The cryptocurrency market has witnessed major ups and downs in the last 2 years. While the flourishing crypto market made investors and blockchain development companies happy, the bear market trend didn’t disappoint them as much as the experts predicted.
The rising web3, metaverse, and Defi trends kept the crypto market alive. In fact, the web3 development and Defi development didn’t only support the cryptocurrency market but also gave a huge push to the digital wallet industry.
Why is it so?
It is because to you need digital tokens to use the Defi and web3 services. Whether you make payments, buy virtual land, or participate in DAO governance activities, you need tokens. Moreover, you even take loans and invest in staking using the tokens.
Now, here comes the interesting part. Like our everyday physical wallets, you need digital wallets to keep the tokens safe. That’s not all! You can also use digital wallets to send and receive payments.
Further, these digital wallets are secured with high grade security protocols. So, on one hand, it protects your tokens and on the other hand, it enables you to seamlessly transact.
There are hundreds of digital wallets in the market. Most of them support only one blockchain network and its native token. However, with the emergence of Defi, people are looking for multichain wallets that support multiple blockchains.
Currently, the crypto wallet market size is $10.27 billion. In fact, experts predict that the digital wallet market will reach $48.27 billion by 2030. If that’s not promising enough for the rising wallet industry, then the survey sheds more light on the growth and revenue rate which is a whopping 24.8%.
These data are crucial for entrepreneurs looking to tap into the crypto industry with a successful product. One of the ways can be to build a multichain crypto wallet app and launch it.
If you are one of them, you can hire an experienced crypto wallet development company. They have skilled developers and blockchain experts who will guide you from multichain wallet ideation to development and deployment.
Still, confused about multichain crypto wallets?
Here is a step-by-step guide to build multichain wallets.
What Is A Multichain Wallet?
A multichain wallet is a cryptocurrency wallet that supports multiple blockchain networks. It means that you can store, send and receive multiple cryptocurrencies or tokens in one wallet.
Unlike other crypto wallets that are compatible with only one token standard, these wallets support major token standards for user convenience.
For instance, you do not need to have Ethereum, Polygon, and BSC wallets separately. You can set up a multichain wallet supporting all these blockchains where you can store ETH, MATIC, and BSC tokens in one place.
In the era of web3 and Defi, multichain wallets are a boon. One robust multichain wallet is sufficient to access all Defi and web3 services.
A multichain wallet has two vital components. They are:
Passphrase: A multichain wallet does not have a private key. instead, it has a passphrase that acts like your password to access your wallet and tokens.
Wallet address: Each blockchain in a multichain wallet has its own wallet address. You can use that wallet address to send and receive tokens on that specific blockchain network.
Building a multichain wallet requires a high level of blockchain expertise and programming skills. That is why you need a reliable wallet development company that will build a multichain crypto wallet packed with user-friendly features tailored to meet your business needs.
Get on a call with the best wallet app development company.
Benefits Of A Multichain Crypto Wallet
Here are some notable benefits of a multichain crypto wallet app.
Multiple blockchain Accessibility
The biggest advantage you will get with a multichain wallet is that you can access multiple cryptocurrencies and tokens over different blockchains with ease.
A multichain wallet uses cross-chain bridges and cross-chain routers. The bridges allow you to transfer cryptocurrencies between two blockchain networks. While the router enables you to transfer between two or more blockchains.
Apart from storing and transferring major tokens, you can even store your NFTs in a multichain wallet.
So, this feature makes it quite useful for investors who are involved in all areas of web3.
Imagine having a digital wallet where you can store major tokens without worrying over private keys.
The biggest advantage of a multichain wallet is its non-custodial nature. Instead of private keys, you have a passphrase that is applicable for accessing tokens across all supported blockchain networks.
What’s more, you can even connect your multichain wallet with a hardware wallet or ledger. Hardware wallets are the most trusted digital wallet solutions for keeping your cryptocurrencies safe.
There are reasons behind the tremendous increase in the demand for multichain wallets. These advantages of multichain wallets give them an edge over other wallets.
Key Features Of Multichain Wallets
You must ask your wallet development company to integrate the latest features during the wallet development process. Elite features, tools, and utilities make a crypto wallet easy to use and lure in large crypto, Defi, and web3 users.
Have a look at the key features you must have in your multichain wallet to make it a success.
User-Friendly UX: The app should have an attractive and user-friendly interface that enables users to easily navigate through the app dashboard and functions.
Cross-Platform Support: Your app should function seamlessly and efficiently across all devices like mobile phones, tablets and computers.
Two-Factor Authentication The 2FA feature prevents fraud by restricting unauthorized access. It adds an extra layer of security and protects the accounts from being hacked.
Real-time Price Tracking: Your app should have a price tracking tool so that the users are able to view the updated value of the cryptocurrencies and be informed of the latest developments and trends in the crypto market.
Account Backup: Back up feature allows users to easily recover their account and funds in case of unintentional account logout.
Portfolio: The portfolio feature allows users to view their crypto holdings and assets at one place to efficiently plan their investments.
DEX Integration: You should integrate your crypto wallet app with decentralized crypto exchanges. It will enable users to buy and sell cryptocurrencies easily by connecting the wallet.
Multi-sign Support: To ensure security of your crypto wallet app, you must integrate a multi-sign feature. It allows users to give authorization and permission to process transactions.
Token Swap: The crypto wallet app should also have a token swapping feature to easily move funds and swap tokens through exchanges.
Automatic Updates: With automatic update feature, the app will automatically update itself to the latest version of the application with newly added features and tools.
Transaction History: By integrating a transaction tracking tool you will enable your users to view and verify the details of their transactions and keep a track of it.
Crypto-to-Fiat Conversion: For a crypto wallet app, crypto to fiat conversion feature is important. It enables users to easily and quickly convert their cryptocurrencies into fiat.
Cold Storage Support: You should also enable your users to integrate cold wallets or hardware wallets with your app. It is to ensure the maximum security of the large crypto funds on the users.
Multiple Language Support: Your crypto app must support multiple languages in order to cater to the users coming to your platform across the globe.
How To Build A Multichain Wallet?
Building a multichain crypto wallet is not a cake walk. You need the perfect product ideation, bring together a development team, monitor the development process, and get ready for the launch.
Your work does not end here. You also need to plan marketing strategies to promote your wallet. Further, even after the launch, you need consistent technical assistance to ensure high performance and undisrupted functioning of your wallet.
Let’s be honest here. You cannot manage everything yourself. That is why you should get help from a wallet development company.
They have a team of highly experienced developers, coders, Q&A experts, and product managers to handle everything perfectly. Right from analyzing your wallet ideation to market research, frontend & backend development to deployment, they will assist you at every step. What’s more, they also offer post launch technical assistance to ensure quality functioning and timely upgrade of your wallet.
Here are 6 steps to build a multichain wallet with robust features and high security standards.
Step 1: Strategy
The first step in multichain wallet development is defining the strategy. This phase involves determining the number of users, market trends, and competitor analysis.
Additionally, you will choose a platform for your application and consider the cost, which depends on the complexity and features you want to integrate.
The development time for a wallet is typically between 4 to 6 months.
Step 2: Product Roadmap
Once you have defined the strategy, the next step is to create a product roadmap that outlines the development process in detail.
This roadmap emphasizes wallet requirements and sets delivery milestones.
If you are developing a mobile solution, it is crucial to have a skilled and experienced development team by your side.
Step 3: UI/UX Design
The success of the wallet application depends on user adoption and the benefits offered by its features. Therefore, the wallet must have interactive and intuitive interfaces to boost user engagement.
During this stage, mockups are created, and the style guide is applied to application wireframes. The prototypes are shared with clients for feedback and undergo modification to meet their expectations.
Step 4: Wallet Development
The multichain wallet development process can be divided into two parts: development platform and transaction mechanism. Choosing the right platform is crucial for the success of the project.
You can incorporate the mechanism of your choice to authenticate transactions.
Step 5: Testing
Errors and glitches are eliminated during the testing phase.
The multichain wallet undergoes user experience testing, functional testing, performance testing, security testing, and device and platform testing to ensure a smooth user experience.
Step 6: Deployment and Maintenance
After rigorous testing, the application is deployed on app stores. Apple iOS applications take several weeks to get approved, while Android applications usually appear in 4-5 business days.
Build Multichain Wallet With Blocktech Brew
Integrate your web3 business model with multichain wallets to boost your revenue and promote business growth.
Blocktech Brew is a blockchain development company offering a comprehensive set of crypto coin development, Defi, web3, metaverse platform development, and web3 gaming solutions.
One of their premium offerings is wallet development services which empower enterprises by building custom crypto wallets. They have proficient developers with the right set of skills and experience in developing multichain wallets.
Looking to build multichain wallets to tap into the Defi industry?