In this blog, we are covering the process that can be helpful if you want to calculate estimated crypto wallet app development costs before beginning the development process.
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.
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.
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-
1. Cold wallets
2. Hot 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.
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.
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-
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.
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 -
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.
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
|Backend Development||$10,000 – $15,000|
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.
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
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.
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.
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.
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.
With a mixture of literature, cinema, and photography, Manish is mostly traveling. When he is not, he is probably writing another tech news for you!
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