jack richer
by on December 30, 2021

What is the topmost priority that goes in the minds of investors? Safety and security of their precious funds. How can they do that in these times of Web 3.0? They can use hardware as well as software wallets to protect their cryptocurrencies, stablecoins, and NFTs. Entrepreneurs can capitalize on this trend by starting Cryptocurrency Wallet Development

Exploring the necessity of Cryptocurrency Wallet Development

  • Bitcoin (BTC) and Ethereum (ETH) continue to be the top choice for small as well as big investors across the globe. It has a supply percentage of 41.2% and 21.2% respectively. 
  • Moreover, there are 446 trading platforms across the world and 15546 digital currencies. 
  • Likewise, crypto holders have different choices in their hands. They can protect their investments by using hot and cold wallets. Investors can utilize options like Bitski, Coinbase Wallet, Dapper, MetaMask, MyEtherWallet (MEW), Portis, Trust Wallet, Torus, and other wallets supported by the WalletConnect open-source protocol. 
  • They can shield their funds from hackers and phishers by using security measures like end-to-end encryption, two-factor authentication (2FA), private keys, and secret passwords. 
  • Similarly, investors can also use cold wallets like Ledger Nano S, Ledger Nano X, Trezor One, and SafePal1. Thus, their crypto holdings are backed up safely through secret recovery phrases and are held in a USB device. 

The features to integrate into a Cryptocurrency Wallet are

  • Real-time management of portfolios.
  • Numerous security measures like biometric authentication, two-factor authentication (2FA), password protection, and key vault. 
  • QR code scanner for processing transactions quickly. 
  • Quick conversion of crypto-to-crypto, crypto-to-fiat, and crypto-to-fiat. 
  • Slippage protection to prevent fluctuations while placing buy and sell orders. Thus, orders are cancelled if the amount is above a certain limit. Generally, this occurs when investors utilize Decentralized Exchange (DEXes) and Decentralized Finance (DeFi) platforms. 
  • Social media sign-in option for users to manage their funds efficiently.
  • Compliance with international data protection standards like the Advanced Encryption Standard (AES) and the Rivest, Shamir, and Adelmann (RSA) public-key algorithms. 

Wrapping Up

Do you want to shield the rights of investors? Kickstart Cryptocurrency wallet development by calling up a white-label solution provider now.

Posted in: Business, Technology
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