As investors look to break away from the clutch of centralized authorities, cryptocurrency is the top choice for allocating funds. However, they require a safe avenue to store it. How is it possible? They can use wallets. Holders of digital assets can deposit their holdings in software and hardware wallets. What is a viable way for entrepreneurs to make an impact in the market? You can begin White-label crypto wallet development.
Why is White-label Bitcoin Wallet highly advantageous?
- Less development expenditure – Unquestionably, running a crypto trading venture involves huge costs. However, a crypto wallet development company will reduce the initial expenditure for techpreneurs like you. The pre-built solution contains features similar to popular hardware and software wallets.
- Quick launch in the market – A crypto wallet development company will assist in the swift launch of both online and offline wallets. The digital wallets integrated with advanced functionalities and multi-layer security measures are apt for both small and big investors.
- Scalability – Undoubtedly, running a crypto venture round-the-clock is challenging. However, a blockchain wallet is highly scalable. This is because hot and cold wallets are integrable with crypto exchanges, Decentralized Finance (DeFi) platforms, and NFT marketplaces. Besides that, wallets support a lot of coins, crypto tokens, and stablecoins.
How is White-label Bitcoin Wallet Development highly advantageous?
Numerous security measures – Both institutional and retail investors can shield their funds from hacking and phishing attacks. They can use options like biometric authentication, fingerprint authentication, private keys, secret passwords and vaults for protecting their cryptocurrencies and tokens.
Greater transparency – All transactions made using a crypto wallet are recorded in the distributed ledger integrated on the blockchain network. Real-time information is available about the number of peer-to-peer (P2P) transactions, price, gas price, and transaction history. Besides that, hash rate, names of miners, latest blocks, block time, and public wallet addresses are available.
Ease of usage – Both hardware and software wallets can be used comfortably by crypto investors. They can swap tokens, manage their portfolios and prevent slippage due to changes in the market conditions.
Buyers and sellers can strategically allocate their crypto tokens between the order placement and confirmation time. In case the price of the digital asset skyrockets above a certain limit, the order gets cancelled automatically.
Besides that, drag and drop elements help in the quick buying and selling of digital currencies. Users will receive data about prices, changes in trading volume, and market capitalization of cryptocurrencies and stablecoins. Later, they can choose options like market, limit, and stop-loss as per their requirements and investment goals.
The core features of a crypto wallet are
Browser login option – Investors can instantly sign in on a software wallet like Binance Chain Wallet, Coinbase Wallet, MetaMask, MyEtherWallet (MEW), Portis, Torus, Trust Wallet etc.
They can download the hot wallet via a browser extension. For instance, the MetaMask wallet supports different browsers like Google Chrome, Mozilla Firefox, Brave, and Edge.
Multi-layer security steps – With the prices of cryptocurrencies soaring in recent times, investors need to protect their holdings at all costs. They can use options like digital signatures, end-to-end (E2E) encryption, fingerprint authentication, private keys, two-factor authentication (2FA), and cloud backup for safeguarding their information.
Eventually, it prevents their cryptocurrencies from getting into the hands of the wrong people. This is because investors will have full control over their portfolios. They can monitor the inflow and outflow of funds from their wallets 24x7x365.
Support for different tokens – Investors can allocate their portfolios strategically. This is because wallets support different kinds of cryptocurrencies, stablecoins, DeFi tokens, and coins. They can see the base prices of individual currencies, the level of trading volume, and the different trading pairs.
Near-Field Communication (NFC) – Contactless payments are in vogue now. Accordingly, hot and cold wallets are powered by Near Field Communication (NFC). Crypto holders can buy products from retail outlets, process transactions virtually, and also link their credit and debit cards effortlessly. Moreover, they can check their balance and add more cryptos when needed.
QR code scanner – Crypto investors can scan coloured barcodes and execute payments in a quick time. How does this function? Users can access the public wallet address and transfer the required amount.
Are there any special features available for regular investors? Yes. They can copy the scanned wallet addresses and pay off a specific amount in cryptocurrencies, DeFi tokens, and stablecoins.
What is the unique aspect of QR code scanning? There is no need for payers to enter a private key. They should just enter the public wallet address for transferring the required amount.
Which wallets are more secure? Hardware or Software?
- Investors have different objectives while investing in cryptocurrencies. It includes diversifying their portfolio, increasing their wealth, and earning more returns than traditional financial assets.
- Software wallets tick the right boxes in terms of email sync, fiat on-ramp, multi-platform compatibility, social media login mechanism, and 24×7 access.
However, WalletConnect will be the biggest game-changer in online fund management. This is because it is an open-source protocol powered by Web 3.0.
Investors benefit from secure encryption, integration with several software wallets, a permissionless system, and non-interference from government authorities. They can also access Decentralized Applications (DApps) of crypto exchanges, DeFi platforms, and NFT marketplaces.
- Hardware wallets are also highly safe since funds are stored offline. Users can preserve their funds using PIN codes. Besides that, crypto assets can be recovered using 18-24 recovery seed phrases. USB devices powered by chips will ensure secure cold storage. Moreover, users can convert their crypto to fiat and fiat to crypto anytime.
Want to be the leader in Web 3.0? Team up with a leading solution provider for White-label crypto wallet development. Connect with knowledgeable tech wizards now.