The unexpected rise in popularity of cryptocurrencies has been very beneficial for blockchain and crypto experts this decade.
The global crypto wallet market size was valued at USD 8.42 billion in 2022 and is predicted to grow at a CAGR of 24.8% from 2023 to 2030.
Thanks to the statistically supported increase in demand for cryptocurrency wallets, finance industrie are including into their revenue stream and business strategies.
If you're thinking about developing a cryptocurrency wallet app, you're undoubtedly curious about the price.
This blog will assist you in comprehending all aspects of crypto digital wallet app development cost and the factors that influence it.
To give you a ballpark figure, developing an app for a cryptocurrency wallet can cost anywhere from $25,000 to $200,000. There are several variables that can affect an app's price, including its feature set, UI/UX design, overall complexity, development time, and development agency location.
But first, familiarize yourself with cryptocurrency wallets and their numerical significance before learning about the cost of building a crypto wallet app.
What is a Crypto Wallet App?
A crypto wallet is a digital currency wallet that can gather & retrieve the public and private keys of users to conduct transactions with cryptocurrencies like Bitcoin, Ethereum, and Tether.
Users can download and install a wallet for cryptocurrencies or quickly access an intuitive interface to manage their cryptocurrency balance.
Why Should You Invest in Crypto Wallet App Development? Time for Facts!
Here are incredible stats about crypto wallet app development that will surprise you:
- 60% share of the financial sector in the total blockchain market value.
- It's estimated that $17.9 billion will be spent on blockchain solutions globally by 2024.
- Blockchain market value is projected to grow from $3 billion in 2020 to $39.7 billion by 2025.
- Cryptocurrency hardware wallet market size is projected to reach USD 1669.3 million by 2029.
- Crypto wallets represent nearly 25% of sales in the overall cryptocurrency market.
- In 2023, people worldwide downloaded 73.6 million cryptocurrency wallet apps in the first nine months.
- By 2026, the global total value of the best digital wallet apps transactions is expected to grow by 60% to exceed $12 trillion.
- Over 50% of consumers use digital wallets more than traditional payment approaches.
Crypto Wallet App Development Cost
On average, crypto wallet development costs can range from $25,000 to $200,000. The overall price to buy a blockchain wallet is further affected by its complexity level. In simple words, the more complex crypto app, the more its associated budget.
For instance;
- The price range for a basic app with a limited feature set is between $25,000 and $60,000.
- A fully functional application with a large feature set can run you for about $200,000.
Cryptocurrency Wallet App Development Cost Estimation:
App Type | Estimated Cost | Estimated Time |
Simple | $25,000 to $60,000 | 3 to 6 Months |
Medium Complex | $60,000 to $100,000 | 6 to 8 Months |
Highly Complex | $100,000 to $200,000 | 9+ Months |
Factors Influencing Crypto Wallet Development Costs
App size is another factor that impacts the overall cost of a cryptocurrency wallet. The more features integrated into an app, the more the overall size of an app. So, the more the cost associated with its development.
One affordable solution is an MVP development that focuses on the basic features in the initial version.
After getting an initial review from the target audience, you can build a full-fledged crypto wallet app integrated with an extensive feature list.
Your crypto wallet’s success relies on its attractive and simple design. Cryptocurrency wallet development cost depends on different requirements, such as UI/UX design and wireframes. An effective design plan will cost more but will benefit you in the long run. The total cost will be very high if you require a more complex structure.
Blockchain wallet development cost depends on your team size.
For instance, if you hire a freelancer, the overall budget of the app development will be less than a full-fledged team of project managers, designers, and developers.
Selecting a full team will undoubtedly increase overall costs, but given their breadth of professional experience, it will be well worth it. You can build a solid product that can provide your customer base with a distinctive user experience with the assistance of a committed team of experts.
A standard team for cryptocurrency wallet app development includes:
- Project Manager
- Backend Developers
- iOS/Android Developers
- UI/UX Designer
- Quality Analysts
The tech stack used to build blockchain app also impact the overall price associated with it. A modern technology stack can put your mobile application at the forefront of digital innovations.
Here are technology stacks to build a crypto wallet and blockchain app:
- Programming Languages: Java, C++, Python & Go
- Databases: PostgreSQL, MySQL, Cassandra, AWS
Picking the right platform is another factor that can influence the cryptocurrency wallet development cost. If you want to create your app for both iOS and Android platforms, you’ll need to allocate resources for separate development teams. Each platform has its own set of requirements and development processes, which can increase the overall wallet mobile app development cost.
In addition, selecting the right platform may also affect the user base and market reach of your app. Identifying the target audience and market trends can help you make an informed decision regarding platform selection.
Here is a breakdown of blockchain wallet app development costs, depending on platforms:
- iOS: $25k
- Android: $30k
- Desktop: $6k
Building a crypto wallet app includes several key stages that need careful planning, execution, and allocation of resources. Let’s look at the cost breakdown of development stages:
Crypto Wallet App Development Stages | Estimated Cost Range |
Development | $30,000 – $150,000 |
Design | $5,000 – $30,000 |
Security | $10,000 – $50,000 |
Wallet Integration | $10,000 – $50,000 |
Transaction Management | $10,000 – $50,000 |
Blockchain Integration | $10,000 – $50,000 |
KYC/AML Compilance | $5,000 – $30,000 |
Testing | $5,000 – $30,000 |
Deployment | $1,000 – $10,000 |
Maintenance & Support | $10,000 – $50,000 |
Marketing & Promotion | $5,000 – $30,000 |
Contingency | $5,000 – $30,000 |
Total | $106,000 – $510,000 |
When it comes to cryptocurrency wallet apps, security is of the utmost importance. Protecting users' sensitive financial information requires the implementation of strong security measures. However, providing excellent security has a price.
It takes more effort and knowledge to implement secure key storage, encryption algorithms, and authentication protocols. When estimating the overall development cost, it is important to take the cost of hiring security experts and performing comprehensive security audits into account.
Development costs will increase if you intend to integrate your cryptocurrency wallet app with other platforms or systems, like cryptocurrency exchanges or payment gateways. To guarantee seamless interoperability between the app and the external systems, integration necessitates additional development work.
In addition, there can be other expenses associated with integrating with external systems, like licensing or API access fees. When estimating the overall cost of your app development project, it is crucial to take these factors into account.
Features can impact the cryptocurrency wallet app's total cost. A straightforward cryptocurrency wallet app with a limited feature set can cost between $25,000 and $40,000. However, a mobile wallet app with a long list of features like in-chat payments, KYC checks, OTC trading, etc., is likely to cost at least $200,000 or even more.
How to Reduce the Cost of Building a Crypto Wallet App?
Here are several ways to reduce the cost of building a crypto wallet app:
- Open-source components: Use open-source libraries and frameworks to save development time and cost.
- Minimalistic design: Keep the app's design simple and user-friendly, focusing on essential features to avoid unnecessary expenses.
- Offshore development: Consider outsourcing development to countries with lower labor costs.
- MVP approach: Start with a Minimum Viable Product to test the market and expand gradually based on user feedback.
- Cloud services: Use cost-effective cloud infrastructure to minimize server expenses.
- Security best practices: Implement robust security measures to prevent potential losses and legal liabilities.
- In-house testing: Conduct thorough in-house testing to minimize post-launch bug-fixing expenses.
Hire Experienced Crypto Wallet App Developers with VLink!
The standard cost to create a blockchain application depends on factors like the platforms used, development teams, feature integration, and so much more.
All these aspects give an oriented portrayal of the blockchain app development services range. Building a blockchain app or wallet requires a robust project assessment that can determine the necessary expenses.
If you are thinking of secure digital wallet app development? Hire Developers from VLink!
hiring an experienced crypto wallet app & blockchain developer is an affordable way to streamline your processes to create a custom cryptocurrency app.
At VLink, our expertise in blockchain app development has led influential organizations on the pathway to imminent success.
For more information about crypto wallet development solutions, you can contact our experts!
Frequently Asked Questions
To build a cryptocurrency wallet app:
- Define the wallet type (e.g., software or hardware).
- Choose a blockchain platform.
- Develop a user-friendly interface.
- Implement wallet functionality (generation, storage, transactions).
- Integrate security features (encryption, biometrics).
- Test rigorously for vulnerabilities.
- Publish on app stores.
- Keep up with blockchain updates and security.
The time required to develop a crypto wallet app depends on factors like complexity, features, team size, and experience. A simple wallet may take a few months, while a more complex one could take over a year. Efficient planning and development practices can help accelerate the process.
To ensure the security of a crypto wallet app, you need to;
- Use robust encryption for data storage.
- Implement multi-factor authentication.
- Regularly audit and update the app for vulnerabilities.
- Store keys offline (hardware wallet).
- Educate users on security best practices.
- Monitor for suspicious activities.
- Employ secure coding practices.
