Cryptocurrency Wallet Development like Coinbase | A Guide for Investors

Cryptocurrency Wallet Application Development | A Guide for Investors

Posted by : Mudit Kumar | 20-Aug-2020

  • Cryptocurrency Wallet Development

    Cryptocurrency wallets are a must for users to invest in cryptocurrencies. Their increased creation, as well as use, indicate how rapidly the popularity of decentralized digital money is growing. Market data provider Statista revealed that by the end of the first half of 2019, the number of blockchain wallet users rose to over 40 million. As per the report, that represents a significant increase from less than 8 million users in the second quarter of 2016. It has led to a sharp rise in cryptocurrency wallet providers that enable users to own a cryptocurrency wallet and store, send, and receive crypto coins. Currently, there are multiple cryptocurrency wallet providers like Blockchain.com, Coinbase, Exodus, and more dominating the market.

    Now, you might also think that providing users with cryptocurrency wallets is a viable business model that can ensure long-term profitability and which you can adopt. However, it requires to fulfill the essential requirements of users like security, user experience, features, and more. It requires detailed planning and execution of the project, as well as the assistance of an experiential crypto wallet development company like Oodles. 

    So, let’s take a look at how we develop a cryptocurrency wallet application or platform like the ones key players offer. 

    Cryptocurrency Wallet Development

    Wallet Types 

    Before anything, it is essential to determine which type of wallet development you want to offer. There are mainly four types of wallet, Hardware, Mobile, Desktop, and Mobile. Currently, mobile crypto wallets are the most preferred option due to the convenience of use for users. 

    Web-Based Wallet

    A web wallet, also referred to as an electronic wallet, enables users to access it with an internet connection. As long as the web wallet remains linked to the internet, users can send, receive, or access crypto coins.

    Our blockchain developers are skilled in developing custom web wallets strengthened with industry-leading security measures, self-explanatory design, and smooth incorporation into an exchange enable.

    Why are you supposed to build a Web Wallet? 

    • Suitable for quick transactions 
    • Makes multiple cryptocurrencies manageable 
    • Ideal for holding minimum cryptocurrency 
    • Convenient to use while away

    Mobile Wallet

    A mobile wallet on a smartphone is similar to a mobile application. With a mobile wallet, users can access it with internet connectivity anywhere, much like a web wallet.

    We have experience in creating mobile crypto-currency wallets based on mnemonics for iOS and Android platforms. Whether you need a multi-cryptocurrency wallet or a single cryptocurrency, we provide world-class features to improve user experience and protection.

    Why create a mobile wallet? 

      • Efficient to send and receive on-the-go crypto asset 
      • Can be improved with additional features, including 
        • Authentication with biometric effect 
        • QR code support for easy scanning of your wallet address 
        • Supporting Near Field Communication (NFC)

    Desktop Wallet

    A desktop wallet used for sending, receiving, and storing cryptocurrencies, especially when not connected to the internet, is one of the safest options. 

    We build customized, highly secure desktop wallets to suit the needs of our customers. A clear roadmap combined with a mission-driven strategy navigates our wallet creation cycle to ensure more rapid and trouble-free delivery.

    Why are you supposed to build a Desktop Wallet? 

        • More secure – no private keys stored on a third-party server are not stored 
        • Easy Usability  
        • Needs no internet access when used as cold storage

    Currently, mobile crypto wallets are the most preferred option due to the convenience of use for users. 

    Also, read | Analyzing Different Types of Cryptocurrency Wallets

    How do we make your Crypto Wallet App Secure

    12-word Mnemonic Phrase

    12-word backup phrase – mnemonic seed phrase or’seed’ phrase – is a randomly generated group of words generated for a user when they create a wallet. They can use it to extract or generate, all the private keys that are directly encrypted on their device.

    Multi-Signature

    It provides an added level of security while digital assets during their withdrawal. With our multi-signature wallet, an owner can assign to approve the withdrawal request at most two co-signers if the amount exceeds the owner’s set limit.

    Biometric Mechanisms

    Biometric security technology, such as facial / fingerprint recognition, conducts valid transactions by authenticating the user each time a user makes a requirement to transfer crypto-assets.

    Password-Protected Access

    The secure 4-digit login PIN guarantees verified access to a user’s account.

    Optional Session Logout

    Logs out the session automatically in case the user is unavailable for a defined period. It improves the security of the accounts and funds for users.

    Two-Factor Authentication

    It adds a security layer to the user authentication process.

    Also, read | Ideal Security Mechanisms for Cryptocurrency Wallet Development

    Features that we provide with our Cryptocurrency Wallet App Development 

    Augmented Privacy 

    Users need no registration or KYC to access their funds. Also, our non-custodial wallet turns the user’s private keys into mnemonic 12-word phrases held by users only.

    Cross-Platform Compatibility

    Cryptocurrency wallet development by Oodles supports iOS, Android, Windows, and Linux. They provide a highly secure and scalable network for your wallet users that can be accessed anywhere on any platform.

    Multi-Crypto Coin and Multi-Asset

    Along with native tokens support like Bitcoin, Ethereum, and ERC20, it enables integration of altcoins and tokens according to business objectives, rending it an efficient multi-cryptocurrency wallet.

    QR Code Scanning

    QR code scanner enables seamless wallet address scanning that simplifies the exchange of cryptocurrencies in a single click.

    NFC (Near Field Communication) Integration

    It speeds up digital asset exchange between buyers and sellers. As the sender taps NFC tags on the wallet, the wallet address of the buyer is automatically retrieved, and the transaction is processed.

    Multi-Layer Security

    Our wallets are reinforced with market-leading security features to ensure a stable network for multiple crypto assets to be sent, received, and stored.

    Automated Duplicate Payment Denial

    The wallet identifies similar payments automatically and rejects the same to prevent any chargebacks.

    Automated Conversion Rates

    Enables users to view the balance and the amount transferred in USD, GBP, AUD, and other fiat currencies.

    User-Friendly Interface

    The self-explaining interface ensures user-friendliness for both experienced cryptocurrency traders and beginners.

    Portfolio Management

    Keep track of recent transactions and show the entire transaction history.

    Integration with a Crypto Exchange

    Our wallets can be linked to crypto exchange platforms so that users can seamlessly exchange their cryptocurrencies.

    Instant Swapping

    Real-time swapping allows wallet users to exchange one crypto asset for another quickly and easily, without any cap and the need to use fiat currency as a facilitator.

    Also, read | The Ins and Outs of Cryptocurrency Wallet Apps Development

    The Development Process

    With a clear road map, our mission-driven blockchain app development services guide your wallet growth journey.

    Discussion

    Discussion is always about your priorities. We will develop a better understanding of your business – from your requirements to your objective and challenges. You will understand our process of designing cryptocurrency wallets while we will get a better understanding of your business strategy.

    Business analysis

    Our professional market analyst will work closely with you to explain how your wallet will operate, what are your wallet’s key features and whether there is something you may have overlooked in terms of functional and non-functional specifications.

    UI/UX design

    We’re going to use a design-thinking approach to build a user interface and flows. Our creative designers will create a self-explanatory yet attractive user interface to achieve improved user experience for both online and mobile wallets.

    Wallet development

    Our experienced blockchain software developer can work on your crypto wallet’s front-end and back-end implementation to produce a functioning application that aligns with your business goals and helps you succeed in the booming cryptographic sector.

    Post-launch support and maintenance

    After delivering your wallet, we don’t rest on our bays. Our team will be pleased to offer maintenance and reinvent the system landscape post-launch to help you make your crypto wallet better with every release and edge out the competition.

    Also, read | Custodial Vs Non-Custodial Crypto Wallets: Getting Into Details

    Why Should You Choose Oodles for Cryptocurrency Wallet Development Services?

      • Following rigorous research, Oodles excels in using innovative technology and finding new markets every day. 
      • Our well-equipped engineering department focuses on providing quality goods by offering flexible and creative solutions to its customers.
      • At Oodles, experience and skill aren’t scarce. The developers will direct you through the whole process before you get a product that goes beyond your expectations. 
      • Our adept team is familiar with the market and can provide you with a cryptocurrency wallet to carry out futuristic business.


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About Author

Mudit Kumar (Writer)

Mudit has been working with Oodles since 2017. He writes about technologies that not only disrupt the digital space but also influence the physical world. Initially, he explored revolutionary technologies like ERP (Enterprise Resource Planning) and AI (Artificial Intelligence). Now, he focuses on unfolding the elements of blockchain technology, given its potential and edge over others.

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