Blockchain is a discrete, on-demand technology for cryptocurrency-based modern digital businesses. One of the primary advantages of a crypto wallet app is that the wallets can securely store the private keys and passwords of the users, making their cryptocurrencies accessible and protected.
This growing acceptance and demand has prompted Fintech and related businesses to incorporate cryptocurrency wallet apps into their business models and revenue streams. Consequently, if you are considering initiating a crypto-wallet app project, this article will introduce you to the development cost and the factors influencing the final price.
Although industry experts recommend partnering with a reputable crypto wallet app development company for a more efficient development process, this article will help you with the initial concept and stages of developing a successful cryptocurrency wallet. So, let’s get started:
Features Your Crypto Wallet App Must Have
Authorization
Even though it is one of the most common components of a mobile app, the authorization step is significantly more important when discussing a cryptocurrency wallet app.
Users must register for this feature or fill out a form with their keys to access the wallet.
Rate of Conversion
Users of the crypto wallet software will need to keep abreast of the current exchange rate, as it will allow them to transfer funds across multiple modalities, such as between the same digital currency, other digital currencies, and digital and fiat currencies.
Push Notifications
Using the push notification tool, the admin will be able to notify users of the crypto wallet app of changes in the price of their virtual currency, the success or failure of a transaction, address addiction, and other events. Through the application, users can instantly update their account activity.
Also read: How To Start Cryptocurrency Exchange Platform
Transactions
The primary goal of blockchain technology is to reimagine the future of transactions. The most important component of cryptocurrency wallet software is the transaction function. The crypto wallet app allows users to send and receive digital currency. This app component must now be quick and completely hack-proof.
Security
The security feature of the crypto wallet app is a common yet crucial component. It would be ideal if your app allowed users to change their PIN, password, or any other private information within the app. This is based on Blockchain, the supposedly game-changing technology for mobile app security.
Factors That Contribute to The Crypto Wallet App Development Cost
Multiple variables affect the price of developing a cryptocurrency wallet app. Listed below are some of the primary factors that directly impact the development budget:
1. App Complexity
Several factors, including the technology stack, feature set, development process, design, interface components, etc., determine the complexity of a cryptocurrency wallet app. The complexity of your cryptocurrency wallet app increases as its features and functionalities increase.
Consider integrating features such as authorization, push notifications, wallet import, crypto payment gateway, address list, conversion rate, transaction, security, etc., if you are developing a simple primary crypto wallet.
2. Size of the Crypto Wallet App
As previously mentioned, your wallet app gets heavier as you add more features. When developing an app from scratch, concentrate only on what is absolutely necessary to keep the app simple and thoughtful.
3. Size of the Development Team
The cost of developing a cryptocurrency wallet app depends on the size of the blockchain app development firm you select. Depending on the needs of your app, you can choose from three types of companies based on industry standards: small cap, medium cap, and large cap.
4. Crypto Wallet Design
The engagement rate of your application is largely determined by the simplicity and minimalism of its design. The effective method will cost more, but you should not compromise on your crypto wallet app’s design and development requirements. From wireframe to UI/UX design, your application must be user-friendly, intuitive, and simple.
In addition to these factors, the technology stack you select impacts the final development cost of your cryptocurrency wallet application.
How Much Does it Cost to Develop Your Crypto Wallet App?
The estimated cost of developing a cryptocurrency wallet app is contingent on several variables, including the size of the company, the complexity of the application, the size of the cryptocurrency wallet, and its design. However, depending on the features you may wish to add to the wallet, the price will likely range between $85,000 and $95,000.
However, if you are interested in developing your cryptocurrency wallet, you can hire our experienced developers, and we will provide you with an accurate quote for the project.
Also read: THE SPEED AND CONVENIENCE OF CRYPTO TRANSACTIONS
Conclusion
The standard cost to craft and develop a standard crypto technology is calculated using various tools and sources, considering all relevant factors. All of the components mentioned earlier are crucial to the success of your cryptocurrency wallet app; however, you must ensure that you have the trustworthy technical guidance of an experienced crypto wallet development company.
Hiring a skilled development team is a cost-effective method for streamlining the development of your crypto wallet app.
