- Comprehending the Crypto Wallet App Development Cost
- Factors Affecting the Blockchain Wallet Development Cost
- Top Features You Must Include in Your Crypto Wallet App
- Cost-Breakdown of a Crypto Wallet App
- Digital Currency Payment Integration Within an Existing App
- How to Create a Cryptocurrency Wallet App?
- How can Appinventiv Help with Crypto Wallet App Development?
The ongoing buzz of blockchain technology has coerced major financial organizations to invest in its benefits. Since all the business verticals are now putting their resources into Blockchain, the vast technological development has gained significant traction in the past few months.
From startups to enterprises and even Fortune 500s, investments in blockchain technology have surpassed expectations making crypto wallet app development one of the most flourishing sectors of this era. The Global Crypto Wallets market size was worth $252 million in 2021 and is expected to grow to around $686 million by 2028.
The graph below shows the number of Blockchain wallet users worldwide from November 2011 to August 2022.
This statistically backed rise in demand for cryptocurrency wallets has directly resulted in Fintech enthused businesses to add Cryptocurrency Wallets as a part of their revenue and business model.
This article will help you understand everything related to the crypto wallet app development cost and the factors affecting the same. We are now trying to cover a technology that has been the town’s talk and is already dominating the app development market.
To give you a rough idea, the estimated cost to develop a crypto wallet app can be between $25,000 and $200,000. The app’s price can vary according to several factors, such as the feature list, its UI/UX design, overall complexity, the number of hours it takes to develop the app, and the location of the hired development agency.
But, before getting down to what the development of a crypto wallet entails and how much it would cost you, head on to this guide to blockchain wallets to gain a thorough perspective on crypto wallets and their different types.
Without further ado, let’s get started!
Comprehending the Crypto Wallet App Development Cost
As highlighted above, on average, cryptocurrency wallet app development costs can range from $25,000 to $200,000. The overall cost to develop a blockchain wallet app is further affected by its complexity level. Simply put, the more complex the cryptocurrency app, the more its associated cost.
For instance, a simple app with a basic feature list can cost you around $25,000 to $60,000. On the other hand, a full-fledged application with an extensive feature list can cost around $200,000. Choosing the latter can indeed increase the overall costs but are also worth every penny considering the ROI they are bound to get.
Here is an estimated cost range as per the app complexity and the time frame it takes to develop the Blockchain wallet app:
|App Type||Estimated Cost||Estimated Time Frame|
|Simple||$25,000 to $60,000||3 to 6 Months|
|Medium Complex||$60,000 to $100,000||6 to 8 Months|
|Highly Complex||$100,000 to $200,000||9+ months|
One of the significant factors that further determines the Blockchain wallet cost is the hourly rate of the developers. Well, let us give you a straight formula that can help you choose the price of your app based on the hourly rates.
The processes in the development phase of the crypto app include everything from requirements analysis and wireframing to the overall maintenance and quality assurance catered for the app.
Now that you have an infallible formula to determine the cost of the crypto mobile wallet app development, let us move ahead to the factors that contribute to the complexity of cryptocurrency wallet app development, thus affecting the costs.
Factors Affecting the Blockchain Wallet Development Cost
Several factors define a crypto wallet app’s complexity including its feature set, the tech stack that backs it, design elements, etc. Even though it is impossible to determine every factor that will affect your custom requirements for an app, the list below sums up the significant factors extensively.
Size of crypto wallet app: Size of the app is another parameter that affects the overall cost of a cryptocurrency wallet. More the number of features integrated in an app, more is its overall app size and thus, more is the cost associated with its development. One cost-effective solution to keep the budget in check is going for an MVP development that concentrates only on the core features in the initial version. It will help you offer a great customer experience at affordable costs.
The MVP will feature the most notable features of the app. After getting an initial review from the target audience, you can then move ahead and develop a full-fledged crypto wallet app integrated with an extensive feature list.
Design of crypto wallet: Non-complex and attractive designs play an essential role in the success of your crypto wallet. The cost of bitcoin wallet development will depend on the requirements, and an effective UI/UX design plan will cost more but will benefit you in the long run. Every part of your wallet app, like UI/UX design, wireframes, etc., will take time to design, depending on your choice of requirements. If you need a more complex structure, the overall investment is going to be huge.
Team Size: The blockchain wallet cost will depend on the team size of the blockchain app development company you choose. For instance, if you are looking to hire a freelancer, the overall cost of the app development will be comparatively less as compared to a full-fledged team of project managers, designers and developers. Choosing the latter will no doubt increase the overall cost but it will be worth it considering their overall professional expertise. A dedicated team of professionals can help you develop a strong product capable of offering a unique user experience to your customer base.
A standard team for cryptocurrency wallet app development will include:
- 1 Project Manager
- 2 Backend Developers
- 2 iOS/Android Developers
- 1 Designer
- 1-2 Quality Analysts
Tech stack to be used:
The technology stack used for the cryptocurrency wallet app development also affects the overall cost associated with it. A modern tech stack is further capable of putting your mobile app at the forefront of digital innovations.
Here is the tech-stack we use for developing a cryptocurrency wallet:
Features to be included:
Features added to the crypto wallet app further affects its overall cost. A simple crypto wallet app with a basic feature list can cost around $25,000 to $40,000. On the other hand, a mobile wallet app with an extensive feature list including in-chat transactions, KYC verifications, OTC trading, etc. is bound to cost around $200,000 or even more.
Well, to give you a rough overview, we have explained all the features of a crypto wallet app below.
Top Features You Must Include in Your Crypto Wallet App
Although considered one of the most common features of a mobile app, when we look into a crypto wallet app, the authorization stage comes into the limelight of importance.
With this feature, users are made to sign up or fill in a form with their keys to access the Bitcoin wallet.
Since it is the first stage where keys are to be entered, the authorization feature must be developed with a proper and well-tested security protocol.
One way to ensure that the app is hack-proof straight from this first onboarding stage is to add Google Two-Factor Authentication.
By adding two-step authentication in the app, businesses can add a security layer generally avoided by generic non-crypto-based apps.
Since the crypto wallet app will allow users to transact money between different modes – between the same digital currency, between different digital currencies, and between digital and fiat currencies, they would need to be updated on the real-time currency value.
This feature will be aimed at making the whole transaction a lot speedier and more convenient by giving the users a mode to manage the addresses they frequently transact digital currencies with.
Using the push notification feature, the admin will be able to notify the crypto wallet app users of the price of their digital currency, the transaction’s success and failure, address addiction, etc. Users can update their account activity in real-time through the feature.
Paper Wallet Import
Many mobile wallet apps also come with the feature to scan the paper bitcoin wallet using the QR Code and then add keys to the app’s wallet to make a transaction. The scanned information can then be used to send and receive money.
The whole essence of Blockchain is to revamp the future of transactions. The most crucial part of the crypto wallet app is the transaction feature. Users can send and receive digital currencies within the crypto wallet app. Now, this app section must be 100% hack-proof and speedy.
A common but equally important part of the crypto wallet app is the security feature that it comes with. Based on Blockchain, the technology known to revolutionize Mobile App Security, you should give your users the option to change the pin or password or whatever private information they want to modify within the app.
Building a crypto wallet app, with all these features, from scratch would require the backing of a technology combination that is developed and combined in a way that the amalgamation would deliver a fast, scalable, and hack-proof solution. The choice of technology stack plays a dominant role in establishing a cryptocurrency wallet app development cost.
Now that we have looked into the different features of a crypto wallet app, let us move ahead and break-down the overall costs of developing a bitcoin wallet app.
Cost-Breakdown of a Crypto Wallet App
Noting all the functionalities, tech stack, and hours of resources that would go into the feature-rich bitcoin wallet development, we have made a chart of the blockchain wallet development cost estimate that you would have to pay to get your apps like Bitcoin wallet developed.
|Backend Development||$10,000 – $15,000|
Digital Currency Payment Integration Within an Existing App
The demand and comfortability around cryptocurrencies have grown to such an extent that several online stores now offer the ‘Pay with Bitcoin’ option in their apps and websites.
This integration has become an alternative to Bitcoin wallets for businesses that want to have a part of the Blockchain experience without investing in resources to make one from scratch. Several third-party providers offer the option to enable payment through Bitcoin or any other digital currency from within your existing application.
The three that we principally rely on and suggest to our clients are –
They offer different options for our clients. In case you wish to get the payment converted to your fiat currency value and then sent to your bank account, choose BitPay or Coinbase, but if you want to send your funds to the exchange market or bitcoin wallet, go with Blockonomics.
The Cost of Crypto Payment Integration in your existing app will come somewhere between $20K and $50K.
How to Create a Cryptocurrency Wallet App?
Now that you have a clear insight into the estimated cost of developing a crypto wallet app, let us tell you how to create a cryptocurrency wallet for your business. Developing a custom mobile wallet can help you achieve a guaranteed ROI with the right action plan.
Understand Cryptocurrency and Blockchain
Developing a cryptocurrency wallet app requires understanding the underlying blockchain technology. A blockchain is a distributed peer-to-peer database with major governing rules for adding data, and the technology serves as an open ledger for each cryptocurrency.
The entire purpose of implementing blockchain technology is to promote safer and more secure transactions.
Use Open-Source Libraries Dedicated to Cryptocurrencies
BitcoinJ SDK or Coinbase SDK are the two free libraries and tools for cryptocurrency wallet development. Since major cryptocurrencies are open-source, expecting trouble finding their libraries won’t be much of an issue.
For developing a cryptocurrency wallet app in Android or iOS, Coinbase SDK, a cross-platform library, is usually preferred. In addition to this, it also supports multiple programming languages like Java, Ruby, Python, etc.
Use Feature-Rich APIs
Creating a cryptocurrency app requires using a distributed ledger API that makes it easy to synchronize the wallet with blockchain technology. Some other APIs that can accelerate the development process include Coinbase, Bitcore, SimpleSwap, and Factom.
Choose the Right Cloud Technology
Choosing the right cloud technology is one of the most critical steps in developing a crypto app. If you wish to design a web platform, choosing PaaS (Platform-as-a-service) will be one of the sure-shot ways to succeed. On the other hand, for creating a mobile app, it is necessary to use a BaaS (Blockchain as a Service) provider. Organizations such as Amazon, Azure, and Microsoft offer the latter.
Choose the Right Tech Stack
The next development step is finding the right tech stack for your crypto wallet app. A mobile app backed by the latest technologies can help you stay up front in the competition. You can use Java or Kotlin for building native Android apps, while Swift or Objective-C is preferred for developing iOS applications.
A cryptocurrency wallet app must adhere to all the necessary safety parameters so as to keep data protected at all times. Adding extra layers of security, such as a Face ID, data encryption, two-factor authentication, etc., are some of the few ways to ensure your wallet app caters to every security norm.
After a thorough competition analysis, it is time to start the app development process. The overall development process includes finalizing the feature list, app design, code writing, and extensive app testing.
How can Appinventiv Help with Crypto Wallet App Development?
The standard cost to create a blockchain application depends on factors like the open-source tools used, development teams, analytical verticals, feature integration, and so much more.
All these components give an oriented portrayal of the blockchain application development range. Setting up any blockchain application requires a robust project assessment that can determine the expenses required .
Hence, hiring an experienced blockchain app development company is an economical way to streamline your processes for developing a custom cryptocurrency app. Our expertise in blockchain app development has led influential organizations on the pathway to imminent success.
For instance, our cryptocurrency-based core banking platform for Asian Bank was capable of increasing their broad horizons. We created a central ledger to maintain transactions while simultaneously creating a system that supported both FIAT and crypto user fund’s identity. The app was capable of making cryptocurrency transactions mainstream for the bank. Adding feathers to our cap, the cryptocurrency app was further capable of witnessing 50K+ cryptocurrency transactions.
Appinventiv also created a cryptocurrency-based Empire Hotel Booking App. The Blockchain-powered Empire App solves the hotel’s double booking problem while also handling cost-related issues with the help of EmpireCash.
If you are looking for custom cryptocurrency services, Get in touch with our team for a detailed conversation now!
Q. How long does it take to build a crypto wallet app?
A. For a simple crypto wallet app with basic functionality, the time frame for development usually ranges from 3 to 6 months. On the other hand, an app with high complexity can take around 9-12 months to complete development.
Q. How to create a cryptocurrency wallet app?
A. Cryptocurrency wallet app development is a complex process. Thus, getting an MVP developed by a dedicated crypto wallet app development company is advisable. After getting the initial user feedback, you can then switch to a fully-fledged app integrated with extensive features.
Q. How much does it cost to develop a crypto wallet app?
A. The cost of developing a crypto wallet app deepens the app’s overall complexity. For a simple app, the cost can range between $25,000 to $60,000, but for a highly complex structure, the price can even go up to $200,000.