Cryptocurrency Wallet Development in 2024: Cost & Key Features to Implement

Acropolium
5 min readJul 9, 2024

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Cryptocurrency wallet development insights for 2024 that will give you a creal picture of the perfect crypto app functionality.

With the rise of crypto trading and fintech, secure transactions have made cryptocurrency wallet development a booming niche. Blockchain’s rapid growth has led major financial organizations to invest heavily. Furthemore, a Forbes Advisor survey states 42% of respondents invest in cryptocurrency because apps simplify the process.

Acropolium

Acropolium, with years of fintech consulting and software development experience, leverages blockchain and SaaS technology. Today, we’ll guide you through creating a crypto wallet app with essential features, share client success stories, and estimate development costs.

What is a Crypto Wallet? App Types & Key Features

The popularity of crypto wallet development services grows along with the global cryptocurrency market that is expected to reach $4.59B in 2028 from $2.49B in 2024.

A cryptocurrency wallet app manages and transfers crypto assets by holding the keys to coins on public blockchain networks. These apps store public and private keys, track cryptocurrency balances, and assign ownership to the wallet’s address when assets like stablecoins or NFTs are transferred.

As the global cryptocurrency market expands, the demand for advanced digital coin management software rises. Now, it is expected to grow from $2.49 billion in 2024 to $4.59 billion in 2028, at a CAGR of 16.5%.

The variety of cryptocurrency wallet development services lets you build a unique, scalable product tailored to your target users. Depending on users’ needs, different types of wallets can be introduced to the market, categorized as cold, hot, or warm based on internet connectivity.

Hot Wallets

Hot wallets are software-based, easy-to-navigate, and accessible but slightly less secure than cold wallets. They include:

  • Desktop wallets installed on desktops or laptops that are secure unless compromised by a virus.
  • Mobile wallets that are similar to desktop wallets, with features like QR code scanning and NFC for easy payments.
  • Web wallets accessible from any browser or mobile device, with online-stored keys requiring certified developers to mitigate cyber risks.

Cold Wallets

Cold wallets are hardware devices storing keys offline, offering high security. Common forms include USB-like devices and paper wallets with printed keys. They are secure but can be easily lost.

Warm Wallets

Warm wallets combine the quick transactions of hot wallets with the security of cold wallets. They store keys online and generate transactions automatically but require human intervention to sign and send transactions.

Features to Include in Crypto Wallet App Development

Your cryptocurrency wallet app should feature enhanced functionality tailored to your business needs. Before reaching out to a cryptocurrency development company, consider these key features for your app:

  • Secure access with login credentials, biometrics, or MFA, meeting AML and KYC standards.
  • QR codes scanning with machine learning algorithms for simplified transactions.
  • Multi-currency support for portfolio diversification and user convenience.
  • Blockchain-based encryption for account and signature verification with safe transactions.
  • Payment gateway integration for seamless payments through crypto-based payment processors or gateways.
  • Tracking and identification of wallet addresses with a user-friendly design.
  • Paper wallet integration for smooth fund transfers between physical and digital wallets.
  • Automated session logout to enhance security with restricted access.

The Cost and Benefits of Crypto Wallet Development

Acropolium, a reliable cryptocurrency development company, explains what factors influence crypto app development costs.

Crypto wallet development costs are influenced by several factors, including advanced features like multi-currency support, QR code scanning, and two-factor authentication.

Developing for multiple platforms (iOS, Android, web), ensuring regulatory compliance, and creating custom designs increase costs. The development team’s location and expertise, especially experienced blockchain developers, also impact rates.

Additionally, thorough testing, post-launch support, updates, and maintenance contribute to the overall cost:

  • Cryptocurrency wallet development of low complexity might fall anywhere between $60,000-$100,000 within 3–6 months.
  • A medium-complexity product would take 7–8 months, costing from $100,000 to $200,000.
  • Complex crypto solutions might cost you $200,000+, requiring 9+ months.

Businesses from different industries turn to cryptocurrency wallet development services to stand out among competitors and keep up with the ever-changing digital landscape.

Competitive Advantage

Custom software for crypto operations differentiates your business, positioning it as an innovative leader and attracting customers seeking reliable cryptocurrency services.

Diversification of Services

Integrating a crypto wallet app into your offerings caters to evolving customer needs and adapts to market trends.

Enhanced Customer Engagement

Cryptocurrency development solutions allow for engaging with tech-savvy customers in the crypto ecosystem and attracting new users who prefer digital transactions.

Access to Blockchain Technology

If you create a crypto wallet app, you will gain access to blockchain for various apps beyond cryptocurrency. Businesses can use it for supply chain management, decentralized finance (DeFi), and many more industry-specific operations.

Reduced Transaction Costs

Lower fees for cryptocurrency transactions compared to traditional payment methods, offering potential cost savings for businesses, especially for international transactions.

Acropolium’s Approach to Cryptocurrency App Development

Acropolium is an experienced blockchain development vendor delivering GDPR-compliant software with ISO-certified processes and scalable serverless solutions.

With two decades of crafting custom software and embracing the latest technologies, we can become your cryptocurrency wallet app development company. Our teams prioritize your objectives and budget, guaranteeing fruitful long-term cooperation and regular product maintenance. Our latest success stories include:

Our success stories include:

  • Crypto app development. For a client seeking a user-friendly crypto robo-advisor, we optimized cloud practices, provided performance metrics, and integrated user feedback mechanisms. The instant trading platform resulted in a 250% increase in user registrations and a 199% rise in trading volumes.
  • Investment asset management software. We modernized a financial entity’s legacy system, delivering efficient wealth management software with customizable features, real-time updates, and a scalable architecture. Results included enhanced project visibility by 30%, increased access to financial metrics by 25%, reduced monitoring time by 30%, boosted workforce efficiency by 17%, improved decision accuracy by 25%, and proactive risk mitigation for 80% of potential risks.

We provide flexible, subscription-based cryptocurrency development solutions tailored to your needs, whether it’s building a SaaS product, migrating to the cloud, or upgrading systems.

Contact us today to learn more about our processes and explore your growth opportunities!

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Acropolium

An agile provider of bespoke software development services. From web & mobile apps to SaaS & blockchain, we craft solutions for business growth. acropolium.com