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.
A crypto wallet app-
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.
You must consult a cryptocurrency wallet development company to build diverse crypto wallet app solutions for every business need.
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.
Type | Description | Features | Security Considerations |
Hot Wallets | Software-based wallets offer user-friendliness but slightly lower security compared to cold wallets. | – Desktop: Installed on computers/laptops.
– Mobile: Simplifies payments via QR codes/NFC. – Web: Accessible from browsers/cloud storage. |
– Vulnerable to computer virus attacks.
– Potential for cyberattacks on cloud storage. |
Cold Wallets | Hardware wallets store keys offline on devices not connected to the Internet. | – USB drives or paper wallets. | – Highly secure against hacking. |
Warm Wallets | Combines transaction speed of hot wallets with added security features similar to cold wallets. | – Keys stored online; transactions require human intervention. | – Provides a balance between speed and security. |
Today, 57% of users are making profits from their investments. Here are some benefits of investing in crypto wallet app development.
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.
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.
App Type | Estimated Cost | Estimated Time |
Simple | $25,000 to $60,000 | 2-3 Months |
Medium Complex | $60,000 to $100,000 | 3-5 Months |
Highly Complex | $100,000 to $200,000 | 6+ Months |
However, the cost to create a cryptocurrency wallet depends on the following factors.
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.
Type of Blockchain Platform | Examples | Associated Fees |
Public Blockchains | Ethereum, Bitcoin | High transaction fees due to decentralized validation and security |
Private Blockchains | Hyperledger Fabric, Corda | Lower transaction fees, higher initial setup and maintenance |
Consortium Blockchains | R3 Corda consortium networks | Moderate transaction fees with shared governance |
Multi-Chain Platforms | Polkadot, Cosmos | Variable transaction fees based on chain usage |
EVM-Compatible Blockchains | Ethereum, Binance Smart Chain | Moderate to high fees for smart contract execution and dApps |
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.
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.
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.
REGION | AVERAGE HOURLY RATE |
United States | $150 – $250 |
United Kingdom | $100 – $180 |
Europe | $75 – $150 |
Asia | $50 – $100 |
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.
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.
Crypto Wallet App Development Phases | Estimated Costs Range |
Development | $30,000 – $150,000 |
Design | $5,000 – $30,000 |
Security | $10,000 – $50,000 |
Wallet Integration | $10,000 – $50,000 |
Transaction Management | $10,000 – $50,000 |
Blockchain Integration | $10,000 – $50,000 |
Testing | $5,000 – $30,000 |
Deployment | $1,000 – $10,000 |
Maintenance & Support | $10,000 – $50,000 |
Marketing & Promotion | $5,000 – $30,000 |
Contingency | $5,000 – $30,000 |
Total | $106,000 – $510,000 |
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.
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.
Here are some tips to build a cost-efficient crypto wallet app.
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.
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?
Below is the simple process.
While it depends on several factors, the average cost to build a crypto wallet app lies between $25000-60000
The size and scope decide the timeline however, it may take 2-3 months to build a small-scale app.
Below are the top 3 crypto wallets
1- Coinbase
2- MetaMask
3- Guarda
We can help you build a crypto wallet in weeks with our white-label app development solutions.