# Web3

Developing a crypto wallet: benefits, examples and steps to create

Red Rocket TeamDec 3, 20244 min read

Throughout the history of mankind, people have used different things as money. First, it was stones, then food, jewelry, and today, money for us is the familiar banknotes. However, in recent years, people have started to trust digital money more often. Some economic experts even make loud statements that in the near future cryptocurrencies will replace paper money and significantly change the rules of the money management industry.

Since cryptocurrencies are a trend that more and more people are embracing today, businesses should take note of this and get in touch with a reliable crypto wallet app development company. This article will tell you more about why crypto wallets are a solution that your customers will definitely appreciate.

What is a cryptocurrency wallet?

It's no secret that the first cryptocurrency in the world, called Bitcoin, appeared in 2009. However, you need a wallet to own Bitcoin. Simply speaking, a cryptocurrency wallet is a program or web application where you can store digital assets. Generally, a regular wallet has a small functionality that includes:

(01)

Receiving assets.
(02)

Holding assets.
(03)

Sending assets.

You may have already heard about such well-known wallets as Coinbase, TrustWallet, and MetaMask. These are mobile applications that have hundreds of millions of users around the world. Most importantly, don't confuse crypto wallets with crypto exchanges, which are characterized by great functionality and the ability to participate in trades and giveaways.

According to fresh statistics, there are more than 9 thousand digital cryptocurrencies in the world today. That is why you should add the most popular variants to the app while coding wallet. This way, you will be able to provide more options to your potential users.

Crypto wallet is a good choice for...

A crypto wallet is an application that enables the safe storage and sending of assets such as Bitcoin, Ethereum, and many others. They have the opportunity to fully reveal all the abilities of blockchain technology with the help of this service.

As for individuals, a crypto wallet helps with P2P payments and money transfers across borders of the world without the need for a bank and overpriced commissions. It also provides them with the convenience of autonomy when handling their money and a chance to keep their financial issues to themselves.

Finally, for businesses, embedding a crypto wallet into their application or payment services adds new lines of revenue and perks. All the EPS can be extended to consider the cryptocurrencies in that they enable trading within the expanding crypto economy. Crypto is also a number of times cheaper than conventional payment processors and is capable of charging smaller transaction fees. The same can also be said of a crypto wallet that also facilitates faster settlement of payments and a broader customer base internationally.

Moreover, attributes such as multi-signature security, transparent transaction layer in blockchain, and the programmable feature in smart contracts also present crypto wallets as a discreet preference of several decentralized applications and financial services. Whether personal or financial independence or corporate success, the role of a multicurrency crypto wallet is to open the potential of digital money and blockchain.

Integrating a Сoinbase wallet into an app

Sometimes, integrating a payment gateway into your own product can be quite a daunting task. For this reason, today, more and more companies have decided to add a new payment method for customers - cryptocurrency. If you just leave the required wallet address in the comments, it will not look serious. Moreover, there will be a chance that the customer will make a mistake and accidentally send assets to another wallet. The most popular solution for apps today is to build a Coinbase wallet inside as a new payment method.

Imagine you own a mobile app and sell your products. The more available payment methods you offer, the more you can boost your customers' loyalty. With the help of special smart contracts, your app can be linked to the popular digital money wallet Coinbase. This means that users will be able to easily authorize and pay for the desired goods with the supported cryptocurrency.

Are there any examples of creating a Coinbase wallet into an app? Yeah, today, there are a lot of mobile apps and web apps with digital wallets embedded inside. For example, you can explore VS Gaming online casino development project. Coinbase wallet has been integrated as the main deposit and withdrawal method. Players can easily and quickly fund their account with TON or USDT to start playing. Withdrawals are also available to their own wallet, which usually takes place in seconds.

How to create a multicurrency crypto wallet?

As we said above, a digital wallet that only accepts one currency is an app that will not become successful. Why is it so? It will be inconvenient for users to have one digital wallet for every currency. A great solution is to create a wallet that supports a large number of cryptocurrencies. This way, people can accept BTC, SOL, TWT, and other currencies at once. We have put together 5 main steps to create a great crypto wallet that supports different currencies.

Step 1. Understand what you need

Any project, including blockchain wallet development, should start with analyzing the market, potential customers, and competitors. The first step is to define your target audience. Next, decide on the cryptocurrencies you want to see in the app. Don't forget to also choose the devices on which the wallet will work.

Step 2. Technical details

Based on what you have chosen in the previous step, the technical tools and details will depend. You need to understand what programming languages will be used to create the application. Another point is the choice of consensus algorithm. The most popular options are Proof-of-Work and Proof-of-Stake.

Step 3. Develop the design of the application

No doubt, the user experience is of paramount importance any time a wallet application is designed. A logical hierarchy should be created with regard to account creation, handling, and storage of currency, history of transactions, etc. The current values should be easily convertible to common foreign exchange. Learn what design elements and practices are in trend in 2024 to utilize within your crypto wallet.

Step 4. Ensure safety for users

Users trust wallets that guarantee the security of assets and savings. Some of the measures that can be employed by the platform to enhance security for user money include strong and enhanced encryptions and two-factor authentications. Analyze which options will work best for your application.

Step 5. Test and run the application

Prior to the public release of the multicurrency crypto wallet, test it thoroughly on platforms where it is anticipated for usage. Make sure all the supported coins can be stored properly and can be transacted in a proper manner. Look for errors and fix them so that the end user doesn't face problems.

How to choose a cryptocurrency wallet development company?

It's no secret that creating a crypto wallet from scratch requires a whole set of knowledge, skills, and experience in such projects. Therefore, developing such an application on your own is not the best solution. Usually, business owners turn to development companies that can help with such a task. However, choosing the right company can also be a challenging task. We have prepared some useful tips for you on hiring a development team:

Work experience. The first point you should pay more detailed attention to is the experience of the software development company. If the company has been on the market for several years, it can theoretically indicate its competence and quality.
Customer reviews. The best thing about the work of specialists is that they will tell you about the work of other users. For example, check reputable platforms such as Trustpilot and Clutch to learn more about the comments of real customers.
Analysis. It is best to find 3-5 companies that develop digital wallets. You should analyze them among themselves to see which option suits you best.

Sure, don't forget about the first consultation. Ask IT specialists how much time they will need for cryptocurrency application development. Discuss other issues, including payment schedule and terms of cooperation.

Our blockchain wallet development services

At Red Rocket, we help clients with the development of various software and digital products, including crypto wallets. We have an experienced team that knows the nuances and features of building digital wallets. Here are the services we are happy to help you with:

Creating a cryptocurrency wallet from scratch. We emphasize an intuitive interface and robust security mechanisms so that users can easily store and manage their digital assets.
Implementing an existing cryptocurrency wallet into the application. We provide seamless integration of popular crypto wallets into your applications. Our team guarantees compatibility, security, and high efficiency.
Developing advanced functionality for the app. Red Rocket offers not only basic features but also the development of advanced options such as multi-signature support, advanced encryption, and transaction analytics.
Redesign of the digital wallet. With the redesign, we give a new look to outdated crypto wallets.

Our team is ready to materialize all these cryptocurrency wallet development services for the clients. No matter what your business scope and goals are, we can easily adapt to each case individually.

Final thoughts

Crypto wallets are a popular method of storing and using digital money in recent years. Moreover, by having such an application, you can generate a lot of profit. It all depends on the monetization model you choose. For example, you can assign transaction fees, earning a small profit from every cryptocurrency you send. For regular users, such wallets are convenient solutions. They can store their savings, pay in stores, and even earn from it.