According to a report published on TripleA, global crypto ownership rates sit at an average of 4.2% as of 2022, with more than 320 million crypto users worldwide. The cryptocurrency landscape has grown exponentially, with more and more people acknowledging the importance of cryptos and their growing relevance in the current digital reality. There has also been a simultaneous rise in the number of people looking to park their funds in the crypto market.
Since users need to create wallets as a first step while trading in cryptos, wallet development has also understandably grown in demand. Whether you want to incorporate cryptos as a payment settlement option in your business or offer cryptocurrency trading services, a white-label crypto wallet is the answer. But before we dive deeper and understand how a white-label crypto wallet can benefit your business, let’s understand the basics.
What is a crypto wallet?
A crypto wallet is a specialized program or device that stores your private and public keys for cryptocurrency transactions and allows you to store and access your cryptos. They are available in many different types, such as software wallets, hardware wallets, paper wallets and so on. A wallet’s security depends on its private key as it offers access to the cryptos stored in it. The public key, on the other hand, is derived from the wallet’s private key and serves as the wallet’s address using which others can send cryptos to it.
Users who undertake crypto transactions through non-custodial wallets become their own banks. They can send and receive cryptos with no intervention from any third-party intermediary. A wallet is pretty much like a bank account. While your bank authority controls your bank account, your crypto wallet is controlled only by its keys.
Why use a white-label crypto wallet?
The greatest benefit of having a white-label crypto wallet is that it eliminates the need for you to go through the lengthy and costly development process. A white-label crypto wallet is a ready-to-deploy solution that you can launch under your brand name.
Approach an efficient web3 development company so you have a customizable solution that you can tailor according to your style and functionality preferences. Make sure to get the wallet created in such a way that it aligns with your business goals and meets your specific company needs.
Characteristic features of a good white-label crypto wallet
Biometric authentication
Biometric authentication of your users’ digital identities offers an additional layer of security to their digital transactions.
Ledger support
Ledger support is important because it facilitates users to keep their private keys offline, further strengthening their security.
Web3 integration
The wallet should be available in both mobile and desktop versions and as a browser extension so it can easily be integrated with dApps and web3 platforms.
Easy asset management
A good crypto wallet will facilitate easy key management for monitoring crypto assets and transactions without hassle.
Multi-network support
Your crypto wallet should offer EVM compatibility, apart from thorough support for popular blockchain networks and their coins and tokens.
Easy-to-navigate dashboard
You need an easy-to-navigate dashboard to track your cryptos and purchase, transfer or swap tokens and NFTs.
Multi-coin Swap
Allows for quick selection, review and instant swaps between any two pairs of listed cryptocurrencies.
Web3 app compatibility
Allow users to seamlessly sign into popular NFT marketplaces like Opensea or any other web3 platform.
Simplified NFT trading
Users can find information about their NFT collection on the wallet’s dashboard, which facilitates trading and NFT swaps.
Endnote
A white-label crypto wallet can work wonders for your business. The right wallet with all desired features and functionalities will not just enhance user experience but also simplify and streamline work at your end. If you are planning on entering the lucrative web3 market, then approach a reliable web3 development company for a robust white-label crypto wallet.
