A Guide to Calculate Estimated Crypto Wallet App Development Cost in 2023

The sudden surge in the popularity of cryptocurrencies has been very beneficial for blockchain and crypto experts this decade. A Grand View Research report shows, the global crypto wallet market is expected to grow between 2022 to 2030 with a CAGR of approximately 24.4%. In the US market itself, the CAGR of the crypto wallet segment is expected to stay around 23.1% between 2022-2030.

Now, this rising popularity is also a sign of the rising opportunities for creating a crypto wallet app to target this user segment. If you already have an idea to leverage this growth to make profits and a crypto wallet app is just the accessory you need, we got you covered. 

In this blog, we will also throw some light on the tentative cost to build a crypto wallet app along with the strategy to calculate it. This information will help you in preparing better for all phases involved in the crypto wallet app development process.

The average cost of developing a crypto wallet app

A simple crypto app development process can cost you around $25,000 to $60,000 while the cost can go up to $100,000 to $200,000 for a crypto wallet app of a high complexity level. So, the cost to make an app varies depending on various factors which also influence the complexity level of the app. In this blog, we will cover all these factors in detail. 

Factors that influence the overall crypto wallet development costs

The cost to build any app is influenced by several factors that we will list down here for your reference. These factors do not only influence the overall development costs, but also the costs of maintenance or upgrading your crypto apps. Let’s have a look at these factors-

A. Types of crypto wallets

1. Cold wallets

• Hardware wallets
• Paper wallets

2. Hot wallets

• Desktop wallets
• Mobile wallets
• Web wallets

To figure out the estimated cost of cryptocurrency wallet app development, you have to first figure out what type of crypto wallets you are planning to build. The above image shows that the top crypto wallets for digital platforms fall under the category of Hot Wallets. So, whether you choose to build a desktop wallet, mobile wallet, or web wallet, the time invested in the development process will vary accordingly and influence your overall cost to hire any crypto wallet app development company.

B. Location of the developer

 

Whether you are building an MVP app, crypto app, on-demand app, or NFT app, the app development cost will massively be influenced by the location of the development company you are partnering with. In other words, every region has its own labor costs depending on inflation, economy, etc. For instance, developers from the US market will cost you more compared to developers from India. This is also one of the many reasons why India is one of the most preferred IT markets at the moment.

C. Type of the application

Another factor that will influence the cost of your overall crypto app development is the type of application you choose to build. The app development market is focused on three types of apps. These types of applications are-

• Native apps are platform-specific apps that also offer amazing performance. However, the cost to develop and maintain native apps remains high as you have to work on optimizing apps for various platforms and their versions. But native apps allow you to integrate better features and visuals without worrying about the loading time.
• Hybrid apps are developed within a lesser time compared to native apps as you only need to write code once. However, the limitation of integrating lesser features exists in hybrid apps as they run by using the internet connection all the time. But the development time will be lesser in hybrid apps so you can save money that way.
• Web apps are focused on using browsers to run. These apps are usually much lighter in size compared to other alternatives and require less development and maintenance time. From a financial point of view, web apps are very cost-effective but entirely dependent on the internet.

D. The technology stack of the app

Another crucial factor that influences the cost of the development of the crypto app is the tech stack. A crypto wallet is known for its transparency, security, and encryption features to keep crypto stocks and transactions of users safe. So, the cryptocurrency wallet app development is supposed to include the tech stack that fulfills these requirements. The above-mentioned tech stack in the image has covered most of the technologies any crypto wallet app development company will use.

E. Number of features in the app

 

 

Each feature of the crypto app requires the dedicated attention of developers and designers. So, the crypto wallet app development cost will be influenced by the number of features that you choose for the app. Some crucial features that crypto wallet developers prefer to integrate in their apps are -

• QR code scanner- This common feature is usually found in all finance-related apps to recognize information like payment address, account details of the receiver of payments, etc.
• Support for cryptocurrencies- Another top feature you need to consider for your crypto wallet app is providing support for cryptocurrencies of your choice so users can secure them or use them for transactions.
• User authentication- A crypto wallet has to remain safe and secure with the best security standards. You can use methods like two-factor authentication, fingerprint verification, multi-factor authentication, and more to improve the security standards of the crypto wallet app that you develop.
• Push notifications- For every transaction or any kind of update that can be related to the user account, app update, and more, push notifications are used. These notifications are used to keep users in the loop of everything that is happening to their crypto app or account.

Apart from the above-mentioned features, some additional features like conversion rate data, session logout, etc are usually found in the latest crypto app development trends. However, the quality of your app depends on how many crucial features you provide in the app instead of focusing on providing too many features unnecessarily.

Break-down of the cryptocurrency wallet app development cost

Under factors, we gave you an idea of the average region-wise hourly costs of building apps that app developers charge on average. However, that will only be beneficial if you know the tentative breakdown of the cost to develop blockchain wallet apps. Let’s have a look at the breakdown

Phases	Tentative Costs
Backend Development	$10,000 – $15,000
Android	$27,000- $32,000
iOS	$20,000- $28,000
Web/Desktop	$7,000- $10,000
Design	$8,000- $10,000
QA/PM	$5,000- $8,000
Total	$90,000- $100,000

 

How to create cryptocurrency wallet apps?

To get the best returns on the investment you make by partnering with the top blockchain app development companies, it is a good idea to prepare a step-wise approach for the crypto mobile wallet app development. Furthermore, we will list down some of the common steps experts recommend following to develop a blockchain wallet app.

Step 1- Find the right markets for your crypto app

As crypto is an evolving concept in terms of popularity, you have to find the right markets where the opportunity to grow your crypto app exists. Initial research can help you in optimizing your crypto app better, especially in terms of languages supported by the app, features, etc to make the app more personalized for the target market.

Step 2- Shortlist features and tech stacks 

With the help of the features and tech stacks we discussed above, you should first shortlist features and tech stacks to develop a blockchain wallet app. This step will help you in coming up with the right user interface that can support the required features and ensure your app’s good performance and user-friendliness.

Step 3- Finding the right crypto app development experts

Depending on various factors such as your budget, level of expertise required for the app, preferred location of developers, etc, you need to find the right crypto app developers. Before shortlisting the crypto app development companies, it is also ideal to brainstorm your app idea with them to observe their understanding of your project. 

Step 4- Preparing the UI and prototype

Next step in the development process is to prepare a UI and prototype to figure out the best way to offer a smooth user experience while also ensuring that all features are well-supported within the app. Your UI and prototype will have to consider a few factors such as scalability, compatibility, and performance on the basis of different devices, operating systems, and configurations.

Step 5- Development of the app

Throughout the development process of the best wallet app for cryptocurrency, ensuring security, transparency, and smooth transactions can influence the target user positively big time and help you in building a good reputation for the app. 

How to calculate the cost of creating a crypto wallet app

If you have an estimation of  the average hours that might the entire crypto wallet app development company require for building your app, you can calculate the overall tentative budget easily. However, you will also need the per-hour cost of the company that is being charged to you and all additional costs that might occur while building the app. The formula to calculate the per-hour crypto mobile wallet app development cost is-

(Number of hours for the development process X per hour app development cost) + Additional costs = Estimated cost of building the crypto app

Wrapping up

The crypto wallet app development market is seeing a rise in the competition among developers across the globe. Many regions including UAE, South Africa, South Korea, India, and more are seeing a bloom in startups that have started providing crypto wallet development services. These surges are expected to keep the cost of hiring app developers uncertain whether you are hiring top NFT marketplace development companies to build your crypto app or a 360-degree app development company.

Anyway, whether the average costs to develop blockchain wallet apps go up or down, the details that we discussed above will help you in figuring out tentative costs according to the current market situations whenever you plan to build the app. So, hopefully, our research was useful for you.

• How much does it cost to develop a crypto wallet app?

  The average cost of crypto mobile wallet app development can vary between $25,000 to $200,000 due to various factors such as the complexity level of the app, the cost of app developers, and more.

• How long does it take to build a crypto wallet?

  Depending on the complexity level of the app, the entire development process can take somewhere between 3 months to 9+ months. You can take an estimation of the development tenure by brainstorming your app idea with a crypto app development company that offers a free consultation.

• What are other costs you need to consider apart from the development costs of the app?

  After the app is launched, you will have to spend money on marketing, maintenance, and upgrade of the app. So, you will have to consider these costs as well to keep your app running smoothly.