The average cost to create the blockchain wallet can fall between $20,000 to $150,000 This can be based on the number of factors that affect the blockchain wallet development cost
Factors that affect the Blockchain wallet development cost:
Types of Blockchain Wallet:
There are two types of Blockchain wallets, the hot and the cold wallet the hot wallet is connected to the internet, while the cold wallet is not connected to the internet. When it comes to convenience the hot is more convenient to the user compared to the cold wallet.
The cost of developing a blockchain wallet depends on a number of factors, including the type of wallet, the features it includes, and the experience of the development team. However, in general, cold blockchain wallets are more costly to develop than hot blockchain wallets. The cold wallet is often developed as a standalone application while hot wallets are developed as a web-based application or mobile app. The standalone app requires more testing processes and is more complex this is why the hot wallet development is way more affordable in the cold wallets.
Also in this fast-paced world, most users prefer hot wallets to buy cryptocurrency at ease, so choosing the hot wallet development for your business is highly recommended in 2023. This leads to helping you reach a huge audience in a short span of time.
On average, the cost of building a
Cold wallet:
Is $50,000 – $80,000 Based on the features and the functionalities that are required for your wallet the cost can change.
Hot wallet:
Developing a simple Hot wallet with fewer features will cost you between $15,000 and $30,000, and a more complex hot blockchain wallet will cost you between 30,000 to 70,000.
The Common Features of the Wallets and Their Cost
These are Some of the most common features of the blockchain wallet and the cost to build is included in the below table:
| Features | Cost |
| Support of multiple cryptocurrencies | $1,000 – $2,000 |
| Two-factor authentication | $500 – $1,000 |
| Backup and recovery | $1,000 – $2,000 |
| Exchange Functionality | $500 – $1,000 |
| Decentralized finance (DeFi) integration | $1,000 – $2,000 |
Also the complexity of your wallet:
The more complex a wallet is, the more expensive it will be to develop. Here are some of the factors that affect the complexity of a wallet includes:
The number of cryptocurrencies your wallet supports
The security measures it implements
The number of advanced features it has
Advanced Features of Your Blockchain Wallet And Its Cost
Here are some of the unique features that would make a standout from other blockchain wallets to attract an audience.
| Advanced Features | Cost |
| Biometric authentication | $2,000 – $5,000 |
| Multi-signature wallets | $3,000 – $5,000 |
| In-app exchange | $5,000 – $10,000 |
| Staking | $3,000 – $5,000 |
| Decentralized application (DApp) browser | $5,000 – $10,000 |
Learn more about Decentralized Apps.
These are all the factors that will affect the most of the cost for developing your blockchain wallet, Now you may plan to build your blockchain wallet based on your budget and the feather it requires.
Conclusion:
These are the cost analyses for the blockchain wallet, all these costs are for the basis blockchain wallet the cost may vary based on the features and the customization you require in your blockchain wallet.
If you are looking forward to building a blockchain wallet, but don’t know where to start we are here to help you throughout the journey of your blockchain wallet development at an affordable price, Maticz is the top blockchain wallet development company that offers the best in class service for your blockchain wallet.
