How much does it cost to develop your crypto wallet app
Blockchain is a discrete on-demand technology for modern digital businesses running on cryptocurrencies. According to recent studies, revenue from the cryptocurrency segment is expected to reach $34.72 billion by the end of 2022. You would be surprised to know that Crypto wallets account for almost 25% of sales in the total crypto market.
One of the main advantages of the crypto wallet app is that wallets can securely store users’ private keys and passwords, making their cryptocurrencies accessible and secure. Crypto wallets are the next-gen hits that ease the process of crypto transactions, which is why the global crypto wallets market revenue currently totals $1398.2 millionwhich is expected to reach $3,371 million by 2032.
This growing acceptance and demand has pushed Fintech and related businesses to add cryptocurrency wallet apps as part of their business model and revenue system. Therefore, if you are looking to start a crypto-based wallet app project, this article acquaints you with the cost of developing the crypto wallet app and the factors that contribute to the final cost.
Although industry experts advise you to partner with a blockchain development company for smoother development, this article will help you with initial idea and steps for successful development of crypto wallet. So, let’s start:
Types of crypto wallets available in the market
Before we start with the factors and the technology stack and the estimation of the average cost of crypto wallet applications, it is essential to understand the different crypto wallet solutions available in the market today:
- Web Wallets- Web wallets can be managed and accessed through a web browser. If you want to develop a web-based crypto wallet, your users won’t have to worry about downloading specific software to their devices. Private keys are stored by the website owner or developer instead of the user’s device.
- Mobile Crypto Wallets- As the name suggests, mobile wallets can be downloaded and viewed on mobile devices. They come with QR codes so users can easily sell and buy cryptos.
- Desktop wallets- A desktop wallet is basically software that users can download and run locally on a computer. Unlike some web versions, desktop crypto wallets give users full control over funds and keys.
- paper wallets– They 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 the private keys of users of online data management systems. Here the keys are stored in a USB drive and kept safe.
Among all these types, mobile crypto wallets are the preferred medium for businesses and users. Why?
- Ease of use of crypto wallets
Accessibility is the main reason why leading blockchain app development companies are constantly working on the development and maintenance of crypto wallet apps. Bringing a wallet to a device that users can easily access at any time is why crypto wallets are a hit.
- Development of multi-cryptocurrency walletsyou
Blockchain and other crypto wallet apps benefit from storing and exchanging various digital currencies without the need to switch devices or screens. All you have to do is develop a single application platform to perform all the functions.
Crypto mobile wallets come with superior secure algorithms as well as no chance of being damaged or stolen.
Now, if you’re convinced enough to jump into the developing part of a crypto wallet app, let’s take a detour through the factors contributing to the cost of crypto wallet application development.
Factors That Contribute To Crypto Wallet App Development Cost
The cost of creating a crypto wallet app is based on several factors. Some of the major factors that directly affect the development budget are listed below:
1. Application complexity
A number of elements, such as technology stack, feature set, development process, design, interface components, etc. define the complexity of a crypto wallet application. The more features and functionality your crypto wallet app has, the more complex the application process becomes.
However, if you are looking to develop a simple primary crypto wallet, consider integrating features such as authorization, push notifications, wallet import, crypto payment gateway, address list, rate of conversion, transaction and security, etc.
2. Crypto Wallet App Size
As mentioned above, the more features you include, the heavier your wallet app becomes. If you are into the initial run, it is advisable to focus only on basic functionality to maintain a basic yet simple and aware application.
3. Development team size
The cost of developing a crypto wallet app also depends on the size of the blockchain app development company you choose. In line with industry standards, you can choose from three types of companies – small cap, mid cap and large cap, depending on your application requirements.
4. Crypto Wallet Design
Uncomplicated and minimal designs play a vital role in defining your app’s user engagement rate. Efficient design will cost you more; however, do not compromise on the design and development requirements of your crypto wallet app. From wireframe design to UI/UX design, your app should be convenient, intuitive, and easy for the audience to use.
Besides these factors, the technology stack you choose also impacts the final development cost of your crypto wallet application.
How much does it cost to develop your Crypto Wallet app?
Considering all the factors mentioned above, here is a cost breakdown of a crypto wallet app:
|Features/ Processes||Development cost|
|Back end development||$10,000 to $20,000|
|iOS||$30,000 to $40,000|
|android||$20,000 to $35,000|
|Web/Desktop||$7,000 to $10,000|
|Application design||$20,000 to $30,000|
|App testing||$10,000 to $15,000|
|Total||$90,000 to $110,000|
Get Started With Developing Your Crypto Wallet App Today
The standard cost to design and develop standard crypto technology is drawn from various tools and sources, keeping all factors in mind. All of the components discussed above play a vital role in the success of your crypto wallet app; However, make sure you have reliable technical advice from an experienced blockchain software development company.
Hiring a skilled development team is a cost-effective way to streamline your crypto wallet app development process. So what are you waiting for? Contact the experts and start now.