How to Сreate Easy-to-Use Cryptocurrency Wallet App in 2023

Mike Danilchyk
Founder, CTO of Web3soft Top Blockchain Development company

What is a cryptocurrency wallet?

A crypto wallet is a service that stores your cryptocurrency keys and allows you to buy, sell, send, store and receive digital assets. Cryptocurrency wallet is not a repository of crypto, it only provides users with access to digital assets which are located in the blockchain.

A cryptocurrency wallet can be compared to your bank account - but for storing crypto and to which only you have access and control. It also informs you about crypto balance and its value in the various currencies.

Most often, a crypto wallet is an app for a smartphone or PC, but it can also be a physical gadget or browser extension.

What are the types of crypto wallets?

All digital wallets can be divided into two types: custodial and non-custodial.

Custodial wallet is a service in which private keys and backups are controlled by a third party (wallet provider or crypto exchange). Users must trust the service provider that will securely store their tokens for them. Types of non-custodial wallets:

exchange-based wallets
software wallets.

Non—custodial wallets are services or devices that store private keys - they give users full control over their crypto funds. Non—custodial wallets can be:

desktop - a software for PCs that offers quick access to blockchain
mobile - an app for a smartphone and tablet (like mobile banking, they are very convenient for frequent transactions, payment for purchases and services with crypto)
hardware - a standalone device often similar in look to a USB stick
paper - a printed document with QR-codes and all the needed data and private keys.

7 important aspects you need to know before hiring crypto wallet developers

Crypto wallet development, like any other software development, has its own standards and requirements. Let's note the most important of them:

12-Word Mnemonic Phrase. Never make a crypto wallet app without the ability to restore access if the user loses the password. Implement a 12-Word Mnemonic Phrase into your application. A backup copy will always be helpful in dire situations.

User authorization. Like any service that depends on security, your team must provide users with maximum protection. It is important to keep data encrypted as well as establish a reliable account recovery process.

QR code scanner. QR codes and NFC tags allow contactless transfers of funds, which have already begun to replace physical credit and debit cards. They represent a great potential for the development of a cryptocurrency wallet.

Multi-signature support. A multi-signature wallet is a blockchain-based cryptocurrency wallet that supports multiple owners authorized to manage the wallet. On the one hand, it distributes responsibility among several wallet owners. On the other hand, it increases transaction security. The keys are stored on different devices, and even if one of them is stolen, attackers will not be able to conduct a transaction without authorization of the owners of the other keys.

PUSH notifications. Any financial service must have some form of transaction notification. Messages, in this case, act as a form of security and confirmation.

Trading & Exchange features. Most cryptocurrencies haven’t reached the point of value stability yet and many users of your app are likely to use cryptocurrency as a tradable asset rather than a marketable currency. For this reason, you should add trading and exchange features to your platform. Users also want to exchange their cryptocurrency for fiat until it is widely accepted as a payment method.

Payment gateway integration. Integration with the payment gateway can help legitimize your wallet and make it more attractive than the alternatives. You may also think about creating or integrating with a blockchain payments platform. These services are becoming more and more popular as the popularity of cryptocurrencies grows.

What are the prospects and benefits of crypto wallets?

Cryptocurrencies have been experiencing phenomenal growth and hype in recent years. And all political and technological developments contribute to the fact that this trend will only significantly increase in the near future. More and more people and businesses understand new payment and earning opportunities with the help of decentralized financial products today. So the demand for such solutions will grow exponentially.

A crypto wallet is also a great way to attract customers to any DeFi product, whether it's a crypto exchange or a credit platform or another new financial product. Add here banks and other operating companies that want to provide their clients with the option to trade and invest in crypto and you will see a huge appetite and great need for crypto wallets services.

Why choose Web3soft?

As a leading blockchain development company, Web3soft has many successful blockchain projects in the portfolio, including ultra secure crypto wallet and fintech platform with Cefi and Defi wallets.

Web3soft team will analyze the needs of your business and build a reliable, high quality and easy-to-manage crypto wallet with all the safety standards. We carefully study the personal account and ensure the privacy of data, passwords, and transactions.

Resume

In conclusion, it should be noted that the movement of cryptocurrency funds without a crypto wallet is impossible. Modern solutions greatly simplify the storage, sending and exchange of digital assets.
If you have the necessary UI/UX skills and apps development experience, you can create a wallet on your own. But if not, it will be more competent and reasonable to delegate this to the professionals - Web3soft team will be helpful to you.

We offer consulting, development and maintenance of blockchain-based services and always strive to create exclusive solutions that allow our clients to become leaders in their niche.