How Much Does it Cost to Develop a Crypto Wallet App?

What is a Cryptocurrency Wallet?

Before diving into the cost estimation it is essential to understand what crypto wallet is all about. Well, cryptocurrency wallets are used to store users’ public and private keys. It also offers a user-friendly interface for managing cryptocurrency balances.

They also support blockchain-based Bitcoin transfers. Moreover, some wallets enable users to interact with decentralized applications (dApps) or purchase and sell certain cryptographic assets. 

Users may quickly access an easy-to-use interface to maintain their cryptocurrency balance or download and install a wallet for a variety of cryptocurrencies.

What are the Types of Cryptocurrency Wallets?

Based on the location and method of storage, the wallets are divided into the following categories. You can choose between custodial and non-custodial wallets as per your requirements. 

• Hardware Wallets

Hardware wallets are pieces of hardware that separately manage keys and public addresses. With an OLED panel and side buttons, it resembles a USB. It has no batteries and may be linked to a PC to be used with native desktop applications.

They are less secure than web and desktop wallets but more user-friendly than paper wallets. They come in a variety of forms and provide a fair bit of control. 

• Desktop Wallets

These are operating system-specific installable software packs that are becoming more significant with time. Because a system connected to the Internet presents serious security risks, they demand a need for antivirus software.

Bitcoins should be kept in desktop wallets rather than on an exchange. They are the finest option for cold storage in a perfectly clean system and the third safest way to store cryptocurrency.

In addition to this, they provide privacy and anonymity, are simple to use, and don’t involve any outside parties. However, computer backups must be performed often.

• Web Wallets

As the name implies, there is a need for internet browsers to access these wallets. Some web wallets that store private keys are vulnerable to DDOS assaults. They can either be hosted or not. The preference is for non-hosted because funds are constantly in charge.

Moreover, these are not the same as hot wallets due to their lower security. They enable rapid transactions and are perfect for little investments.

• Paper Wallets

It is a physical wallet with a QR code on it. Despite not being vulnerable to hacking, they are now dangerous due to their numerous weaknesses.

Moreover, not being able to transmit partial funds is a significant problem that makes it not reusable. Prior to the introduction of hardware wallets, they were widely utilized for cold storage. Overall, paper wallets can be put up if strict security measures are applied.

• Mobile Wallets

Smartphone-specific desktop wallets and mobile wallets function similarly. Given that transactions are made via QR codes, they are efficient. 

Although they are appropriate for daily use; but are susceptible to malware infiltration. Mobile wallets need to be encrypted. On top of that, they are useful and portable but are vulnerable to viruses.

Factors Influencing Cost of Crypto Wallet App Development

Well, when it comes to creating a crypto wallet app there are a lot of factors that directly decide the development budget. Let’s go through the top 4 factors that affect the development cost the most.

• App Complexity

The complexity of a crypto wallet software is determined by a lot of factors, including the tech stack, feature set, development process, design, interface components, etc. The development process gains more complexity as your crypto wallet software adds more features and functionalities.

However, if you want to create a straightforward primary crypto wallet, think about incorporating features like authorization, push alerts, wallet import, a crypto payment gateway, an address list, a conversion rate, a transaction, and security, among other things.

• Size of the Team

When planning the development of a crypto wallet, you must always take the size of the team involved into account.

As more experts are needed for your project, the cost will rise abruptly. When preparing the project’s budget, take into account the following:

• Employing internal cryptocurrency app specialists.
• Selecting independent contractors to design cryptocurrency wallets.
• Using the services of a seasoned and competent cryptocurrency wallet development company.

Certainly! Here’s the updated table with bullet points added to all the specified cells:

Type	Pricet
In-house cryptocurrency wallet development team	Beginners-$40,000 Expert – $80,000 onwards
Freelancers	Beginners-$55,000 Expert – $100,000
Experienced cryptocurrency wallet development company	Small-scale – $10,000 to $25,000 Mid-scale – $25,000 – $65,000 Large-scale- $65,000 – $160,000

It is wise to go for a dedicated crypto wallet app development firm as it will not only provide you with all experts under a single roof but will also help you reduce the overall development cost.

• Design of the Crypto Wallet

Simple and minimalist designs are crucial in determining how well users engage with your cryptocurrency wallet app. Don’t compromise on the design and development requirements, even though the effective design will cost you more as it can easily help you beat your market competitors.

Moreover, your app must be convenient, understandable, and simple to use for the audience from the wireframe through the UI/UX design.

Also Read-Why Consider Crypto Wallet as Your Next Blockchain Project?

• Tech Stack 

As a reputed crypto wallet development company, we use the following programming languages for the front-end development of the crypto wallet app: 

• Location of the Development Agency

The region and location of the crypto wallet app development company play a major role in the overall development cost.

You might be wondering how?

Well, the cost to hire crypto wallet mobile app developers is more in Latin America ($40-$80), Central & Eastern Europe ($35-$75), and North America ($75-$175) as compared to South Asia ($25-$50) and Southwest Asia ($20-$40) due to the difference in the hourly rate.

This means if you are hiring an agency from the UK, USA, Australia, and so on, it will cost you more as compared to hiring a company from India or other Eastern European countries.

Top 10  Features Influencing-Crypto Wallet App Cost

Although when it comes to adding features, the list goes on, but yes there are some essential features you must add to your cryptocurrency wallet app for offering a rich user experience.

1Authorization

The authorization phase is one of the most well-liked components of a mobile app, but it is more important when talking about crypto wallet applications. In order to access the wallet, users must register for this functionality or fill out a form with their keys.

2QR Code Scanner

The QR code scanner feature enables users to quickly scan wallet addresses for transactions. If you are willing to implement this feature you will require additional coding and testing to ensure that the QR code scanning process is secure and accurate. The complexity of implementing QR code scanning adds to the overall crypto wallet development time and cost. 

3Multiple Cryptocurrencies

The feature of supporting multiple cryptocurrencies requires the integration of various blockchain networks and the ability to handle different cryptocurrency types. The complexity of handling multiple cryptocurrencies increases the development time and resources required.

For instance, if a wallet app needs to support Bitcoin, Ethereum, and Litecoin, it will require additional coding and testing to ensure seamless transactions across these different blockchain platforms. This increased complexity translates to higher development costs

4Payment Gateways

The inclusion of payment gateways in a crypto wallet app enables users to purchase cryptocurrencies using traditional payment methods like credit cards. This feature needs integration with a payment gateway like Coingate or Stripe and requires additional coding and API connections. 

5Optional Session Logout

The optional session logout feature is another factor that ensures that users can log out of their accounts automatically after a specified period of inactivity. This enhances the overall security of the crypto wallet app. 

6Paper Wallet Import

The paper wallet import feature allows users to import their private keys from paper wallets into the app. This feature ensures that the private keys are securely imported and managed. The complexity of handling paper wallets increases the development cost due to the need for secure key management and verification processes. 

7Conversion Rate

Since the crypto wallet app will allow users to move funds across various modalities, including between the same digital currency, other digital currencies, and digital & fiat currencies, they will need to be aware of the current conversion rate.

8Transactions

The main goal of blockchain technology is to redefine how transactions will be conducted in the future. The most crucial element of crypto wallet software is the transaction feature. Users of the crypto wallet app can send and receive digital currency. This app’s component must have to be lightning-fast and impenetrably secure.

9Push Notifications

The admin will have the ability to use the push notification mechanism to inform users of the crypto wallet app of events such as changes in the value of their virtual currency, the success or failure of a transaction, address addiction and other occurrences. Users can rapidly update the activity of their accounts using the service.

10Security

The security feature of the digital currency wallet app is a typical but equally important element. The greatest option would be to provide your users access to changing their app’s pin, password, or any other private data they want to change anytime at their convenience.

How Much Does It Cost To Develop Crypto Wallet App?

As discussed earlier, the cryptocurrency wallet app development cost varies from project to project as per individual requirements and certain parameters. So it is hard to decide the exact cost but to give you an idea, the average price of developing a crypto or bitcoin wallet app ranges somewhere from $25,000 to $200,000.

On the other hand, if you are looking forward to creating a crypto wallet app with basic features you may have to invest around $25,000 to $60,000.

On top of that, if you want a full-fledged app with extensive features, the cost can rise as high as $200,000 or even more.

App Type	Estimated Cost	Time Frame
Simple	$20,000-$30,000	3-6 Months
Medium Complex	$30,000-$50,000	6-8 Months
Highly Complex	$50,000-$12,80,00	9+ Months

Cost-Breakdown of a Cryptocurrency Wallet App Development

After going through the cost table you must have gotten an idea of how much you really need to invest in the development process. Well, to provide more clarity, here is a complete cost breakdown table that will let you know where your money will be spent on various processes in case you go with an app like Bitcoin Wallet.

Process	Estimated Cost
Backend Development	$10,000-$15,000
Android	$27,000-$32,000
IOS	$20,000-$28,000
Web/Desktop	$7,000-$10,000
Design	$8,000-$10,000
QA/PM	$5,000-$8,000
Total	$90,000-$100,000

Crypto Payment Integration Within an Existing App

Needless to say, the demand and ease around cryptocurrencies have taken the world by storm. One of the reasons why various online stores started offering the ‘Pay with Bitcoin’ option in their apps.

It means this integration can be used as a suitable alternative to Crypto wallets. The benefit of going with integration is, you need not invest huge money. There are many 3rd party providers that offer the option of paying through Bitcoin or other digital currencies from within your existing app.

So if you are tight on the budget, this option can do the job for you as you only need to spend around $20000 to $50000 on leveraging integration services.

How Blocktunix Can Help with Cryptocurrency Wallet App Development?

In essence, there are around 106 million global cryptocurrency users as of early 2024. And everyone is looking for the most efficient and reliable crypto wallet solution. Needless to say, outsourcing the creation of your bespoke crypto wallet app to a seasoned blockchain app development company is a cost-effective method. 

Our proficiency in Crypto Wallet development has steered significant corporations toward huge achievements. Blocktunix’s team of highly qualified developers offers the best development solutions for business owners. For instance, you can check the importance of AI in the crypto wallet development solutions that our company offers for enhancing user experience. 

In addition, we advise you to check out the multiple commercial advantages of our White-label Crypto Wallet software solutions. Our business prioritizes customer happiness, and we have sufficient industry knowledge to address your questions. Then why miss the opportunity?