Crypto Wallet App Development Cost: How It Can Be reduced?

The market of cryptocurrencies is growing. You will see different crypto hitting the market. Due to transparent transactions, it has become popular among users. Today, users can track and manage their digital assets and crypto at their fingertips- from anywhere. It has made the cryptocurrency a rising industry. It is high time to tap into this evolving market landscape. Explore the crypto wallet app development cost in detail and how it can be reduced.

To make a significant impact and stay competitive businesses seek next-gen secure crypto wallet app solutions. But, at what cost?

Let’s explore the cost estimations and optimization tips to build a secure, scalable, and transparent crypto wallet app while ensuring an advanced user experience.

What are Cryptocurrency Wallets?

A crypto wallet app-

• A platform to manage and protect digital assets. 
• Send and receive cryptocurrency to and from anywhere.
• Manage all your digital assets on one platform. 
• Helps you invest and trade cryptocurrency.

Global Crypto Wallet Market 

Today, people are adopting and investing in cryptocurrencies. It has increased the demand for secured transactions and managing cryptocurrencies. 

This is why crypto wallet apps are in great demand. 

• 516 million cryptocurrency users globally. 
• 50% of users prefer crypto wallets over traditional payment methods.
• There are 42% active crypto wallet users. 
• As of 2023, there were over 9000 Cryptocurrencies globally.

You must consult a cryptocurrency wallet development company to build diverse crypto wallet app solutions for every business need.

Different Types of Crypto Wallet Apps

Businesses can build a unique crypto wallet app that aligns with their target user. You must understand your audience’s needs and develop a crypto wallet app solution for the market. 

For example, long-term investors require security, while active traders require speed and convenience. 

There are different types of crypto wallets based on internet connectivity.

Reasons to Invest in Crypto Wallet App Development in 2024

Today, 57% of users are making profits from their investments. Here are some benefits of investing in crypto wallet app development.

• Reduced transaction costs- Unlike the traditional payment approach, cryptocurrency transactions require low cost. It could be beneficial for businesses dealing with international tractions, saving a significant cost. 
• Competitive advantage- Integrating the latest blockchain technology will give your business a competitive advantage. You can build custom or use readymade crypto wallet app solutions to meet your user’s demand faster than your competitors.
• Global brand visibility- As cryptocurrency is accepted in the global market, everyone can access it. With the crypto wallet app, you can target global users expanding your business reach and improving brand identity.
• Diversification of services- You can also integrate the crypto wallet app into your existing solutions to provide diverse offerings. It helps you stay ahead of the competition and target a wider audience with unique needs.
• Improved customer engagement- An interactive and user-friendly crypto wallet is the key to engaging your customers. It will help them understand the complex fintech market and make investments easily without getting into trouble and fraud.

Must-have Features of a Crypto Wallet App 

To target a wider audience, your crypto wallet app must have enhanced features and functionalities that meet unique requirements. Before estimating the cost of developing a crypto wallet app, consider the following features.

• User authentication- It ensures that only authorized users can access the wallet. You must meet compliance standards like MFA, passwords, and biometrics to avoid unauthorized access.
• QR code scanning- You can integrate the QR code scan facility that allows users to complete simple transactions, log into their wallet across devices, and input their wallet address.   
• Multi-currency support- Supporting multiple cryptocurrencies in your digital wallet app enhances its versatility, giving users more options to diversify investments and meet various business needs.
• Secure transactions- Ensure transaction security in your crypto wallet app development by encrypting data, verifying user accounts and signatures, and integrating blockchain security measures for safe transactions.
• Efficient Address Management- Streamline address management to easily track and identify wallet addresses for crypto users. Ensure a user-friendly design alongside technical aspects for optimal address management.
• Automatic Logout for Security- Enhance app security with automatic logout features, restricting access to authorized users only. This adds an extra layer of protection to cryptocurrency operations and app processes.

Crypto Wallet App Development Cost Breakdown

Many factors affect the Cryptocurrency wallet development costs and time. However, the average cost to develop a crypto wallet app on the blockchain depends on app complexity, features, type of platform, and more aspects.

However, the cost to create a cryptocurrency wallet depends on the following factors.  

Factors Affecting the Blockchain Wallet App Development Cost

1. Type of Blockchain Platform

The choice of blockchain platform significantly impacts wallet app development costs. Platforms such as Ethereum or Bitcoin necessitate knowledge of specific programming languages, affecting complexity and expenses.

Transaction fees vary widely, with platforms like Ethereum often having higher costs. Differences in security and scalability features also influence development costs.

Additionally, regulatory requirements and community support play roles in determining overall expenses based on the chosen platform.

The app size will directly impact the cost of Make A Crypto Wallet App. The more features and functionalities you integrate, the app size will increase and so does the cost associated with it.

Also, integrating more features will increase the app’s complexity. The price to develop a crypto app will increase to make complex apps. 

3. App UX/UI

The app design cost is associated with the UX and UI. Everyone needs a simple and user-friendly interface. So, you must consider what features, components, number of screens, and other design element you want to make the app interactive while keeping it simple and easy to use. The more complex the structure, it will take more development cost and time.

4. Size and location of the development team

The cost to develop a blockchain wallet depends on your team size. Hiring a freelancer costs less compared to a full team with managers, designers, testers, and developers.

While a full team increases costs, their expertise can create a high-quality product that offers a unique user experience for your customers.

The technology stack used for a blockchain app affects its overall cost. A modern tech stack can make your mobile app a leader in digital innovations.

6. Cost based on development stages

Creating a crypto wallet app involves several stages. To build a cost-effective solution, you must plan carefully and allocate the necessary resources.

Let’s break down the costs of these development phases.

7. Security aspects

The goal of the crypto wallet is to ensure secured transactions. To protect user’s digital assets, you must implement robust security approaches. However, ensuring security comes with a cost.

It requires skilled professionals to build a secure structure. So when you start planning your crypto wallet app development budget, you must consider the security aspect, and the cost of a skilled developer, as integrating advanced measures will cost a lot.

8. Third-party and API integrations

If you want to diversify your crypto wallet app via integrations or want to enhance its functionalities by integrating APIs, the development cost will increase.

Also, if you want to add your app to other tools, platforms, or financial institutions, it needs robust API integration for seamless working.

This type of complex network will need more development efforts, increasing the overall development cost.

You must consult a leading blockchain app development company to discuss the digital wallet app development cost. They will help you understand the aspects and optimize Blockchain wallet app expenses. 

Tips to Optimize Crypto Wallet App Development Cost

Here are some tips to build a cost-efficient crypto wallet app.

• Choose open-source frameworks, tools, and platforms.
• Keep the app design simple to cut costs.
• Outsource your development process to lower-cost countries like India and USA and connect with OnGraph.
• Create an MVP version to test and improve over time.
• Use affordable cloud services to reduce server costs.
• Prioritize strong security to avoid risks and legal issues.
• Test rigorously in-house to reduce post-launch fixes.

Why Choose OnGraph for Crypto Wallet App Development?

OnGraph is an experienced app development company with a proven track record of delivering secured and advanced crypto wallet app software.

We aim to deliver quality products, integrated with cutting-edge solutions to enhance scalability and efficiency. Here are some reasons to choose OnGraph for crypto wallet app development.

• Custom on-demand solutions
• Off-the-shelf, white-label solutions
• Skilled developers
• Blockchain experts
• 200+ API integrations 
• Security experts 

Ready-Made Payment Services VS. Develop Bitcoin Wallet App From Scratch

The decision depends on your business requirements. However, readymade solutions help to set foot in the cryptocurrency market quickly.

You will get complete ownership of the code, with the required UX/UI changes. It helps you balance your budget, timeline, and long-term success.

You must partner with OnGraph to fast-track your crypto wallet app development. See how we create a ROVI wallet for simple and secure transactions. We can do the same for you.

Also Read- How much does it cost to develop an app like Groww?

FAQs

Q. How to build a crypto wallet app?

Below is the simple process.

• Choose the wallet type.
• Select a blockchain platform.
• Create an easy-to-use interface.
• Add wallet functions (create, store, and use).
• Include security features.
• Test thoroughly for any issues.
• Deploy and launch
• Stay updated with blockchain and security changes.
• Q. How much does it cost to build a crypto wallet app?

While it depends on several factors, the average cost to build a crypto wallet app lies between $25000-60000

Q. How long it takes to build a crypto wallet app?

The size and scope decide the timeline however, it may take 2-3 months to build a small-scale app.

Q. Which crypto wallet is best?

Below are the top 3 crypto wallets

1- Coinbase
2- MetaMask
3- Guarda

Q. How can I create a crypto wallet in a shorter time with less investment?

We can help you build a crypto wallet in weeks with our white-label app development solutions.