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Cryptocurrency Wallet Development: Recap

Cryptocurrency Wallet Development: Recap
Crypto wallets are a must for anyone dealing with crypto coins and tokens. With reliable wallets, people worldwide earn, buy and sell cryptocurrencies, and pay for diverse goods and services. Different businesses have succeeded from using crypto market opportunities.
At ND Labs, we assist businesses from diverse industries in launching their own cryptocurrency wallets. We take our rich experience of white label cryptocurrency development as well as a deep understanding of the market and help our customers build great blockchain solutions.

Blockchain or Crypto Wallets: What Are They?

Blockchain or Crypto Wallets: What Are They?
A blockchain wallet or a crypto wallet is an application that stores your private and public keys and allows you to access your coins or tokens. The wallet stores your crypto assets, allows you to buy and sell cryptocurrencies, and keeps track of your balance and transaction history.
Crypto wallets are available on mobile and desktop devices, as well as on a browser on any device. Blockchain wallets give you complete control over your cryptocurrencies and let you manage crypto transactions.

Top Cryptocurrency Wallet Development Services

Non-custodial property
Your crypto wallet is like your physical one. You don’t need anyone to store and control your digital assets and associated private keys.
Accessibility
We develop crypto wallets that are accessible on both mobile and desktop devices. You can run and use your wallet whenever you are.
Compatibility
We can develop blockchain wallets that work with multiple platforms. No matter which one you choose, the performance is still solid.
Security
Crypto wallets are protected with multiple layers of security: two-factor authentication, a password or PIN, fingerprint access, or facial recognition. No one but you will be able to access your wallet.
Key-based security
Only the user knows their private key. For every new transaction, a unique public key is generated. It protects you from fraud.
Swapping
Swapping allows you to instantly exchange one coin or token for another without the need to convert crypto into fiat money. You don’t need to take extra steps for currency exchange.
In-chat transactions
Trade fast and securely with the chat option. All your money transfers are protected from any kind of attack.
Yield Farming
Using decentralized finance (DeFi), you can maximize your returns. In other words, you passively earn tokens or fees just for storing your cryptocurrencies.
Rapid Transactions
You don’t need third parties to transfer money. Make swift and secure peer-to-peer payments exactly from your crypto wallet.
Secure Monetary Transactions
Protect yourself from fraud with crypto wallets. Your wallet is like your ledger. Every transaction is transparently recorded, and duplicate payments are automatically denied.
Multi-cryptocurrency Transactions
Want to increase your trading capacity or to have more inflation-free assets? Then turn to a multi-cryptocurrency wallet.
Bill Payments
Pay utilities fast and securely just with your crypto wallet. We can provide you with such blockchain wallet solutions.

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What Are Public and Private Keys?

What Are Public and Private Keys?

What Are Public and Private Keys?

What is the difference between public and private keys and how do we use them? When you buy any cryptocurrency, you can’t immediately use it as you need to unlock the stock with a secure code first. Here we use the digital code assigned to the wallet address. Why do you need a private key? The private key proves ownership. A public key is also a digital code paired to your private key. With a public key, you can receive cryptocurrency transactions.

How Transactions Changed With Crypto Wallet Development

How Transactions Changed With Crypto Wallet Development

How Transactions Changed With Crypto Wallet Development

How does cryptocurrency wallet development make doing business easier? The wallet allows you to operate with multiple inflation-free currencies. Cryptocurrency transactions go faster and cheaper than normal currencies ones. A blockchain wallet is much more secure than a physical one and all transactions are free from government invasion. Also, you don’t need anything but your wallet to transfer money around the globe.

Types of Crypto Wallets

Desktop Wallet Development Desktop Wallet Development
Desktop wallets are software installed on your laptop or PC. They are secure as you can access the wallet only from that device.
Hardware Wallet Development Hardware Wallet Development
Hardware wallets are physical devices like USB ones. They store cryptocurrency data such as private keys, seed phrases, and transaction records. You can rely on them as they don’t need constant internet connection.
Mobile Wallet Development Mobile Wallet Development
Mobile wallets are apps installed on iOS or Android smartphones. Your wallet is always with you like a physical one, it’s easy to use and ideal for remote payments and paying for cafes, everyday shopping, etc.
Web Wallet Development Web Wallet Development
Web wallets are available from any device with internet access. You don’t have to download any software applications but you do need to log in to make transfers.
NFT Wallet Development NFT Wallet Development
Want to invest in NFTs, but don’t know what to start with? All you need is an NFT wallet. It is designed to transfer, receive and store NFTs.
DeFi Wallet Development DeFi Wallet Development
DeFi stands for decentralized finance. A DeFi wallet provides you with paramount security and complete control over your private keys and assets.
Custodial wallets Custodial wallets
If you have a custodial crypto wallet, it means you give a third party control over your private keys. Don’t be afraid of losing your keys as your custodian will help you to recover them.
Non-custodial wallets Non-custodial wallets
Having a non-custodial crypto wallet means you have sole control over your private keys that prove funds ownership. You can instantly withdraw funds without asking a third party for transaction confirmation.
Cold Wallet Development Cold Wallet Development
A cold crypto wallet means you store your cryptocurrencies without internet connection. You can rely on them as they are fully protected from attacks.
Hot Wallet Development Hot Wallet Development
Hot crypto wallets are connected to the internet. Their holders store their private keys online. The wallet is easy to set up, access, buy and sell cryptocurrencies.
Coin-specific wallets Coin-specific wallets
Coin-specific wallets work only with a specific crypto coin. The crypto wallet is ideal if you deal with a single cryptocurrency.
Multi-currency wallets Multi-currency wallets
Developing multi-currency crypto wallets allows you to store and transact diverse crypto tokens and coins. Now you have more inflation-free assets in a single wallet.
Single-signature (singlesig) wallets for personal use Single-signature (singlesig) wallets for personal use
Having a single-signature wallet is convenient for personal use. You need only one signature to transfer your funds. However, any person who knows the private key may have access to funds.
Multi-signature (multisig, shared) wallets for business Multi-signature (multisig, shared) wallets for business
Multi-signature crypto wallets give paramount security to your company’s funds and protect them from fraud. To transfer funds, you need keys from several different people.

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Security Features of Our White Label Crypto Wallets

12-Word Mnemonic Phrase
If a user deletes the wallet app or needs to install it on another device, the mnemonic phrase will help to recover the wallet.
Two-Factor Authentication
Using multiple factors of authentication guarantees that only the wallet’s holder will get access to funds and data.
Password-Protected Access
Users can add an extra security level by setting a four-digit PIN. It ensures that only the designated person is able to access the wallet.
Optional Session Logout
Each session automatically logs out after a certain inactivity period. This feature makes you sure no one will get access to your wallet.
Multi-Signature Support
If you exceed the set limit, you are still able to withdraw funds. You need to assign at most two trusted members to approve withdrawal requests.
Biometric Authentication
This feature allows authenticating the user when there is a new transaction request. It prevents unauthorized and duplicate transactions.
Breach Investigation & KMS
There are extra security measures such as generating and scaling instant reports to investigate breaches. Key Management Server helps to manage unique crypto keys.
Email Authentication
When a new withdrawal request is generated, the user gets an email with a verification and authorization request.
Wallet Backup
This feature is designed to protect users from technical errors and outages, fraud, and theft. Every user can generate a wallet backup phrase.

Industries

Retail & eCommerce
Retail and Ecommerce
Online shopping trend is increasing. With blockchain technology in retail and eCommerce, you can accept cryptocurrency payments, better manage goods and their expiry dates, secure customer-related data, prevent fraud and counterfeit goods, create special loyalty programs, and many more. Your business can benefit from implementing crypto wallets as you are given a new way to sell.
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Business
Blockchain for business is widely used within companies trading with one another. Its value comes from blockchain’s ability to share data fast and securely. Only trusted members are able to access distributed ledgers at the same time from any point in the world. Blockchain provides full visibility to track the legitimacy of goods, reduces costs, and prevents money laundering.
Logistics & Supply Chain & Warehousing
Supply management
Blockchain allows operating in an almost ‘zero trust’ environment. If your company works, for example, with suppliers from all around the world, you no longer need third parties to track and continually check goods and supplies. The technology replaces slow manual processes and accelerates them, reduces transaction costs, and strengthens traceability.
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Fintech and Banking
Finance
Blockchain technology is widespread in the finance industry. The financial sector blockchain investors are the most prominent ones. People use DeFi as an alternative to “normal business” and trading, use crypto wallets to deposit and withdraw money, and make currency exchange and payments. The technology allows making reliable and secure transactions, decentralizing authority, reducing administrative and infrastructure costs, approving transactions without delays, and recording transaction data chronologically.
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Gaming
Gaming
Blockchain games are designed to disperse game assets to their players, and these assets have value in real life. Players can purchase in-game assets for NFTs or cryptocurrencies. Blockchain wallets are used to buy, sell and store those digital assets. The assets can be later exchanged for fiat money or cryptocurrencies.
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Metaverse
The metaverse can’t be built without blockchain as the technology allows users to protect their digital property and art in virtual reality. People who invest in virtual assets pay for them in crypto. In other words, crypto wallets in the metaverse act the same way as physical wallets in real life. Users can buy and sell everything they want with blockchain wallets.

Cryptocurrency Wallet Development Process

#1
Business & technical analysis
The first thing we do when we start working with a new customer is business and technical analysis. We need to understand the purposes of the future wallet, its specification, and its technical realization.
#2
Architecture design
At this step, we build a blueprint that defines future relations between the frontend and backend of the crypto wallet. Also, we determine how the wallet is generated, how to retrieve and store data, and how to make transactions.
#3
Low and high-fidelity designs of the wallet interface
After defining relations between diverse parts of the wallet, we need to map out the way it will look and how users will interact with them. We create a rough outline of the future UI/UX elements, you approve it, and then we create the high-fidelity design prototype.
#4
Development of wallet smart contracts
If you want to implement extra functionality, we develop wallet smart contracts. They add an ability to recover accounts, set transfer limits, make bundle transactions, and more. We thoroughly audit and test all smart contracts before their deployment.
#5
Development of backend services (if required)
If your product requires any smart contract execution and interaction between backend and blockchain, then we develop backend services.
#6
Frontend development
At this step, we develop the frontend of the product. After that, the final version of the wallet application is ready. We test it in order to catch bugs and reveal any errors.
#7
Deployment
After finishing extensive testing for bugs and omissions, we deploy the wallet on the blockchain and make it available to users.

Why Us

Swift Response
Swift Response
If you have any queries, our dedicated development team will resolve all your issues as early as possible. We will help you to achieve your business goals without delay.
Expert Team
Expert Team
Every cryptocurrency wallet developer in our team has rich experience in developing secure, fast, and robust blockchain solutions. They always know what to advise and which technical approach is the best.
Rapid Development
Rapid Development
We develop custom products tailored to your business needs. Our cryptocurrency wallet developers pay attention to every detail and then work in a systematic way so as to achieve great results faster.
Complete Support
Complete Support
Our collaboration is not finished after the product launch. We are always available to help you with any issue you face after the development stage.
Meaningful Outcomes
Meaningful Outcomes
We are responsible for the results you get. We make certain you see tangible value from your investments.
Reliable & Secure
Reliable & Secure
Our cryptocurrency development team knows how to develop a transparent and secure product for your business needs. The developers are aware of security threats and know how to create protected code.
Agile
Agile
We divide big tasks into small parts so as to minimize errors in the development process and quickly respond to all changes.
Dedicated Team
Dedicated Team
You will select and hire a team of blockchain developers, designers, and other professionals you need. They will work hard to get the best results.
Technical Excellence
Technical Excellence
Our development team works exclusively in blockchain technology. They keep up with all blockchain wallet app development trends and always know how to achieve the most efficient results.

FAQ

What is a crypto wallet?
A crypto wallet, also known as a blockchain wallet, is secure and reliable storage for digital assets like cryptocurrencies, tokens, and NFTs. With a wallet, you are also capable of making transactions.
What is the difference between hot and cold crypto wallets?
Hot wallets operate online and private keys are stored digitally. Cold wallets don’t need internet connection to operate and private keys are also stored offline.
How to enhance crypto wallet security?
There are built-in security features like two-factor authentication and password protection. In addition to them, multi-signature support and biometric authentication can be used.
Can I store multiple cryptocurrencies in a wallet?
Yes, you need a multi-currency crypto wallet to hold multi tokens and coins. An average wallet can hold multiple cryptocurrencies, but make certain your wallet supports the type of cryptocurrency you want to purchase. If you need to store more, we can customize your wallet according to your needs.
Is there any way to recover my lost private keys?
It is possible only if you provide access/permission to our admin at the time of setting up your wallet. In this case, we can help you. In all other cases, recovering lost private keys is an impossible task.
How much does it cost to develop a crypto wallet?
The cost and the development time depend on your requirements. Whether you need multi-currency wallet development or not, whether you want a white label or a custom solution, and many more.
How do you evaluate the blockchain wallet viability for my business needs?
We start our cooperation with a deep analysis of the product’s practicability. We need to ensure that you will get returns from the investments.
Is there any way to connect the wallet to other platforms?
Yes, we can connect a multi-currency wallet to other platforms via API integration. It is possible if the platform provides API compatibility.
How do you ensure the confidentiality of my project idea?
Before we start working, we will sign a Non-Disclosure Agreement (NDA) with you. Details of your ideas will not come out.

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