Cryptocurrency has become a sensation in the world right now. Currently, the global crypto market capitalization is over a trillion dollars. Credit to the decentralization, peer-to-peer transactions, enhanced security, and instant and cost-effective transactions, people around the globe are preferring cryptocurrencies over fiat. Even the investors and traders are attracted to the whooping returns of the crypto market.
Observing the immense popularity, growth and demand of cryptocurrencies, businesses are looking forward to entering the space. One of the best ways is to start your own crypto wallet service.
Everyone who uses cryptocurrency for investment or transaction purposes requires a crypto wallet. The future of cryptocurrency trading and use-cases looks promising. So, it is the right time for you to invest in developing a blockchain crypto wallet.
But how can you build a crypto wallet?
To help you out, we have come up with a guide to developing your own crypto wallet.
Why Is There A Need For Blockchain Crypto Wallet Development?
The exceptional success of cryptocurrencies has attracted people all over the world to invest in them. Even people and businesses are using cryptocurrencies for commercial, transactional and payment purposes.
While popular and successful cryptocurrencies like Bitcoin and Ethereum already have their own wallet, there is still a need for a secure multi-currency wallet. There are users who invest or deal in multiple cryptocurrencies. So, there is a growing demand in the market for a reliable crypto wallet.
Other reasons that promote the need for a robust crypto wallet in the market are:
- Businesses develop and integrate customized crypto wallets into their payment systems according to their needs.
- A mobile crypto wallet is a user-friendly app that allows you to securely store, transfer and manage cryptocurrencies from anywhere anytime.
- Crypto transactions with crypto wallets are decentralized, anonymous and encrypted.
- Crypto wallets ensure high security protecting you from fraud and data distortion.
- Businesses consider building a crypto wallet as it is less complicated, easier to develop and generates huge revenue.
Must-Have Features In Your Blockchain Crypto Wallet?
There are hundreds of crypto wallets in the market. But what can you do to make your crypto wallet stand out?
To develop a successful crypto wallet, you must infuse it with advanced features. Your blockchain crypto wallet app must be user-friendly, secure and offer advanced functionalities to meet business requirements.
Here are some of the key features that you must include in your crypto wallet app.
- Two-factor and multi-factor verification to ensure authorised user access.
- QR code scanner for easy, instant and secure crypto transactions.
- KYC and AML verification to avoid money laundering and fraud.
- Multiple crypto currency support to offer users seamless storage and transfer of major cryptocurrencies.
- Push notifications to keep your users updated.
- Latest conversion rates to facilitate crypto trading and exchange in real-time.
- Blockchain-based transactions ensure secure, smooth and tamper-proof transfers. Moreover, the users can also view their complete transaction history over the blockchain network.
- Optional session logout to secure your wallet app. In case of an inactive session for a fixed time, the users have to re-login to use the services.
- Multiple payment gateways enable users to easily buy or sell cryptocurrencies.
How To Develop A Crypto Wallet?
Here is a step-by-step guide to help you create your own crypto wallet app.
Understanding The Blockchain
If you are looking to develop your own crypto wallet then you must have in-depth knowledge of the blockchain protocols. You must know how blockchain works and how it is used in crypto wallet development.
Use Open-source Cryptocurrencies
You do not have to start everything from scratch. There are several open-source cryptocurrency libraries to which you can refer.
You can use BitcoinJ SDK or Coinbase SDK to develop a crypto wallet app. These libraries support languages like Java, Python, Ruby, Java script, C++ etc.
You can use a distributed ledger API to integrate your crypto wallet with a unique feature. The APIs help you to accelerate the development process and complete the compulsory steps.
Coinbase, Factom and Bitcore are some of the most popular APIs. You can choose any of these three to build your crypto wallet.
Choose The Right Cloud
Now, you must select the right cloud platform for your wallet app. You can research the best BaaS provider and get their cloud services for your app. Microsoft, Amazon and Azure offer some of the best BaaS cloud services for crypto wallet app development.
Get The Right Technology Stack
You must use the right set of technologies to build a feature-rich and functional crypto wallet.
For a web app, you can go for Node.js or Angular.js, along with HTML5 and CSS3. In the case of the Android app, you can choose Java or Kotlin. While for iOS apps, Swift or Objective-C are the best options.
Enhance Security Features
Your crypto wallet app will succeed only if it’s secure. You must employ institutional-grade security protocols and features in your wallet app.
You can include 2FA, MFA, email authorisation, fingerprint and face identification features for added security.
Start App Development
After deciding on all the above factors, you can then start the development process of your crypto wallet.
You can hire a crypto wallet development company to help you build a crypto wallet. They will also assist you to choose the right features, technology stack and security protocols for your wallet.
Blockchain crypto wallet is the need of the hour in the crypto industry. If you are looking to kickstart your business and develop a crypto wallet, partner with us. Our team of qualified and experienced developers offers a wide array of crypto wallet development services. We will help you build a crypto wallet embedded with high-end features and automated tools to make it a success in the market.