Blogs
on April 3, 2023
Having a crypto wallet is very important for every crypto business. As the crypto market continues to evolve, new types of crypto wallets are increasingly needed to meet the needs of users and investors.
Crypto wallets are essential for managing digital assets like Bitcoin and other cryptocurrencies. They provide a secure, user-friendly, and convenient way to send & receive funds, monitor transactions, and offer many benefits over traditional financial systems.
When it comes to creating a crypto wallet, the cost may be the prime factor that a startup worries about. Basically, the cost will depend on the development method that a startup chooses to create a crypto wallet. There are two main methods: Crypto Wallet Development from scratch and using a white label solution. Let's take a closer look at each method.
Crypto Wallet Development from scratch
Here you have to build from the ground up, with no pre-existing code or pre-built features. A scratch-built crypto wallet requires a dedicated team of developers and can take significantly longer to develop compared to a white label solution.
The advantages of scratch crypto wallet development include:
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A scratch-built crypto wallet can be tailored to the exact needs of the client, including unique features and functionalities that are not available in a pre-built solution.
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It provides complete ownership and control of the source code, which can be important for companies that want to maintain full control over their product.
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It can be designed to be highly scalable, allowing for future growth and expansion.
White Label Crypto Wallet Development
A white-label crypto wallet is a pre-built software that is used to create a crypto wallet. It comes with a set of pre-defined features and functionalities that can be customized to the requirements of the user. White Label Crypto Wallet Development is often more useful for startups looking to enter the cryptocurrency market rapidly and without high development costs.
The advantages of white label crypto wallet development include:
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With pre-built software, the development time for a white label wallet is significantly lowest time-consuming compared to building a wallet from scratch.
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Since the development costs are spread across multiple clients, the cost of a white label wallet is usually lower than building a custom wallet.
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White label crypto wallets have been tried and tested, which means they are more reliable and secure than a custom-built solution.
Choosing the Right Method:
When choosing between white label and scratch, it's important to consider your specific needs and requirements. White label solutions are best for startups who want to enter the market quickly and at a lower cost, while development from scratch is best for startups who require a highly customized solution with complete ownership and control.
Overall, both white label and scratch crypto wallet development methods have advantages. It's important to carefully consider your needs and requirements before choosing the best method for your business.
Cost estimation
If you are interested in getting an exact cost estimate for a white label crypto wallet or from scratch, I can provide you with some rough estimates based on industry standards.
For a white label crypto wallet, the cost can range from $8,000 to $12,000, depending on the level of customization required and the features and functionalities you want to include. For a crypto wallet development from scratch, the cost can range from $65,000 to $75,000, depending on the complexity of the project and the features and functionalities you want to include.
If you want to create crypto wallet in a cost-efficient manner, then you need to hire a Crypto Wallet Development Company. Once you have provided the company with your project brief, they should be able to provide you with a more accurate cost estimate based on the scope of the project.