Cryptocurrency wallets are known among the whole “digital” community for their high-security standards. They are usually protected with multi-level encryption as well as 2FA and whitelist options for their customers. In order to send or receive funds using these wallets, a private key is needed.
If you have decided to create your own single or multicurrency wallet, we are pretty sure that you face a great range of problems.
These difficulties can be easily avoided. You just need to opt for a white label solution rather than building a project from scratches.
However, to maximize the potential of your crypto wallet, you have to produce more than just a platform for storing and transferring funds. Your potential customers expect a certain level of service from crypto wallets, and a management system is necessary to integrate within the website.
The most prominent solution among novice brokers is to pick up the White Label solution. Here you can find out why you should try it.
What Is a Wallet Label Solution?
White Label is a ready-made solution that enables you to start a cryptocurrency wallet quickly.
In simple words, a white label for crypto wallets is a system to get a ready-made solution. It can totally be compared to a franchise program.
There is no need to buy a license, make a design, organize or maintain the server structure 24/7. Everything is already included in the White Label solution.
In short, white label solutions can help you utilize a unique branding for your company. So, you can offer a wide range of tools and services without building its infrastructure or technology on your own. As a result, you can pay close attention to raising brand awareness and making your wallet popular among your potential customers.
In addition, we can also highlight these pros of while label cryptocurrency wallet:
- It saves time. There is no need to deal with any aspect of the software. You just need to work with the platform provider and set the commercial terms of the deal.
- Focus on what you do best. For example, improve your marketing approach. This ready-made solution will save you a great deal of financial and human capital resources.
- Start quickly and easily. It takes only a few weeks once you choose to run your new white label site until it is up and running, and then you need to focus on promoting your wallet within the crypto community.
- When using a solid platform, both you and the network benefit. There are advantages to both ends. Among the benefits are the size, number of players, and assets of all the brands.
Why White Label Crypto Wallet Is the Best Solution?
White label crypto wallets may fairly be considered the right choice in the long path of crypto wallet development. It is a ready solution created as a helper for any cryptocurrency company. You don’t need to develop crypto wallets.
They are almost ready to be utilized. Though let’s highlight all the advantages of a white label wallet, it is necessary to pay attention to the peculiarities of digital assets and the variety of functions of these wallets.
A Wallet for Digital Coins: What Is It?
Cryptocurrency wallets provide users with a digital solution for securely storing money and managing digital coins. These online wallets give the ability for customers to send and receive coins, keep and spend, and also trade currencies.
Unlike a standard wallet, which can hold actual cash, crypto wallets technically do not store their funds. These holdings live on the blockchain but can only be accessed using a private key.
Crypto wallets are known for their high security and are usually protected with multi-level encryption. In order to use the funds in such a wallet, the user must have the right private-public key combination.
Your keys prove your ownership of your digital money and allow you to make transfers. If customers lose their private keys, they lose access to their money. That is why it is crucial to keep a wallet safe or use a trusted wallet provider.
Using a reliable app gives easy access to funds converted into digital assets. Customers can:
- Manage all their digital assets in one secure place;
- Take their private keys under control;
- Send and get cryptocurrency 24/7, from anywhere and anytime as long as they have an internet connection;
- Interact with usernames rather than long, hexadecimal “public key” addresses;
- Browse dapps (decentralized finance apps);
- Shop at websites that accept digital assets.
The Purposes and the Peculiarities of Digital Assets Wallets
As far as more digital assets began to appear and more transactions were executed; as a result necessity of a crypto wallet increased. Thanks to a crypto wallet, users can:
- Manage all their digital assets in one secure place. It is necessary to mention that assets are stored not in wallets but on the blockchain;
- Be independent of different financial institutions;
- Take their security (private keys and wallet address) under control;
- Send and receive cryptocurrency 24/7;
- Utilize decentralized finance applications;
- Shop at websites that accept virtual currencies.
Reasons Why Customers Prefer These Crypto Wallets
Desktop and mobile wallets are provided for the convenience of the users. Android and iOS mobile applications can be used for crypto exchanges, trading or other operations connected with digital cryptocurrencies.
No matter whether desktop or mobile wallets are, they are characterized by certain advantages that may interest many customers. Here are the most popular reasons:
- the possibility of using it all over the world;
- the simplicity of customizing by any company or an individual according to current needs;
- high level of security that makes users keep calm about the safety of their funds;
- the presence of risk management assistance. For example, some digital wallets are highly secure and help to identify fake wallet addresses and exclude suspicious transactions.
Types and Features of Cryptocurrency Wallets
We can highlight these types:
- desktop wallets;
- hardware wallets;
- online wallets;
- mobile wallets.
Let’s observe the features of each type of wallet.
Desktop type of crypto wallet supposes that you use a computer or laptop to access your funds. The major thing about the type is that the customer keeps a key from his/her own wallet. And the disadvantage concerns the possibility of a computer virus damaging the program.
The hardware needs a USB drive to get access to the assets.
Online wallets provide people with easy access to digital assets without the necessity to download any program. Here it should be mentioned that ownership of crypto funds belongs to a website. But for those who are deeply concerned about security and the ability to control the money, multi-sig and other alternatives are provided.
Mobile wallets are probably the most popular nowadays. The essence of it is that a person should install a special application on his or her smartphone to store or exchange funds as well as make transactions. Today both Android and iOS apps are available for users, and the number of apps accessible on the market is growing quickly.
How Do Users Define the Best Wallet for Cryptocurrency?
All the people who belong to crypto communities understand that storing digital assets, fulfilling transactions, exchanging, or, generally, using crypto requires a cryptocurrency wallet. Let’s check out features that users definitely are seeking.
- Commodity. For example, the transaction speed;
- The absence of extra payment and rock bottom fees;
- Ability to use as many cryptocurrencies as possible;
- Security. It is probably the greatest issue for virtual currencies. ID authentication, biometric authentication and two-factor authentication are used to protect money from fraudulent activities;
- 24/7 support in multiple languages.
Users look for wallets with flexible infrastructure, high security and easy access.
A lot of work has been done in the sphere of improving desktop and mobile crypto wallets, the sphere of crypto and blockchain technology develops quickly as new tokens and technologies appear on the market. So there is a demand for new services to cover the needs of the crypto community. It is quite difficult to create a new crypto wallet or cryptocurrency business from scratch. But using ready solutions can be easier than before. The most interesting of such examples is the white label. Find out its peculiarities.
What Is a White Label Wallet?
White label crypto wallet is a ready solution created by a cryptocurrency wallet development company. Using the option, it is not necessary to buy a package that is ready to be integrated.
So, a white label solution may be considered one of the greatest investments in businesses due to the following facts:
- White label solution saves time;
- It offers to develop businesses with a wide range of tools and services and to focus on the particular benefits of the new project without thinking about the organizational and technical moments connected with blockchain.
All we can say that it is an excellent product for all types of digital wallets. So, we can highlight these options:
- The wallet can be customized easily with preferred add-ons.
- Instant transfers can be integrated into the wallet.
- Besides multiple security layers, you can add more securities according to your preferences.
- The wallet can be easily implemented with popular crypto exchanges and trading platforms.
In addition, it is possible to receive an upgrade, support and maintenance services for the wallet.
- Cross-Border transfers. Cryptocurrency wallets are not restricted by borders, thereby allowing investors and traders to share and get cryptos all around the world.
- Risk management is accessible. Multi-cryptocurrency wallets help users identify fake wallet addresses and automatically deny duplicated financial operations.
- It is easy to customize. Individuals and businesses can customize the wallet with only the required options and services according to their preferences.
- Multiple security layers are available. Crypto wallets are embedded with higher security levels, making it easier even for beginners to secure their funds.
- Purpose-Built. Crypto wallets are accessible in different types, each having different purposes. Users can choose the desired wallet wisely.
- Limited control of the website. A ready-made platform with minimal design tools, little control of the look and feel of the wallet.
- Access to CRM, retention clients, and the database is limited. You do not control or operate the systems. This may be an issue when you have a database of players.
- Loss of revenues since the platform is taking 40% of the net income they earn from the players for themselves. In the beginning, you have very little power to negotiate percentages with the platform.
Roadmap: The Process of Building a White Label Wallet
- Gather requirements. Blockchain professionals discuss your requirements and analyze them to come up with the best solution possible. After that, they will work on creating a plan for your wallet.
- They are doing research and brainstorming. Experts then do thorough research to identify the risks associated with the project. Next, they clearly define and collect all requirements and plans for your approval.
- Development stage. The actual development begins now. An IT team perform everything in an organized manner and integrate top-notch features in your wallet.
- Testing phase. They test the product in diverse environments to ensure that there is no room for bugs and errors. After a demonstration, they can help you to release the wallet.
- Launch and maintenance. They analyze the feedback from users, and if you approve, they make the suggested improvements and assists you with the launch. They can also provide maintenance services after this implementation.
Key Factors to Pay Attention to While Choosing the Cryptocurrency Development Company for a White Label Wallet
If you decide to start a crypto business and launch a wallet, no matter a single-currency (like a bitcoin wallet) or a multi-currency wallet, you need to find the best company or an expert team to collaborate with. Here is what you should take into consideration:
- Free consultation to check out if the company suits your business requirements and re;
- The expertise of the team. Make sure the company will be able to support your project in all the stages;
- Check feedback in advance.
If you want to start a crypto business, it needs to be now. The competition in the market is growing, and soon, it will become saturated with no room for new entrants. So, start brainstorming ideas and come up with a cryptocurrency business plan. In addition, get in touch with ICODA if you are looking for a reliable solution for crypto development and making a crypto wallet.
We believe that blockchain and digital assets are able to change the world.
ICODA was made to help crypto projects unlock their potential.
We are a team of specialists who help your organization and provide support at all stages: website creation and its development, promotion, and adding coins (both fiat and altcoins).
The ICODA team strives to give you the best customer experience. So, drop us a line, and we are always here to help you and assist your business at all stages.
Our expertise allows us to guarantee that your company will get high-professional comprehensive assistance and advancement.
We helped to make and boost more than 50 crypto-related businesses. Your cryptocurrency wallet could be the next.