How Much Does It Cost to Create a Crypto Wallet App in Dubai?

Cryptocurrency has gone from a niche to an overnight craze. In layman’s words, cryptocurrency is a virtual, digital currency that is created and kept in the blockchain, encrypted, and designed to function as a medium of trade. However, trading cryptocurrency is impossible without a Crypto wallet.

The estimated cost of developing a crypto wallet app is determined by various aspects, including the company’s size, the complexity of the application, the size of the crypto wallet, and its design. However, based on the features you want to add to the wallet, the price will be somewhere between $85k and $95k.

Cryptocurrency wallet development in Dubai is becoming increasingly popular as the demand for customized solutions grows. A crypto wallet is a program that stores digital money, allowing investors to loan, purchase, sell, or keep track of the cryptocurrencies in their portfolios. There are numerous crypto wallets on the market, but some customers in Dubai may prefer a tailored solution that meets their specific needs.

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Development of Cryptocurrency Wallet Apps: Features, Technologies, and Cost

In this blog, we will discuss the fundamental concepts of a Bitcoin wallet app, the features it should include, the technologies utilized, and the development expenses to provide you with better knowledge before you employ developers.

Types of Crypto Wallets

Before we go into the different types of crypto wallets, you need to think about whether you want to establish a centralized or decentralized wallet, often known as a custodial or non-custodial crypto wallet.

A third-party company holds your private keys and secures your assets in a custodial or centralized crypto wallet. Lost passwords are never a problem; you can always retrieve them after confirming your identity. Furthermore, transaction fees on custodial cryptocurrency wallets are lower. To use custodial crypto wallets, you must have a reliable network connection; otherwise, managing assets would be difficult.

Non-custodial crypto wallets, on the other hand, provide you complete control over your private keys and assets. Non-custodial or decentralized wallets make it simple to monitor and manage activity. The finest thing is that authorization from your private keys is required for any transaction to take place.

You can handle funds in a non-custodial wallet without an internet connection at any moment. However, while using non-custodial wallets, keep in mind that you will be given a mnemonic phrase of roughly 12-24 words that should be written down and kept safe; this will allow you to access your wallet again. If you lose the phrase, you will also lose your money.

Once you’ve determined whether you want to establish a custodial or non-custodial wallet, you must choose the platform for your wallet.

Desktop wallets: Desktop wallets, like any other program, can be installed on your desktop and allow you to store cryptocurrency there. These wallets are compatible with all major operating systems, including Linux, Windows, and macOS.

Online wallets: Because they are web-based, they are kept in the cloud and require unique keys to function. Online wallets are ideal for individuals who are unable to use their computers but wish to manage or check their accounts. One significant disadvantage of online wallets is that they are vulnerable to hacking.

Mobile wallets: Mobile wallets are a cross between desktop and web wallets. Mobile wallets, as the name implies, are applications that can be installed on a smartphone and allow users to access their cryptocurrency from anywhere.
Hardware wallets: Because the copy of data is stored on a hardware device such as a USB, hardware wallets are the most secure way to trade and maintain cryptocurrency. Hardware wallets are ideal for people who do not actively buy or sell cryptocurrency.

Crypto Wallet Benefits

The following are some of the features that a Crypto Wallet App must have:

Registration/Sign-in System: The ability to sign in is the most important feature of a crypto wallet.
OTC trading facility: Over-the-counter (OTC) trading in the crypto wallet makes cryptocurrency trading private because it is done directly between two parties. OTC trading can take place between crypto and fiat currencies.

Multi-Signature: A wallet with a multi-signature feature is more secure and decreases the chance of fund misuse because it requires several private key signatures for transaction authentication.

KYC verification: With KYC, you may check and authenticate the user’s identity using official documents such as a passport or government-issued identification. KYC in a crypto wallet is ideal for ensuring the safety of a user’s funds.

Privacy: Users will have complete control over their data in the case of non-custodial wallets. The user receives a private key that has been turned into a 12-word mnemonic phrase, assuring increased secrecy.

Options for Securely Selling/Buying Crypto: Users can quickly buy any cryptocurrency with a credit card via a safe transaction, and they can also sell the crypto from the wallet and the amount will be credited to their credit card almost instantly.

In-chat transactions: The in-chat transaction functionality in the crypto wallet allows users to exchange cryptocurrencies without the usage of an exchange platform.

Cross-platform compatibility: A wallet may be made cross-platform compatible using the flexible and secure architecture, making it easier for a user to access their portfolio from any device.

Automated Denial of Duplicate Payment: A crypto wallet’s automated identification and denial of duplicate transactions is a must-have for increased security.

API connections for Crypto Exchange: If the wallet is connected to the market’s main crypto exchanging platforms via API, customers can purchase and sell their crypto assets without leaving the platform.

Multi-Asset Storage: A crypto wallet must support multiple tokens based on the demands of the user.
Easy Portfolio Management: Another advantage of a crypto wallet is the ability for users to thoroughly manage their portfolios and instantly examine their transactions.

Crypto Wallet Development Technologies

Now that we’ve covered the fundamentals of Bitcoin wallet apps, it’s time to learn about the technology stacks that can be utilized to create them.

Java, C++, Python, Rust, Go, and other programming languages can be used to create the backend of the crypto wallet app, while Javascript and its cross-platform frameworks can be used to create the front end of the crypto wallet. Cryptocurrency wallet libraries such as Awesome CryptoCoinJs, Pycoin, BitcoinLib, and BitcoinJ are also available.

PostgreSQL, MySQL, Cassandra, BigchainDB, AWS Quantum Ledger Database (QLDB), and other databases can be used for storage. You can utilize review codes, static code analysis, unit testing, and single-user performance testing for testing and troubleshooting.