As you are already aware, cryptocurrency wallets are the blockchain equivalent of a traditional leather wallet. It allows you to store cryptocurrencies and use it for simple trading and exchange, or to purchase fiat money or virtual goods like NFTs. The possibilities you have for using your cryptocurrency wallet are only limited by your creativity.
The market for crypto wallets is predicted to grow rapidly due to the growing number of use cases involving cryptocurrencies, as well as the growing interest in Web3, metaverse, and Web3. One illustration of this is found in the Research and Market report’s prediction that, at a compound annual growth rate of 24.4%, the space will reach USD 48.27 billion by 2030.
Numerous cryptocurrency wallets are influencing this market share. Exodus crypto wallet, on the other hand, is the one we will be delving into in-depth today. It is an application that lets you exchange and manage over 260 different cryptocurrencies and NFTs on your desktop, mobile, and hardware wallets.
In order to provide you with insights into how to establish your own version of the Exodus cryptocurrency wallet with a fail-proof guarantee, we will examine in this post how to develop a crypto wallet similar to Exodus and many aspects that go into making a solid Exodus-like crypto wallet app.
Create a digital wallet similar to Exodus.
The main attributes of the Exodus wallet
Exodus is one of the most popular wallets among blockchain aficionados because of how simple it is to buy and sell cryptocurrencies, trade crypto assets, connect to Web3 apps and dApps, display NFTs, and earn rewards through crypto staking. Let’s examine some of the main attributes of cryptocurrency wallets.
Crucial Elements for Creating an App Similar to Exodus Backup Crypto Wallet
You can use a private key to guarantee the security of your assets in the non-custodial wallet once you log into a wallet like Exodus. When a user forgets their password, the software provides them with a 12-word phrase that they must type in chronological order in order to access their account and recover control.
The Exodus cryptocurrency wallet is a non-custodial wallet that may be used to store digital assets such as NFTs and other cryptocurrencies, purchase and sell cryptocurrencies, engage in staking to generate passive income, and even exchange one cryptocurrency for another via the app.
Including a function that allows users to trade cryptocurrencies with other users within the program can be helpful when creating a cryptocurrency wallet similar to Exodus. The software operates by measuring the current rate of the cryptocurrency you want to buy with the one you want to sell in order to complete the exchange using a real-time currency value analyzer.
Having a well-thought-out portfolio is the next frequent element of a cryptocurrency wallet. Investors may monitor their cryptocurrency holdings, their current value, and even charts that compare them to other assets, all within their portfolio.
Compound Finance and Staking
If you intend to construct a cryptocurrency wallet that is identical to Exodus, you might include the possibility for investors to receive passive income from the app. The program provides users with two options for making money off of their cryptocurrency: compound financing and staking.
With Web3 integration built right in, the Exodus cryptocurrency wallet lets users access a variety of Web3 apps and metaverse. Users can easily trade on such platforms in addition to accessing the apps, providing a comprehensive experience all in one application.
24/7 customer service is another essential component of developing a digital wallet app for cryptocurrency. When creating a cryptocurrency wallet like Exodus, there are several ways to accomplish this, including email, phone assistance, chatbots, and FAQ sections.
An analysis of the Empire App case study
After looking at the advantages of developing a cryptocurrency wallet like to Exodus, it’s critical to comprehend what makes the program stand out from the countless other apps available on the market: superior security. Users feel highly secure since blockchain technology powers cryptocurrency wallets like Exodus. Still, given the frequency of crypto wallet attacks, it’s critical to maintain a security-first development methodology. Here’s how Appinventiv handles this.
How can we design a cryptocurrency wallet like Exodus with security as our top priority?
When establishing a cryptocurrency wallet like as Exodus, it is beneficial to comprehend the way the platform handles in-app security.
The first factor that favors a wallet such as Exodus is its development team. They have a team that focuses on cloud, app, and attacker simulation security. They use their safe software development lifecycle process to drive the development of secure architectures.
Technically speaking, Exodus is based on a non-custodial method, which means that they have adopted this approach as their working ethos and do not have access to users’ private keys, data, or transaction records.
At Appinventiv, we prioritize security when developing DeFi wallets for cryptocurrency. When developing a simulation-based architecture, our team of blockchain specialists adheres to the same principles as the Exodus team. As part of our crypto wallet app development services, our team makes it a point to reverse engineer each app we create to guarantee that every open-source code and API is error-free and impenetrable by hackers.
Now that the features and security-focused portions of how to create a cryptocurrency wallet similar to Exodus have been addressed, let’s move on to the two parts that worry entrepreneurs the most: how to create a cryptocurrency wallet similar to Exodus and how much it will cost.
How to make a cryptocurrency wallet similar to Exodus
Creating a cryptocurrency wallet involves several steps, all of which are supported by a high scalability and security-first philosophy. These are the processes that we typically take while developing a cryptocurrency wallet program, such as Exodus.
Fix the concept and functionalities of the app.
Finalizing the business plan is the first stage in developing an app that is similar to Exodus. Choosing between custodial and non-custodial wallet architecture, features you plan to add in-app, and user demographics are some of the things to keep an eye on at this point. To gain a good start on project creation quickly, thorough market and competitor research is usually beneficial.
First, try to implement MVP-level functionalities.
Consider the qualities in terms of revenue.
Understand your target market thoroughly, including their requirements, problems, and reasons to take action. Work on the UI and UX of the app.
We proceed to the Exodus bitcoin wallet design phase when the app idea is created. Here, the goal is to create a simple, immersive application with sections and components specifically designed to support a natural user flow.
Our goal at this stage is to provide the stakeholders with a rough visual representation of the application while simultaneously creating a wireframe and prototype that the developers can use as the foundation for their development architecture.
Start the coding procedure.
We proceed to the development phase as soon as the Exodus cryptocurrency wallet’s UI/UX design is finalized. We often provide two methods to create a cryptocurrency wallet similar to Exodus, depending on the needs of your project and your financial constraints. – A. Create the application from the ground up; and B. Make use of well-known tools and frameworks like the Blockchain Wallet API, Coinbase SDK, and BitcoinJ SDK. We proceed to the feature development and in-app user flow creation based on the selected mode.
Testing and releasing the version of MVP
The solution will then undergo quality assurance testing to make sure it is scalable and impenetrable. Our team of blockchain solution testers works to prepare your app for expansion into other markets. We release the MVP version of the app to real app prospects to test and provide feedback on once it’s ready for launch.
The Exodus wallet development cost breakdown
The size of the application, the solution architecture, the functionality of the application, the selection of the technology stack, the location of the team working on the application, and other factors all affect the cost of developing a cryptocurrency wallet.
Taking into account each of these variables, the cost structure for creating a cryptocurrency wallet similar to Exodus looks like this:
The Exodus wallet development cost breakdown
This table provides a rough idea of how much it would cost to create a cryptocurrency wallet similar to Exodus. However, to find out the precise range, you would need to speak with our team of business analysts about your needs. They will collaborate with you to create a project outline, milestone strategy, and delivery schedule.
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We also assist our clients by completing the revenue models for the services related to developing cryptocurrency wallets. Through its partnerships with exchanges and third-party API providers that deliver services via the app, Exodus generates revenue. Furthermore, we frequently suggest to our clients that they charge transaction fees for each deal completed using the application and make money per click on relevant advertisements.
However, why should you pick our crypto wallet app development partner? At Appinventiv, we have worked on more than thirty blockchain projects for clients in the financial, hotel, and even government sectors. Five of these projects have been specifically related to cryptocurrency wallets, where we have created APIs to enable the app to be used with other cryptocurrency platforms while also building the wallet and cryptocurrencies from scratch. Our extensive experience has given us the subject matter expertise we need to establish ourselves as a reliable blockchain development business on a worldwide scale.
To discuss your concept for a cryptocurrency wallet app, get in contact with our team.