Businesses worldwide are always interested in incorporating the latest technologies into their business practices as there is tough competition in the market. Hence, every business wants an extra edge. One of the latest technology businesses are focusing on is Cryptocurrency wallet development.
Cryptocurrency offers the safest way of digital transactions as it has a direct connection with Blockchain technology. As per the process, digital money is stored or used for trading or exchanging tokens with the help of a crypto wallet.
These Crypto wallet apps work with all types of virtual currencies like Bitcoin, Ripple, Ethereum, and others. We will discuss several advantages of using crypto wallets in this blog. One of the best advantages is that a business can handle thousands of cryptocurrency transactions in real time with complete security and safety.
This blog intends to share valuable information about how a cryptocurrency wallet can add worth to the business. So, before diving deep into the blog, let’s read some basic information about cryptocurrency wallets.
Key Stats: Cryptocurrency Wallet Development
- In 2022, the number of blockchain wallet users reached 81 million.
- The global user base increased by 190% between 2018 – 2020.
- The top most popular wallet download was 2.2 million in December 2020, which increased to 5.6 million in 2021.
- To date, there are more than 68.42 million blockchain wallet users exist.
These stats indicate ample growth in cryptocurrency wallet development, and businesses are leveraging these in the right way.
The Types of Cryptocurrency Wallets
Suppose you are a business looking to develop a cryptocurrency wallet with the help of an experienced Wallet development company. It would be much better to know about the types of crypto wallets. It will help you to decide which one will be the best to implement for your business.
So, let’s start the list of Cryptocurrency wallets to consider for a business.
Computer Wallet
As its name implies, these types of crypto wallets work on the computer, as you can directly access your wallet on a PC or laptop. Another advantage is that these wallets support all types of OS, such as Windows, Mac, and Linux. The best part is that you can install these wallets as you install other apps on your systems.
Device Wallet
These are the hardware wallets that you can connect to your PC and use. The only condition is that your PC’s USB port must be in fine condition. The best examples of hardware crypto wallets are ELLIPLAL Titan, Ngrave, SafePal S1, and more.
Web Wallet
One of the easiest wallets to use. It is one of the preferences of businesses around the globe. You can use this crypto wallet with the help of any web browser as you use your simple online banking account.
Phone Wallet
You can also refer to these wallets as Cryptocurrency wallet apps that you can use on your phone, such as Android and iPhone. You can install these directly from the Google Play Store or Apple App Store.
Protective Wallets
When you use wallets under the monitoring of third parties, it is called protective wallets.
Software Wallets
The wallets that perform on both computers and mobile are called software wallets. In simpler terms, you understand it as the wallets that serve equally on desktop and mobile.
Now it’s time to move to find out how cryptocurrency wallet development helps businesses.
What are the Top Advantages of Cryptocurrency Wallet Development?
Due to the increasing demand for exchanging and storing cryptocurrencies, including a crypto wallet in your business is advantageous. It will not only support multiple cryptocurrencies but also will provide a secure environment for crypto transactions. It does not end here; other advantages also exist, so let’s proceed to them.
Improved Customer Experience
The customer experience is the thing that nobody wants to miss, and nobody will miss, as the customer is the king always and forever. While creating the wallet with the help of Cryptocurrency Development Services, you need to ensure that a customer must find it easy to use and they must enjoy the process.
Enhanced Security
One of the best things about cryptocurrency wallets is they offer high security than any ordinary digital wallet. These wallets remain empowered by the secure blockchain network, and everything you store on the wallets remains encrypted.
Simple Transfers
Crypto wallets are known for simplistically offering instant transactions. When users find that they can perform transactions directly without any middlemen, they will automatically remain with your brand.
Reliability and Authenticity
The same data remain available on the network in a decentralized form. So, there is no chance of any kind of data loss or tampering. From a reliability and authenticity point of view, cryptocurrency wallets are always the best for business.
Multi-Currency
With the cryptocurrency wallet, your customers can transact with any currency as it is not limited to any currency. Customers do not need to use different wallets; they can use a single wallet for all.
Direct Trading
There is no need to repeat that cryptocurrency wallets are safe. The users can directly trade with the help of these wallets without any fear of data theft or loss.
How Much Does It Cost To Develop A Cryptocurrency Wallet?
As a business owner, if you are interested in including a crypto wallet in your business practices, then it would be best to know the cost of developing a cryptocurrency wallet. The crypto wallet development cost depends on multiple factors, where complexity is one of the biggest factors. For a simple app, you need to spend $20,000 – $50,000, but if you need an advanced app, then the cost may be high, like more than $50,000.
Additionally, here are the factors that affect the cost of crypto wallet development.
- Crypto wallet development
- Wallet’s size
- Number of crypto wallet developers
- Number of developers involved
- Location of developers
- Tech stack
- The complexity of features and functionalities
These overall factors decide the cost of cryptocurrency wallet creation cost.
The Final Thoughts
Cryptocurrency wallet development is an advantage for a business as most businesses are interested in adopting Blockchain and cryptocurrency technology due to having multiple benefits, which are mentioned above in this blog. If you are also looking to develop a cryptocurrency wallet for the business, then it would be best to take the assistance of a cryptocurrency development company.
Tarun Nagar is the Founder & CEO of Dev Technosys, a global ranking Mobile, and Web Development Company. With 10+ years of experience of enabling then Startups which are now global leaders with creative solutions, he is differentiated by out-of-the-box IT solutions throughout the domain. He is known for his visionary qualities and adaptability for technology and trends, passionate as he is he is in every aspect dedicated to making IT simple, accessible and approachable for business enterprises.
