Ronald Ryan
by on April 5, 2022
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The past few years have seen an uprise in crypto transactions, courtesy of crypto wallets. The crypto wallets dominate the blockchain transaction ecosystem and are increasingly preferred for intermediary-free and fuss-free transactions. 

Following the popularity of crypto wallets, many startups think of building their wallets to meet the rising demand. The success stories of Coinbase and MetaMask are an inspiration for cryptocurrency wallet development among aspiring crypto entrepreneurs. 

Wallet - The Blockchain-native Crypto Storage

A cryptocurrency wallet functions similarly to a bank account for your digital currency. It tells you how much cryptocurrency you own and its worth in different currencies and makes sending, receiving, and exchanging cryptocurrency simple.

It's worth noting, however, that a cryptocurrency wallet does not hold your cryptocurrency. All cryptocurrency is technically stored in a blockchain, a ledger that keeps track of each coin in a specific type of cryptocurrency.

Because many people struggle to understand the concept and use their wallets, ease of use is a critical feature of a cryptocurrency wallet.

Five Essential Features of A Crypto Wallet

Customers can use cryptocurrency wallets to buy, sell, borrow, and track the number of bitcoins and other cryptocurrencies in their portfolios. These digital wallets are pieces of software that keep track of customers' transactions, including how many coins they own.

#1 Two-Factor Authentication (2FA)

It's critical to keep everything encrypted, locked behind logins and 2FA, and set up a robust account recovery process.

#2 Offline access

A non-custodial wallet is required for offline access to a crypto wallet. It also necessitates the storage of an individual's address and keys on a personal device such as a computer, smartphone, or hardware wallet.

#3 Notifications

Notifications serve as a form of assurance and security. They can also notify users when the value of assets they own has increased or decreased on exchange platforms like Coinbase.

#4 Screening Tools

Chainalysis, a crypto analytics firm, has recently launched this API to support the crypto space. The built-in screening tools could serve as a filter for suspicious wallet addresses from sanctioned locations/countries. While developing a crypto wallet, you can integrate the API to leverage this feature. 

#5 Payment Gateway Integration

Incorporating popular gateways like PayPal and Apple Pay can help legitimize your crypto wallet. 

Get Started

“Crypto Wallets are the Bedrock of Blockchain transactions”

The essential features mentioned in this article emphasize the significance of building a user-centric crypto wallet. However, it can be intimidating to build a crypto wallet all by yourself.

The experts at a crypto wallet developer can help you navigate to a viable crypto wallet at an affordable cost.

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