How to Build a Multichain Crypto Wallet: The Ultimate Development Guide




The cryptocurrency market has witnessed major ups and downs in the last 2 years. While the flourishing crypto market made investors and blockchain development companies happy, the bear market trend didn’t disappoint them as much as the experts predicted.
The rising web3, metaverse, and Defi trends kept the crypto market alive. In fact, the web3 development and Defi development didn’t only support the cryptocurrency market but also gave a huge push to the digital wallet industry.

Why is it so?

It is because to you need digital tokens to use the Defi and web3 services. Whether you make payments, buy virtual land, or participate in DAO governance activities, you need tokens. Moreover, you even take loans and invest in staking using the tokens.

Now, here comes the interesting part. Like our everyday physical wallets, you need digital wallets to keep the tokens safe. That’s not all! You can also use digital wallets to send and receive payments.

Further, these digital wallets are secured with high grade security protocols. So, on one hand, it protects your tokens and on the other hand, it enables you to seamlessly transact.

There are hundreds of digital wallets in the market. Most of them support only one blockchain network and its native token. However, with the emergence of Defi, people are looking for multichain wallets that support multiple blockchains.

Currently, the crypto wallet market size is $10.27 billion. In fact, experts predict that the digital wallet market will reach $48.27 billion by 2030. If that’s not promising enough for the rising wallet industry, then the survey sheds more light on the growth and revenue rate which is a whopping 24.8%.

These data are crucial for entrepreneurs looking to tap into the crypto industry with a successful product. One of the ways can be to build a multichain crypto wallet app and launch it.

If you are one of them, you can hire an experienced crypto wallet app development company in Dubai. They have skilled developers and blockchain experts who will guide you from multichain wallet ideation to development and deployment.

Still, confused about multichain crypto wallets?

Here is a step-by-step guide to build multichain wallets.

What Is A Multichain Wallet?

Benefits Of A Multichain Crypto Wallet

Key Features Of Multichain Wallets

How To Build A Multichain Wallet?

Build Multichain Wallet With Blocktech Brew

What Is A Multichain Wallet?

A multichain wallet is a cryptocurrency wallet that supports multiple blockchain networks. It means that you can store, send and receive multiple cryptocurrencies or tokens in one wallet.

Unlike other crypto wallets that are compatible with only one token standard, these wallets support major token standards for user convenience.

For instance, you do not need to have Ethereum, Polygon, and BSC wallets separately. You can set up a multichain wallet supporting all these blockchains where you can store ETH, MATIC, and BSC tokens in one place.

In the era of web3 and Defi, multichain wallets are a boon. One robust multichain wallet is sufficient to access all Defi and web3 services.

A multichain wallet has two vital components. They are:

Passphrase: A multichain wallet does not have a private key. instead, it has a passphrase that acts like your password to access your wallet and tokens.

Wallet address: Each blockchain in a multichain wallet has its own wallet address. You can use that wallet address to send and receive tokens on that specific blockchain network.

Building a multichain wallet requires a high level of blockchain expertise and programming skills. That is why you need a reliable wallet development company that will build a multichain crypto wallet packed with user-friendly features tailored to meet your business needs.

Get on a call with the best wallet app development company.

Benefits Of A Multichain Crypto Wallet

Here are some notable benefits of a multichain crypto wallet app.

Multiple blockchain Accessibility

The biggest advantage you will get with a multichain wallet is that you can access multiple cryptocurrencies and tokens over different blockchains with ease.

Convenience

A multichain wallet uses cross-chain bridges and cross-chain routers. The bridges allow you to transfer cryptocurrencies between two blockchain networks. While the router enables you to transfer between two or more blockchains.

NFT compatibility

Apart from storing and transferring major tokens, you can even store your NFTs in a multichain wallet.

So, this feature makes it quite useful for investors who are involved in all areas of web3.

Non-custodial Nature

Imagine having a digital wallet where you can store major tokens without worrying over private keys.

The biggest advantage of a multichain wallet is its non-custodial nature. Instead of private keys, you have a passphrase that is applicable for accessing tokens across all supported blockchain networks.

Ledger Connection

What’s more, you can even connect your multichain wallet with a hardware wallet or ledger. Hardware wallets are the most trusted digital wallet solutions for keeping your cryptocurrencies safe.

There are reasons behind the tremendous increase in the demand for multichain wallets. These advantages of multichain wallets give them an edge over other wallets.

Key Features Of Multichain Wallets

You must ask your wallet app development company to integrate the latest features during the wallet development process. Elite features, tools, and utilities make a crypto wallet easy to use and lure in large crypto, Defi, and web3 users.

Have a look at the key features you must have in your multichain wallet to make it a success.

User-Friendly UX: The app should have an attractive and user-friendly interface that enables users to easily navigate through the app dashboard and functions.

Cross-Platform Support: Your app should function seamlessly and efficiently across all devices like mobile phones, tablets and computers.

Two-Factor Authentication: The 2FA feature prevents fraud by restricting unauthorized access. It adds an extra layer of security and protects the accounts from being hacked.

Real-time Price Tracking: Your app should have a price tracking tool so that the users are able to view the updated value of the cryptocurrencies and be informed of the latest developments and trends in the crypto market.

Account Backup: Back up feature allows users to easily recover their account and funds in case of unintentional account logout.

Portfolio: The portfolio feature allows users to view their crypto holdings and assets at one place to efficiently plan their investments.

DEX Integration: You should integrate your crypto wallet app with decentralized crypto exchanges. It will enable users to buy and sell cryptocurrencies easily by connecting the wallet.

Multi-sign Support: To ensure security of your crypto wallet app, you must integrate a multi-sign feature. It allows users to give authorization and permission to process transactions.

Token Swap: The crypto wallet app should also have a token swapping feature to easily move funds and swap tokens through exchanges.

Automatic Updates: With automatic update feature, the app will automatically update itself to the latest version of the application with newly added features and tools.

Transaction History: By integrating a transaction tracking tool you will enable your users to view and verify the details of their transactions and keep a track of it.

Crypto-to-Fiat Conversion: For a crypto wallet app, crypto to fiat conversion feature is important. It enables users to easily and quickly convert their cryptocurrencies into fiat.

Cold Storage Support: You should also enable your users to integrate cold wallets or hardware wallets with your app. It is to ensure the maximum security of the large crypto funds on the users.

Multiple Language Support: Your crypto app must support multiple languages in order to cater to the users coming to your platform across the globe.

How To Build A Multichain Wallet?

Location: United Arab Emirates

Comments

Post a Comment

Popular posts from this blog

How To Set Up A Crypto Wallet?

Image
  Crypto wallet apps   are the gateway to creating a solid footprint in Web3 & the crypto investing world. But here’s the catch: just like one shoe size does not fit all, the crypto wallet that is right for you depends on what you want to do with your cryptocurrency and the type of safety net you want to have. Things to Consider When Selecting a Cryptocurrency Wallet When choosing a crypto wallet, it is vital that you think about why you are using crypto to begin with. That is because various wallets are made for various use cases. So, it’s wise to stick with an option that is congruent with the way you’ll be interacting with various cryptocurrency networks. Here are a few questions you should have the ask yourself when picking your first wallet: How much cryptocurrency are you planning to store in the wallet? Are you only using Bitcoin? Do you need enhanced privacy features? Note that security should be your top priority before you set up a crypto wallet as this software (or hardw
Read more

How To Build Cryptocurrency Wallet Development Company - Advanced Guide

Image
Understanding Cryptocurrency wallet A cryptocurrency cannot be used without the use of specialized software known as crypto wallets. Essentially, Blockchain technology powers them and aids in transaction process execution. According to Statista, cryptocurrency wallets will have over 70 million customers by the end of March 2021. Implementation Areas for the Cryptocurrency Wallet Application In-store Payments Instead of using a plastic card, you can make purchases using the wallet app on your smartphone or tablet. Furthermore, when purchasing anything, you can select a cryptocurrency to complete your transaction at the checkout. The transaction is then completed by the payment mechanism converting the money into cryptocurrency. Wage Payments Many people would like to receive their paychecks in cryptocurrency. It is undeniably a more convenient method of receiving wages than a traditional bank transfer. Creating a wallet address for the employer to pay the monthly cryptocurrency payment
Read more

Why Crypto Wallet App Development is Crucial in 2023

Image
Introduction: Cryptocurrencies have gained significant popularity and mainstream adoption in recent years. As digital assets continue to reshape the financial landscape, the importance of crypto wallet app development has become more pronounced than ever before. In this blog, we will explore why crypto wallet apps are crucial in 2023 and how they play a vital role in securely managing and transacting with cryptocurrencies. Securely Storing Digital Assets: Crypto wallet apps provide users with a secure means to store their digital assets. Unlike traditional financial systems, cryptocurrencies are decentralized and require individual responsibility for asset management. Wallet apps use robust encryption techniques to safeguard private keys, ensuring that only authorized users can access their funds. With the increasing value of cryptocurrencies and the potential risks of hacking and fraud, having a reliable and secure wallet app has become indispensable for individuals and businesses al
Read more