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Crypto wallets, as you would already know, are the blockchain version of your standard leather wallet. You can store cryptocurrency in it and use it to buy fiat money, virtual products like NFTs, or simply trade and exchange. The extent to which you can use your crypto wallet simply goes hand-in-hand with the scale of your imagination.
On the back of these increasing cryptocurrency-based use cases, interest in Web3 and metaverse, the crypto wallets market is seen to be on a meteoric rise. An example of which can be seen in the Research and Market report’s finding, which states that the space is expected to reach USD 48.27 billion by 2030, registering a CAGR of 24.4%.
There are a number of crypto wallets that are contributing to this market share. But the one we are going to look into in detail today is Exodus crypto wallet – the app which allows you to manage and swap 260+ cryptos and NFTs on your web browser, mobile, desktop, and hardware wallets.
In this article we are going to look into how to build a crypto wallet like Exodus and various features that goes into making a robust Exodus-like crypto wallet app, giving you insights into how to launch your own version of Exodus cryptocurrency wallet with a fail-proof guarantee.
The ease which Exodus crypto wallet offers in terms of buying and selling cryptocurrencies, swapping crypto assets, connecting to Web3 apps and dApps, displaying NFTs, and earning rewards through crypto staking is making it one of the most preferred wallets for blockchain enthusiasts. Let us look into some of the key crypto wallet features.
Once you login into a wallet like Exodus, you get a feature where you can ensure the protection of your assets in the non-custodial wallet through a private key. The app gives users a 12 word phrase which they have to enter chronologically to access their account and regain control of when they lose the password.
Exodus cryptocurrency wallet is a non-custodial wallet that can be used for store crypto assets like cryptocurrencies, NFTs etc., buy and sell cryptocurrency, perform staking and earn passive income, and even swap one cryptocurrency with other currency – all through the application.
When you build a crypto wallet like Exodus, it can be useful to have a feature where the users can exchange their cryptocurrency with others in the application. The way the app works is through a real-time currency value analyzer which is used to measure the current rate of cryptocurrency you wish to buy with the one you are looking to sell for performing the exchange.
The next set of common crypto wallet features is having a smart portfolio. Through the portfolio the investors are able to track the crypto assets they hold, their real-time value, and even comparative charts with other assets.
If you are planning for crypto wallet development exactly like Exodus, you can add in the feasibility for investors to earn passive income through the application. The app offers two ways to the users to monetize their cryptocurrency – staking and compound finance.
Exodus crypto wallet comes packed with Web3 integration which enables users to access multiple metaverse and Web3 apps. In addition to accessing the apps, it also allows them to trade in those platforms effortlessly, giving users a holistic experience through one application.
Another critical feature of crypto digital wallet app development can be seen in having a 24*7 customer support. There can be a number of ways to achieve this when you build a crypto wallet similar to Exodus – smart chat, email, call support, and a FAQ section.
Now that we have looked into the features part of Exodus-like crypto wallet development, it’s crucial to understand what separates the application from the plethora of other apps in the market – Unmatched security. The fact that blockchain is the underlying technology when you develop a crypto wallet like Exodus itself gives users a high sense of security, however, with the rising instances of crypto wallet hacks, it is important to keep a security-first development approach. Here’s how we manage this at Appinventiv.
When you create a crypto wallet like Exodus it helps to understand how the platform is managing security in-app.
The first thing that works in the favor of a wallet like Exodus is their team of developers. They have a team that specializes in attacker simulation, app and cloud security where they drive a secure architecture development through their secure software development lifecycle process.
Next, on a technical level, Exodus is built on a non-custodial mechanism meaning they don’t have access to the users’ private keys, data, and transaction details – a mechanism they have converted into their work philosophy.
At Appinventiv, when we work on crypto DeFi wallet development services we follow a security-first approach. Our team of blockchain experts work on the same philosophy as the Exodus team when we build a simulation-based architecture. Our team makes it a point to reverse engineer every app we build as a part of our crypto wallet app development offerings to ensure that every API and open-source code is glitch free and hack proof.
With this we have answered the features and security focused part of how to build a crypto wallet like Exodus, let us now get down to the two-part section which concerns entrepreneurs the most – the Exodus-like crypto wallet development process and how much does it cost to build a crypto wallet like Exodus?
Building a crypto wallet is a multi-stages process, each backed by a security-first and high scalability approach. Here are the steps that we usually follow when we build an app like Exodus crypto wallet.
The first step of creating an Exodus like app is finalizing the business model. The things to note at this stage varies from choosing between custodial and non-custodial wallet architecture, features that you will be adding in-app, and the user demographics. It usually helps to do extensive competitor research and market study to get a quick head start on project development.
Once the app idea is conceptualized, we move to the Exodus cryptocurrency wallet design stage. Here the focus is on building a minimal, immersive application with dedicated app sections and elements that promote an organic user flow.
The intent of this stage for us is to build a wireframe and prototype for the developers to base their development architecture on while giving the stakeholders a rough visual representation of the application.
Once the UI/UX design of the Exodus crypto wallet is fixed, we move to the development stage. Depending on your project requirement and budget restrictions, we usually give two options to develop a crypto wallet like Exodus – A. Build the app from scratch and B. Use popular libraries and tools like the Coinbase SDK, BitcoinJ SDK, or Blockchain Wallet API. Depending on the chosen mode we move to the features development and user flow creation in-app.
The next step is to run a QA testing on the solution and ensure that it is built to be hack-proof and scalable. Our blockchain solution testing team works behind making your app ready for market growth. Once the app is made ready for deployment, we launch the MVP version of it for the real app prospects to work around and share their inputs.
The crypto wallet development cost is dependent on a range of factors – size of the application, the solution design, features of the application, choice of technology stack, and the team location, structure working on the application.
Noting all of these factors, the cost structure to make a crypto wallet like Exodus looks something like this –
The table here gives a ballpark estimate of the cost to build a crypto wallet like Exodus. Knowing the exact range, however, would require you to discuss your business requirements with our team of business analysts. They will sit with you to make a blueprint and milestone plan of the project along with the delivery details.
Another way we help our clients is through finalizing the monetization models for crypto wallet development services. The way Exodus makes money is through the revenue they earn via their relation with third-party API providers and exchanges who offer services through the app. In addition to this, we often advise our clients to charge transaction fees for every trade made through the application, and use relevant ads to earn through click per advertising medium.
But why should you choose us as your partner crypto wallet app development company? At Appinventiv we have worked on over 30 blockchain projects with a clientele ranging from hospitality industry to fintech and even government bodies. Across this range, five projects have been specific to crypto wallets where we built everything from wallet to cryptocurrencies from scratch, while creating APIs to make the app usable with other crypto platforms. This wide-scoped experience has given us ample subject matter expertise to become a globally trusted blockchain development company.
Get in touch with our team to discuss your crypto wallet app project.
Q. How long does it take to build a crypto wallet like Exodus?
A. The time frame to build a crypto wallet-app like Exodus varies on the overall complexity of the app. For instance, a simple crypto wallet app with MVP-level features can take around 3 to 4 months for completion. On the other hand, building a highly complex app with an extensive feature list can take around 9 months or more.
Q. What is the best way to approach Exodus-like cryptocurrency app development?
A. A good starting point will be to study the competitors, do market research to understand the target customers and their needs. With that addressed, the next step would be to build an innovative, immersive design system followed by engineering the right features, integrating a powerful technology set, and securing the application. Once the app is ready, it is advised to do a beta launch with prospective customers before a mass-level deployment.
What makes the entire process easier is partnering with the right team of designers, developers, and QA experts who specialize in apps like Exodus cryptocurrency wallet development.
Q. How much would it cost to build an Exodus-like application?
A. The cost to build a crypto wallet like Exodus can be anywhere between $90k to $110k depending on the features, technology stack, and the development team you choose to partner with. This article details these factors in addition to other elements that will help you with the development of an app like the Exodus crypto wallet.