With the expanding popularity of digital currencies, there is a greater need than ever for safe and dependable wallets for storing cryptocurrencies. Crypto wallets can be termed as gateways to blockchain payments. Along with storing cryptocurrencies, it is also used for buying fiat currency, NFTs, or exchange and trade.
According to the overview report of Statista 2023, From 2023 to 2030, the size of the market cryptocurrency wallet worldwide is anticipated to increase at an average growth rate of (CAGR) of 24.8% which was previously valued at USD 8.42 billion.
Exodus is a well-known cryptocurrency wallet provider that supports a wide range of currencies. Exodus cryptocurrency wallet was created by JP Richardson and Daniel Castagnoli in 2015. It is an interactive, trustworthy, and safe application that offers multiple functions and features to make it easy for users to navigate. It is free to download and available on app stores.
Let’s understand cryptocurrency wallets in brief and then explore how to create a crypto wallet similar to the Exodus cryptocurrency wallet along with its features and cost.
What is a Cryptocurrency wallet?
A cryptocurrency wallet refers to a wallet that enables you to send receive or spend cryptocurrencies for example Bitcoin. Cryptocurrencies are safe with crypto wallets as they store their private keys in them. As we know that they are the gateways of the blockchain it can not be accessed without a private key that is stored in crypto wallets. It provides heightened security measures to safeguard these private keys and that’s why it is in high demand in the market.
Prominent Features of Exodus Cryptocurrency Wallet
The main reason behind the popularity and demand of Exodus crypto wallets is its bundle of advanced and unique features. Let’s explore its most prominent features:
Multi-Asset Wallet:
The crypto wallet of Exodus supports a large number of cryptocurrencies from Bitcoin to all the major cryptocurrencies along with a pool of altcoins and others.
Excellent Design:
The UI of the Exodus cryptocurrency wallet is one of the most wonderfully designed wallets. It has a pie chart that visually depicts your cryptocurrency assets and is extremely simple to use. This makes it simpler for customers to keep track of their portfolios and monitor the prices of their crypto assets using the wallet. Additionally, a menu that runs the length of the left side of the screen clearly displays every option offered. The wallet is really simple to use and comprehend.
Quick & Convenient:
In light of the fact that Exodus is a lite wallet, the user is not necessary to install the complete blockchain on their computer. The wallet is therefore incredibly quick, flexible, and practical.
Built-in Exchange:
The built-in cryptocurrency exchange in the Exodus cryptocurrency wallet allows users to trade their cryptocurrencies directly from the wallet. The integration of the ShapeShift API enables the in-wallet cryptocurrency exchange.
Secure:
A password is required to access any blockchain asset, which is completely encrypted. Users also have total authority over their private keys because they are kept on their own computers and never shared with Exodus servers.
Portfolio:
The information about the cryptocurrencies that the users hold is displayed here in a graphic form. A list containing information on the number of coins, their value, names, and % distribution is also included. This page also includes a graph that displays the changes in price over time for different kinds of assets. One may also view all of their financial activities and save them if necessary.
Backup:
It is essential to give the assets enough protection and security. Users must submit a password and a phrase made up of 12 words which will allow users to get back into their accounts when switching devices. To confirm the phrase, the user must select one of the four words provided. In case users want to restore their previous account they can easily get a backup by installing the app, going to portfolio and clicking restore from backup, and typing that 12 words phrase.
Steps to Create a Cryptocurrency Mobile App like Exodus
Here is the step-by-step guide for you on how to build a crypto wallet app like Exodus. You can contact a well-known mobile development company for creating an app for your business or enterprise as creating a crypto app requires various legal permissions and high-tech security measures. Creating one with an in-house team of developers might be hard if you are a beginner. A company with a good reputation will manage all legal criteria on its own.
Enhance the design and features of the app:
The initial stage of building a cryptocurrency app is planning. You must now take into account a number of elements, such as the wallet structure, upcoming in-app functionality, and user demographics. It is beneficial to carry out detailed market research and competitive analysis before beginning project design.
Design an intuitive UI/UX of the app:
An appealing and user-friendly design is essential for attracting and engaging consumers. Invest in a visually appealing design that suits the tastes of your intended audience. To make it simple for users to carry out tasks like transferring and receiving cryptocurrency, checking balances, and examining transaction history, verify that your application’s interface is clear and straightforward.
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Coding Process:
After the UI/UX is completed you can now proceed towards the coding process and development. There are two ways to develop a cryptocurrency wallet like Exodus, which varies on the basis of your project preference and budget. Either you can create an app from scratch or you can take advantage of popular libraries like the Coinbase SDK or the BitcoinJ SDK.
Implement Multiple currency support:
Support a variety of cryptocurrencies to serve a broad spectrum of cryptocurrency users. The most well-known and frequently utilized cryptocurrencies for example Bitcoin, Ethereum, etc, should be studied and appropriate blockchain networks are integrated seamlessly.
Exchange functionality:
Think about including a built-in exchange option in your cryptocurrency wallet application. This declines the requirement of third-party exchanges by enabling users to change from one cryptocurrency to another straight within the app. Collaborate with reputable and safe exchanges to provide your users with transactions that are seamless and clear.
Test and launch MVP version:
We will next conduct a quality assurance test (QA testing) on the application to make sure it is robust and scalable. Your app will be made market-ready by the team of blockchain solution testers. After the app is prepared for release, we introduce the MVP version. This makes it possible for actual app users to test it out and provide feedback.
Cost of Creating a Crypto Wallet like Exodus Wallet
The cost of a cryptocurrency mobile app depends upon various factors like design, size, technology stack, platforms, features, and also the cryptocurrency mobile app development company you approach for your app development.
The total estimated cost for creating an app like Exodus cryptocurrency wallet can be around $90,000 to $100,000 approximately. It might vary on the basis of the complexity of your app. If you hire dedicated developers for creating your crypto wallet you can get a feature-rich and budget-friendly app in a cost-effective range.
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Conclusion
It takes considerable planning and execution to create a crypto wallet like Exodus. You must establish the needs, pick the best technological stack, and create the user interface and main features of the wallet. Furthermore, you must be very careful about security, as cryptocurrency mobile wallets are the desired target for hackers.
Keeping up with the most recent advancements in the cryptocurrency industry is also essential, as is integrating new features and technology as necessary. With the right choice of technology, platform, and team of developers, it becomes convenient and safe to manage your digital assets and meet user demands and complete the market easily.
Frequently Asked Questions
Can businesses create a Cryptocurrency Mobile app of their own?
Businesses may create their own cryptocurrency mobile wallets and combine them with other business tools, including payment systems. Blockchain wallets are frequently used mobile Bitcoin wallets. Once you’ve downloaded the app on your smartphone, you may use it anywhere even at on-site stores.
Write the names of some Cryptocurrency wallets used popularly.
The top 5 Cryptocurrency mobile wallets are:
1. Coinbase Wallet Web3
2. Exodus crypto wallet
3. SafePal Crypto Wallet
4. Crypto.com Defi Wallet
5. Ledger crypto wallets
Is it free to use crypto wallets?
The majority of blockchain and crypto wallet installations are free if you’re only holding your crypto assets, and many of them are available for download at no cost. Some individuals do, however, earn money by charging customers for specific transactions, cryptocurrency staking, and consultancy services.
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