Blockchain is a discreet on-demand technology for modern digital businesses running on cryptocurrencies. As per recent studies, the revenue in the cryptocurrencies segment is expected to reach $34.72 billion by the end of 2022. You’d be surprised to know that Crypto wallets represent nearly 25% of the sales in the total crypto market.
One of the primary benefits of crypto wallet app is that the wallets can safely store the users’ private keys and passwords, making their cryptocurrencies accessible and secure. Crypto wallets are the next-gen hits easing the process of crypto transactions, which is why the global crypto wallet market revenue currently totals $1398.2 million, expected to reach $3,371 million by the year 2032.
This rising acceptance and demand have made Fintech, and associated businesses to add cryptocurrency wallet apps as a part of their business model and revenue system. Therefore, if you are looking to initiate a crypto-based wallet app project, this article familiarizes you with the crypto wallet app development cost and factors that contribute to the ultimate cost.
Although industry experts advise you to partner with a reliable blockchain development company for smoother development, this article will help you with the initial idea and stages for successful crypto wallet development. So, let’s get started:
Types of Crypto Wallets Available in The Market
Before we get started with the factors and tech stack and the average cost estimation of crypto wallet apps, it is vital to understand the various crypto wallet solutions available in the market today:
- Web wallets- Web wallets can be managed and accessed through a web browser. If you wish to develop a web crypto wallet, your users would not have to worry about downloading any specific software on their devices. The private keys are stored by the website owner or developer instead of the user device.
- Mobile crypto wallets- As suggested by the name, mobile wallets can be downloaded and accessed on mobile devices. They come with QR codes so users can sell and buy crypto easily.
- Desktop wallets- A desktop wallet is basically software that users can download and execute locally on a computer. Unlike some web-based versions, desktop crypto wallets give users complete control over funds and keys.
- Paper wallets– These are just a piece of paper with the crypto address, and their private keys are physically printed in the form of QR codes.
- Hardware wallets- These crypto wallets are designed to protect users’ private keys from online data management systems. Here, the keys are stored in a thumb drive device and kept safely.
Among all these types, mobile crypto wallets are the most preferred medium by businesses and users. Why?
- Ease of using Crypto Wallets
Accessibility is the primary reason top major blockchain app development companies constantly work on developing and maintaining crypto wallet apps. Bringing a wallet to a device that users can access at all times with ease is why crypto wallets are a hit.
- Multi-cryptocurrency Wallet Development
Blockchain and other crypto wallet apps benefit from storing and trading various digital currencies without the need for switching devices or screens. All you need to do is develop a single app platform to perform all functions.
- Crypto Wallet Safety
Mobile Crypto wallets come packed with superior secure algorithms along with nil chances of getting damaged or stolen.
Now, If you are convinced enough to move to the development part of a crypto wallet app, let’s take a detour to the factors contributing to the cost of crypto wallet app development.
Factors That Contribute to The Crypto Wallet App Development Cost
The cost of building a crypto wallet app is based on multiple factors. Some of the primary factors that directly affect the development budget are listed below:
1. App Complexity
A number of elements, such as the tech stack, the feature set, the development process, design, interface components, etc., define the complexity of a crypto wallet app. The more features and functionalities your crypto wallet app carries, the more complex the app process gets.
However, if you are looking to develop a simple primary crypto wallet, consider integrating features like authorization, push notifications, wallet import, crypto payment gateway, address list, conversion rate, transaction, and security, etc.
2. Size of the Crypto Wallet App
As mentioned above, the more features you include, your wallet app gets heavier. If you are in the initial run, it is advisable to focus only on the core features to maintain a basic yet simple and mindful app.
3. Size of the Development Team
The cost to develop a crypto wallet app also depends on the size of the blockchain app development company you choose. As per the industry standards, you can choose from three types of companies – small cap, medium cap, and large cap, based on your app requirements.
4. Crypto Wallet Design
Non-complex and minimal designs play a vital role in defining the user engagement rate of your application. The effective design will cost you more; however, don’t compromise your crypto wallet app design and development requirements. From wireframe to UI/UX design, your app must be convenient, intuitive, and easy to use for the audience.
Apart from these factors, the tech stack you choose also impacts the final development cost of your crypto wallet app.
How Much Does it Cost to Develop Your Crypto Wallet App?
Considering all factors mentioned above, here is a cost breakdown of a crypto wallet app:
Get Started With Your Crypto Wallet App Development Today
The standard cost to craft and develop a standard crypto technology is taken from various tools and sources, keeping all factors in mind. All components discussed above play a vital role in the success of your crypto wallet app; however, make sure you have the reliable technical guidance of an experienced blockchain software development company.
Hiring a skilled development team is an economical way of streamlining your crypto wallet app development process. So what are you waiting for? Get in touch with the experts and start now.