Cryptocurrency wallets enable users to store and exchange digital assets.
As the interest in cryptocurrency wallets is rising, Exio.tech frequently receives questions about their functions and development processes.
To get the answers to the most frequently asked questions, we turned to our mobile app development team lead David Avetisyan.
Q1. There are many well-known wallets in the market already, why should one need to have his/her own wallet?
David: Although the market is full of different kinds of crypto wallets, there is a huge demand for new ones and I believe there are several reasons for this.
Actually, everyone who runs a successful crypto-related platform sooner or later will need to create a wallet designed for the network. The reason is that it’s much easier to promote your own token on your own wallet.
Besides, businesses have different goals, and holding a unique user flow through wallets can work best for achieving those goals.
Q2. Could you please enumerate the features that a modern crypto wallet must have?
David: Well, our team considers a market competitive wallet is the one that includes:
1) Coins and tokens transfer.
2) Swap/exchange (decentralized).
3) dApp browser for interacting with DeFi projects.
4) Transaction history
5) Import and export (by private key/ mnemonic).
These are the minimum basics. However, nowadays most of the clients also want multi-blockchain support, multi-account support, DeFi investment support right from the wallet, and additional security features like daily transfer limit or guardians functionality in case one loses the private key.
Q3. What technologies do you use for wallet development?
David: Our Mobile team works with iOS Swift and Java Kotlin. Using web sockets and web3 we get data from the blockchain. As for the web team, they mostly use the MERN stack.
Q4. What currencies do the wallets built by Exio.tech’s team support?
David: Wallets we develop, support all ERC20 and TRC20 tokens. Talking about this, I would like to mention that the next project we are going to deliver will also support BEP20 tokens (Binance Smart Chain standard tokens).
Anyway, please note that we are not limited only by these tokens. They are just the ones that our projects have already integrated. Generally, we can build wallets that support adding any cryptocurrency/token based on the client’s requirements.
Q5. Do the wallets you build accept fiat money?
David: Well accepting fiat money is technically possible, but here we are facing the regulatory requirements that force the client to get PI (Payment Institution) or API (Authorized Payment Institution) license, to open legal entity in the same jurisdiction that issues the PI license, to pay the legal expenses and, of course, months of waiting.
So instead of diving into all that bureaucracy, we suggest our clients use a third-party payment system. A well-known and trustful payment system can even incentivize users to deposit money.
Q6․ How much time and money are needed to build a simple wallet?
David: It depends on the client’s requirements. A wallet with basic functionality, due to our ready-to-go solutions, can be delivered in 6-8 weeks. However, we would need to talk to the client personally in order to provide a respectful time and price estimation.
Q7. And at the end, what do you think about the future of cryptocurrency wallets?
David: They will sure get more involved in the DeFi industry. The great thing about crypto wallets is their ability to interact with DeFi protocols directly from the app. Moreover, I believe crypto wallets will replace neobanks in the future.
As a conclusion we would like to mention the importance of application of security measures.
Those who are interested in the industry have already heard enough about various hacker attacks with the outcome of the loss of large sums of clients and project failure. So we highly recommend trusting the development of wallet software only to professional teams experienced in industry.
If you’re interested in creating your own wallet or you have any questions concerning the subject, feel free to contact us at [email protected].