How to Create Crypto Wallet like Coinbase wallet?
Crypto wallets are one of the key components when it comes to cryptocurrency trading. The need for feature-rich and secure crypto wallets is presently skyrocketing in the crypto space. Meanwhile, crypto wallets are now upgraded to offer additional services like buying options, token swapping, and many more. Among them, the coinbase crypto wallet leads the way with abounding features like NFT storage, Dapp browsing, and many more.
Coinbase Wallet values its users’ satisfaction at the top of its priority which is the secret behind the growing user base. Also, this wallet has a user-friendly interface and noteworthy profit-making ways for those who try to create it. Considering these, many business aspirants are looking forward to creating a crypto wallet like Coinbase wallet.
So, before beginning the business initiatives, get to know the basic insights and knowledge about coinbase wallet and how to create one via this blog. Let us start with the basics…
What is a Coinbase Wallet?
Coinbase wallet is a self-custodial wallet giving users full control over their assets. With the motive of secure wallet usage, this wallet provides a secret key phrase to users. This key phrase authorizes wallet-related operations like the backup of wallet data and similar. Coinbase further allows account holders to migrate their existing crypto exchange accounts with the wallet.
In terms of service offerings, the mobile app and browser extension of Coinbase manage the millions of users’ demands. Out of these two services, the Coinbase wallet app is open to its full potential. And the browser extension also serves essential functionalities. The widely known functions are: Buying, Swapping, Bridging, Sending, and Receiving crypto assets.
Speaking of crypto assets, this crypto wallet supports thousands of tokens including NFTs. The inbuilt DApp browser access further adds value to this wallet. Interaction with DApps allows users to earn by locking their assets in DeFi applications. Thus, the Coinbase crypto wallet is a one-stop locale for all trading needs.
The engaging services of this crypto wallet benefit its users for a little amount. However, reaching the ocean of benefits is not so distant for cryptoprenuers when you create crypto wallet like Coinbase wallet. Let us get closer look at the…
Benefits of Creating a Crypto Wallet Similar to Coinbase Wallet
The first thought of major business aspirants would be: How does this crypto wallet meet every startup’s expectations?
Building a crypto wallet like Coinbase wallet binds numerous benefits in which the answer to this question is hidden. The benefits are
Profitable business
As a wallet owner, you can earn from fees for withdrawals/transactions made through your wallet platforms. Other than that, you can earn from making your crypto wallet support additional services like staking, and consultancy services.
Integration Possibilities
Building your crypto wallet supporting interaction with Dapps and other API integrations helps you extend your wallet services similar to the Coinbase wallet. This allows your users to reach their needed services like buying and trading assets easily within the wallet platform. So the increased wallet usage will expand your business benefits.
Eligible for Future Updates
Coinbase crypto wallet is powered by Web3 tech for NFT storage. The recent addition of inbuilt messaging services proves its stance of supporting future upgrades. This is such a catchy idea for startup businesses. Because, along with some technical upgrades, this move lets you keep your users’ contribution.
Security builds Trust
Decentralized nature is an added advantage to keep your wallet secure like the Coinbase wallet. With this, you can integrate token approval alerts, and previews before processing to improve the assets’ security. Your wallet may come with insurance protection for assets which creates trust among users.
Easy Recognition
“Coinbase” — A reputable brand name known for user-friendly crypto exchange. Now also introduces Wallet as a service offering a stunning coinbase crypto wallet in terms of services, security, and many defining factors. So, when you create crypto wallet like Coinbase wallet, acquiring recognition is not a difficult task. Offering a unique wallet experience boosts your wallet business to live more on business opportunities and access to market share.
The above-mentioned are some of the benefits when you Build a Crypto wallet like Coinbase Wallet. As a business person, you may have ideas to shine in your crypto wallet business. In this regard, the wallet platform should be flexible and feature-rich to make up your business endeavours effectively. Moving on, let us explore the…
Effective Features of Crypto wallet like Coinbase Wallet
Generally, features are considered to be effective in the case of deploying a crypto wallet. Accordingly, the prominence of your crypto wallets is directly related to the exemplary features you choose to fit your business needs. Some of the business-compatible features of a crypto wallet are,
Multi-currency Support
The Coinbase wallet supports 1000+ digital assets including popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more. It also allows users to buy and sell NFTs via the Coinbase NFT platform. Accordingly, building a multi-coin-supported wallet will enhance your crypto business.
Exceptional Security
You can craft your wallet functionality with its non-custodial nature with the protection of blockchain technology. The addition of 256 AES encryption along with industry-leading secret phrases increases the trust of your wallet among users.
Inbuilt Swapping
Token swapping is an out-rated feature right now getting its place in popular crypto wallets like Coinbase, MetaMask, etc. So the users do not need to look for external crypto exchanges for token swapping.
Access to DApps
DApps are an effective way to establish connectivity between wallet users and various decentralized platforms. Making use of integrating the DApps feature, not only satisfies the user’s demands but is also a way of earning passive income.
Integrated bridging option
Bridging is an effective way of transferring crypto assets from one blockchain to another blockchain. In coinbase wallet, it supports both ETH and POL network which is needed to run DApps performance. In that case, it increases the chance of your wallet operating with multiple coins and blockchains.
The above-said are some important features that are necessary to run a crypto wallet business for a startup like you. These features are common for both mobile apps and extensions.
Yet, how you plan to develop your crypto wallet apps to meet users’ demands will be the key to your business success.
Additionally, this Coinbase wallet app has amazing security features to provide a convenient experience for users everywhere and at any time. Further, the app supports two-phase authentication and biometric verification which extend the credibility of mobile apps over browser extensions. So which one is best for your business completely depends on your business requirements.
Now that you have gained some knowledge of the benefits and features of this Coinbase wallet app, the next query you might be curious about is…
How to Create Crypto wallet like Coinbase Wallet?
Developing a crypto wallet app will be a quite compelling one. There are two popular methods that are used to create a stunning crypto wallet with salient features that meet your business needs. They are Development from the base and using white label software.
Both these methods need some professional guidance, which can only be offered by a team of experienced developers. First, let us start with the scratch method.
Building a crypto wallet like the Coinbase crypto wallet from scratch would definitely be a long process. Also, you should plan your business ideals from the beginning of your crypto wallet development. Though this method consumes more time and cost, if you look for a development method to implement all your business ideas from the beginning, then this is an ideal method for you.
On the other hand, the white label crypto wallet software allows you to create a crypto wallet like coinbase wallet cost-effectively in a short period of time. This is the most preferred method by startups who look for instant solutions to step into the industry. Also, you can implement your business ideas in your crypto wallet through customization capabilities.
Now, you may have clarity in the two effective crypto wallet development methods. But the development cost must be an influential factor you may consider in choosing the right method. Because it is great that decides the aspects of the crypto wallet business and its growth. So knowing the approximate cost of each method will help you in this regard.
The cost to create crypto wallet like Coinbase wallet using the scratch method will be around $60000 to $80000.
The cost to build a crypto wallet similar to Coinbase wallet using white label crypto wallet software will range around $12000 to $15000.
The above-mentioned cost is the approximate one which will vary with respect to various factors. Further, the cost will not be identical if you prefer to develop a Coinbase wallet app and browser extension together for your business. The cost must be different from the estimation stated above.
As I said earlier, when choosing among these two methods of developing a crypto wallet like Coinbase wallet, it is necessary to get guidance from professionals.
You can get professional guidance from the experienced developers of a reputable Crypto Wallet Development Company to enforce a better roadmap for your business drives. They help to choose the right crypto wallet development method, to create crypto wallet like Coinbase wallet as a mobile app and browser extension for your business.
Concluding thoughts
In the ever-lasting crypto space, crypto wallets face many upgrades in the view of designs and operations. With user-friendly interfaces and robust security measures, Coinbase wallets stand ahead of the market competition. Considering this, it is the right time for business people, to create a crypto wallet like coinbase wallet to get a smooth entry into the crypto wallet business. For a startup like you, getting some of the insights on this Coinbase wallet will be helpful for deploying a crypto wallet business. So as a business aspirant, ensure to fuel your crypto wallet’s potential to meet your business goals like the coinbase crypto wallet.
