Cryptocurrency market has actually witnessed an improved growth of more than 5X in the crypto wallets from last some years. Many businesses & entrepreneurs worldwide are foraying in the world of the cryptocurrency just by building the crypto wallets. The wallets will be developed by using two approaches – building the bitcoin wallet right from the scratch and leveraging the white label wallet. Latter will be gaining adoption since it is the ready-made solution, which needs lesser changes as well as expedites launch of the wallet under brand name when reducing development cost.
You’re likely to come over several companies that provide the white label wallet solutions. But, not all the companies might deliver according to your expectations. Therefore, you should select the wallet company very wisely.
Company that you will be selecting for the wallet development must be reliable and trustworthy. You must be highly confident with the workflow and mechanism and work with Development Company for the wallet solution. Main things you must consider include:
- Whether they store the data on server
- Who is running that company (experts)
- Dealings of the development practices
- Who has custody of the wallet’s private key
- Procedure of solving any glitches
- Data management practices
You must identify features you wish to integrate in the crypto wallet. Major list of the features you must pay close attention to when developing the wallet is:
- Multi-currency support
- Biometric authentication
- Auto denial of the duplicate payment
- Near Field Communication
- Simple portfolio management
- Automatic conversion rate
- Simple interface
- Home screen customization
There must be the strong mechanism to rescue the digital assets if there is any default. The proper backup mechanism can ensure the safe and efficient custody of the cryptocurrencies. For that, mnemonic phrases can be inserted in your software system. As remembering of the private key will be one challenging task, the mnemonic seed phrases becomes simple to remember.
Crypto exchange hacks from past have made the crypto investors and traders a bit more dubious about security of the exchange wallets. Thus, security has become the paramount characteristic for customized & white label wallet. The important securities features will be integrated in your wallet include:
- 2 factor authentication
- Biometric authentication
- Optimal session logout
- Multi-signature support
- Password-protected access
Earlier, lots of crypto wallets supported just one cryptocurrency and they cannot capture the entire market. Nowadays many traders have invested in one or more cryptocurrency and thus they are searching for the single wallet for storing their crypto assets.
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