Ever since the inception of Bitcoin in the year 2009, cryptocurrencies based on blockchain technology also became a rising popularity. In 2023, we can see the widespread adoption of cryptocurrency by fintech-enthused businesses. Blockchain technology has never failed to amuse people with new and advanced applications that ensure a better lifestyle. As per a statistical report, there are over 81 million blockchain wallet users worldwide until February 2022.
No wonder why there has been a massive demand for blockchain application development. Considering this, several entrepreneurs and startups are now ready to invest in crypto-related platforms. The revolution in blockchain technology has entirely changed the economy. However, the question which arises here now is the cost of building a crypto wallet app that scales. This blog discusses the top five factors that one needs to consider while going for blockchain wallet app development.
5 factors that could influence the cost of crypto wallet app development
Crypto wallet app development cost differs in many ways. Here’s a list of a few things you need to consider while building a blockchain wallet app:
1. Size of the development agency’s team
The price of your bitcoin wallet will also depend on the size of the team or firm you plan to hire to construct your blockchain application. A project manager, team leads, developers, designers, and testers make up the project team structure for developing a blockchain application. You may create a robust cryptocurrency product that can deliver a distinctive user experience with the assistance of a committed team of experts.
2. Blockchain app complexity
The intricacy of the blockchain app is influenced by a variety of things. This consists of a consensus process, a blockchain platform, programming languages and tools, UI/UX, APIs for app creation, etc. It is essential to have a clear grasp of what is being built, what are its existing solutions, and how they may offer superior services, thus understanding and ascertaining the objective of blockchain applications.
3. Size of the crypto wallet app
Another factor that affects the overall cost of creating a bitcoin wallet is the size of the app. The larger the total size and the more expensive it will be to design a cryptocurrency program, the more features you will incorporate into it. You can choose MVP development, which solely focuses on the main elements of your program if you want to choose a cost-effective approach. You may assess your app’s potential with MVP and provide your customers with a great experience while maintaining the cost.
4. The kind of app you develop
The sort of cryptocurrency app will also affect how much it costs to develop. A non-custodial or decentralized wallet and a custodial or centralized wallet are the two basic categories. A third-party company manages and saves your crypto points in a custodial wallet application. However, you as the owner will have total control over your own money in the decentralized wallet. Therefore, you must choose the type of crypto wallet you’ll use before beginning to design an app.
5. Features that are still on the road map
The total cost of designing a crypto wallet app depends on the features you intend to include. Costs for a straightforward cryptocurrency wallet app with just a few fundamental functions range from $25,000 to $40,000.A blockchain app with many features, however, such as KYC verification, in-chat transactions, and OTC trading, can cost you up to $200,000.
Hire a blockchain app development company for a crypto wallet app
The average cost of developing a blockchain application relies on a variety of elements, including the size of the development team, how open-source tools are used, how features are integrated, which analytical verticals are used, and more. The total cost of a blockchain wallet app is determined in large part by all of these factors. As per the table given below, the total cost of developing a crypto wallet app would fall around $90,000 to $100,000.
Therefore, hiring an experienced and skilled blockchain app development company is one of the best ways for streamlining your fintech processes. A professional app development company will offer you a secured blockchain app as per your desired requirements. They can offer you a multi-currency crypto wallet with amazing features at a reasonable cost.
YouTube: Crypto Wallets Explained – Beginners’ Guide – How to Get Crypto Off Exchange Step-by-Step (Crypto Casey)
Photo credit: The feature image is symbolic and has been done by Vitalik Radko.
This guest article has been submitted by Oksana Smith. We appreciate all guest contributions but the opinions expressed by the author do not necessarily reflect the views of TechAcute.