Cost of Getting a Cryptocurrency Wallet Developed

Cryptocurrencies were all the hype back in 2017, but moving on to 2018, it’s pretty silent out here. But this silence is not to be mistaken with inactivity, for it is a lull before the storm. In a recent article, CNBC, mentions that experts have predicted that the cryptocurrency market could potentially hit 1 trillion USD by the end of 2018!

While exchanging cryptocurrencies is a good way of tapping in on the profits in the market, a cryptocurrency wallet would certainly be more beneficial. But how much would it cost to get a cryptocurrency wallet developed? For assessing how much the costs would be, it would be better if we have an app in mind against which we intend to develop ours. Let’s consider one of the most popular cryptocurrency wallets around the globe, Coinbase.

So here’s the split up of costs according to the features:

Registration and Login

Time Required: 104 hours

This is one of the most important features of any app. But when it comes to cryptocurrency wallets, registration and login have to be taken a lot more seriously. The simple logins render insecure when it comes to these wallets. Hence we need to implement more secure algorithms which cost us a lot of time and development efforts. Implementing features such as Google’s two-factor authentication doesn’t take much time, but most of the other security features take a lot of time and efforts to be developed.

Android: 40 hours

iOS: 40 hours

Backend: 24 hours

Cryptocurrency Listings

Time Required: 120 hours

The listings should always show the real-time rates of various cryptocurrencies. In fact, the listings should not only show real-time rates but should also give the users the option to choose the currency in which they wish to see the rates. For example, one might wish to see the real-time rates of cryptocurrencies in USD while someone else might wish to see them in INR. A cryptocurrency wallet must give the users an option enabling them to do so.

Android: 40 hours

iOS: 40 hours

Backend: 40 hours

Price Charts

Time Required: 96 hours

While it is one of the least time-taking tasks, its importance is not to be undermined. Price charts help the users in making more informed decisions regarding which cryptocurrencies they wish to invest in, and also the cryptocurrencies they wish to keep in their wallet.

Android: 32 hours

iOS: 32 hours

Backend: 32 hours

Payment Gateway

Time Required: 120 hours

Quite obviously, your app would need a payment gateway. Building the right one might take a lot of development efforts and time. But after getting it right, the frequency of changes it would need would be really low.

Android: 40 hours

iOS: 40 hours

Backend: 40 hours

Cryptocurrency Exchange

Time Required: 144 hours

If you wish to operate in more than one cryptocurrency, you would need an exchange which would allow your users to buy other cryptocurrencies using the ones they own. This is one of the most time-taking tasks in the entire process of building your own cryptocurrency wallet. You would need to decide how much transaction fee you would be charging to your users.

Android: 48 hours

iOS: 48 hours

Backend: 48 hours

Passbook

Time Required: 120 hours

Every wallet app requires a passbook where the users can check how much they’ve spent and where. Your cryptocurrency wallet also needs a passbook where they can check the details of past transactions and balances.

Android: 40 hours

iOS: 40 hours

Backend: 40 hours

Notifications

Time Required: 96 hours

Notifications and push alerts are vital for customer engagement. Hence your cryptocurrency wallet app requires push notifications and alerts.

Android: 24 hours

iOS: 24 hours

Backend: 48 hours

Support

Time Required: 96 hours

If your users have any trouble with the app, they would certainly look up to you to help them out with those problems. Hence, you need to be there for them when they need you with the 24/7 support.

Android: 32 hours

iOS: 32 hours

Backend: 32 hours

Referral System

Time Required: 64 hours

The best way to market the app is by word of mouth, and if this word comes with a monetary reward for both the people involved, the app is bound to be successful. Hence a referral system would give you a better ROI than you would expect.

Android: 24 hours

iOS: 24 hours

Backend: 16 hours

When it comes to getting a cryptocurrency wallet developed, you’ll find it hard to find a mobile app development company better than Brainmobi. Our team of top blockchain developers has an in-depth knowledge of concepts such as cryptography. An amalgamation of this knowledge and our experience in developing next-gen apps makes us the perfect company to reach out to regarding your blockchain projects.

email