the type of app before starting the Multi cryptocurrency wallet development process.

These are of two types: cryptocurrency-based solutions and non-cryptocurrency-based solutions.

  • Cryptocurrency-based solutions

DApp, wallets, and ICO are some examples.

  • Non-cryptocurrency-based solutions

Distributed ledger systems preferred by industries like banking and logistics.

3. App Complexity

Be clear on what issues users are facing, what solution you wish to offer with your app, and the resources your blockchain app needs.

It will help you find the right cryptocurrency wallet development services for your project.

Below mentioned are some factors that determine app complexity:

  • Platform
  • Technology Stack
  • API Integration
  • UI/UX Design

4. Team Size

You must always consider the size of the team that works on your project when you plan cryptocurrency wallet development.

The cost will increase as your project requires more and more people. Consider the following when planning the budget for your project:

The cost may vary based on what you select.

For example:

TypePrice
In-house cryptocurrency wallet development teamBeginners-$50,000
Expert – $100,000 onwards
FreelancersBeginners-$50,000
Expert – $90,000
Proficient cryptocurrency wallet development companySmall-scale – $15,000 to $30,000
Mid-scale – $30,000 – $70,000
Large-scale- $60,000 – $150,000

Hiring a good cryptocurrency wallet development company is always a better choice as they have a dedicated team working on your project and are available 24/7.

5. Industry Niche

Each niche has its requirements and needs different technology stacks/features. And the cost may vary accordingly. Each extra feature or element may add up to the application improvement cost.

It is time to discuss the different types of digital wallet crypto and what makes them popular.

What Are the Different Types of Crypto Wallets?

Crypto Wallet Types
  1. Web wallets: These are accessible through a web browser. You need not download any specialized software on your computer or phone. The website holds the key to your crypto to give you control over your cryptocurrency. Some of the best digital wallet apps for cryptocurrency are CoinBase, Xapo, BitGo, and CoPay.
  2. Mobile wallets: These can be easily downloaded and installed on mobile phones. You can buy/sell crypto with a QR code and NFC (Near Field Communication) that comes with it. For example, Bitcoin Wallet and Hive Android. They need additional security measures as they are vulnerable to malicious apps and viruses. You will need to encrypt your mobile wallet with a password and private keys with a safety backup.
  3. Desktop wallets: It is software that you download and use locally on your computer. The wallet gives you total control over your keys and funds. You can secure your wallet by following basic security measures such as antivirus, firewall, and anti-malware software. Some examples are Bitcoin Core, MultiBit, Bitcoin Knots, Armory, and Electrum.
  4. Hardware wallets: These protect your private keys from viruses and hackers online. A hard drive/ Pendrive stores the key in a safe place. And you can use your crypto only when you connect the drive to a computer. Hardware wallets are the perfect choice for users who do not wish to buy or sell crypto actively.
  5. Paper wallets: The crypto address and its private key are on these papers in QR codes. You can scan the codes to execute cryptocurrency transactions.

Mobile wallet apps are the most popularly used wallets among the different crypto wallets. They can run on phones through an app, store digital currency, and simplify payments to other users or stores.

What Makes Crypto Wallets Popular?

A crypto wallet is a good alternative if you need space to invest and store your digital currencies.

According to Allied Market Research, the value of the global cryptocurrency market was $1.49 billion in 2020. And it may reach $4.94 billion by 2030 with a CAGR of 12.8% from 2021 to 2030.

They also have a higher level of protection in comparison with crypto exchanges. The following are some reasons why crypto wallets are popular.

  • Easy transfer and low fees
  • Multi-Crypto support
  • Excellent security
  • Trading and Investment
  • Automatic-session Logout
  • Allows instant transactions across geographies

What Are the Features of the Crypto Wallet App?

Crypto Wallet App Features

The following are some Crypto wallet features for developing bitcoin wallet apps:

User Authorization

Wallet apps are prone to security attacks. 2-factor authentication via a user registration maintains wallet security. And adding further layers to the protocol can make it more secure.

QR Code Scanner

A QR code scanner adds simplicity, speed, and security to your crypto wallet app transaction. Your wallet can facilitate the automatic scanning of wallet addresses and public keys if it has a QR code scanner. It is a safe and secure way to do crypto transactions.

A QR code scanner feature is essential to create a blockchain wallet app that can increase user convenience.

Multiple Cryptocurrencies

Your wallet must support more than one cryptocurrency and allow users to transact with different currencies they have seamlessly.

Paper Wallet Import

Your wallet must enable its users to scan a paper wallet using the QR code for sending and receiving crypto money.

Push Notifications

It is a crucial feature for users to get alerts and notifications of crypto transactions. Push notifications will regularly notify users about things like their digital money process and the success/failure of transactions.

Latest Conversion Rates

The wallet must be updated with ever-changing conversion rates from time to time as users make transactions between multiple modes. Having updated currency value in real-time is a must.

Blockchain-based Transactions

Blockchain technology helps users transfer and receive digital currencies, check available balances, and track transaction history in a tamper-proof and fast manner.

Payment Gateways

Good payment gateways can be integrated into your app for users to buy or sell their digital assets efficiently.

Optional Session Logout

This feature increases the security of your app. The users get automatically logged out if they are inactive for some time. They will need to re-login if they want to use the app again.

Learning how to create a crypto wallet also requires you to get familiar with the technology stacks required.

Technologies for Crypto Wallet Development

Programming languages for the front end of the crypto wallet app:

  • Java
  • C++
  • Python
  • Rust
  • Go

Cryptocurrency wallet libraries:

  • Awesome CryptoCoinJs
  • Pycoin
  • BitcoinLib
  • BitcoinJ

Databases:

  • PostgreSQL
  • BigchainDB
  • Cassandra
  • MySQL
  • AWS Quantum Ledger Database (QLDB)

Summing Up

It is the right time to get a blockchain app developed if you plan to get your business streamlined and explore crypto and blockchain technologies.

We help startups and businesses to integrate reliable cryptocurrency wallet development services for their business automation.

We customize our blockchain-based mobile/web apps according to relevant business use cases.

We are 100% invested in understanding your requirements and goals. And our cryptocurrency wallet developers translate them into exceptional web and mobile apps.

Get in touch with us now if you need to develop an iOS/Android crypto wallet app.

FAQs

1. How to create your own cryptocurrency wallet?

  • Generate the requirements.
  • Find a good cryptocurrency wallet development company.
  • Create an interactive prototype.
  • Develop and test an MVP.
  • Release and Maintain the app.

2. What is a blockchain wallet?

A blockchain wallet is a digital wallet that enables users to store and manage Bitcoin, Ether, and other cryptocurrencies.

3. How to create a digital wallet for cryptocurrency?

The following are some steps to create a digital wallet for cryptocurrency:

  • Configure a wallet API.
  • Set a password for the wallet and do not share it with anyone.
  • Set up a private key so that you can access the funds alone.
  • Try to make outgoing transactions.
  • Generate a new wallet address.
  • Test the user interface thoroughly.
  • Store some funds in it.

4. How to add bitcoin to your wallet?

  • Choose a wallet app you trust.
  • Create an account.
  • Transfer bitcoin to the wallet app.

5. What is the purpose of a crypto wallet?

It stores your crypto to help you send and receive cryptocurrencies.

6. How do crypto wallets make money?

They make money by collecting a transaction fee, launching a new coin or token, and commission by offering consultation services and staking.

7. How does a bitcoin wallet work?

It is a software program that stores your cryptocurrency keys, gives you access to your coins, and helps exchange funds quickly.

8. How much does a wallet cost to develop?

It can cost from $80,000 and $90,000 to $120,000 and $200,000 to build your crypto wallet based on your different requirements.

9. How long does it take to create a cryptocurrency?

It can take from 1-to 6 months based on how complex it is and a little longer if you are creating it from scratch.

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