Importance of white-label crypto wallets
Cryptocurrency wallets play a prominent role in the crypto world. They safely hold your public and private keys that can unlock your accumulated assets and allow for secure transactions. Anyone in the cryptocurrency ecosystem must have crypto wallets to hold their keys. Witnessing the significance of wallets, many businesses have started introducing their wallets with advanced features to compete in the market. White-label crypto wallets are also getting popular as they are handy in instantly deploying them to the outside world.
What are crypto wallets?
Contrary to popular belief, crypto wallets do not hold any cryptocurrencies, unlike a wallet in your pocket. It can only hold your public and private keys. It interacts with the blockchain that stores your assets, monitors your balance and enables sending and receiving crypto assets. You can use it to make regular purchases, hold assets and tokens for long-term investments or even use cold storage facilities.
White-label crypto wallet
White-label products and solutions are built and deployed by a third-party company, but another company buys them to rebrand and resell them. You can launch your own crypto wallet with a white-label crypto wallet. It is a ready-to-deploy solution where you do not have to spend time developing a wallet from scratch, and it also cuts down your cost on labor. It is a market-ready product developed to meet the end users’ expectations and possesses advanced features that intrigue them. As they are ready-made products, most white-label crypto wallets possess high-end features that have the potential to compete with other wallets.
Features needed in a white-label crypto wallet
Various white-label crypto wallets have different features that keep them distinctive from other wallets. When companies make white-label crypto wallets, they also research user expectations. So, they are also made depending on the end users’ demands and expectations. Keeping the users’ demands a priority can help you acquire more customers and improve customer loyalty. As such, you need to consider certain characteristics and features, such as a simplified user interface, robust security, and other features to be included in your white-label wallet. Some of the must-have features include in a white-label wallet are:
- Multi-chain and multi-currency compatibility: An ideal crypto wallet should support prominent blockchains like Ethereum, Binance, Avalanche, and its tokens and currencies.
- Multi-platform support: A crypto wallet compatible with multiple platforms like iOS, android, desktop and browser extensions can emerge as a highly sought-after wallet.
- Web3 integration: A white-label crypto wallet should have features that help in seamless integration with other Web3 platforms and dApps.
- Biometric authentication: Crypto wallets that utilize biometric authentication like fingerprints, face recognition or more can help strengthen the ease and security of users’ digital payments.
- EVM compatibility: Having an EVM-compatible wallet means the ability to interact with Ethereum-based dApps and platforms, and many platforms are EVM-compatible.
- Manage assets: A good crypto wallet should possess robust key management. It helps track a user’s crypto assets and facilitates safe and accessible transactions.
- Ledger support: Possessing compatibility with cold or hardware wallets enables users the flexibility to store their private keys offline, providing additional security.
- ERC-20/ERC-721 support: Wallets supporting ERC-20 or ERC-721 token standards can help users send and receive fungible and non-fungible tokens and help track their status.
How does a white-label crypto wallet benefit businesses?
White label crypto wallet is a handy solution for businesses unwilling to build a wallet from scratch. It can also be helpful for businesses that specialize in a specific domain but lack it from a technical perspective. Many white-label crypto wallets are flexible and can be customized to the requirements of the businesses. Overall, white-label crypto wallets offer the following benefits to businesses:
- Low cost
- Lesser time
- Instant deployment
- Advanced features
Crypto wallets are an unavoidable aspect of crypto and Web3, enabling users to interact with marketplaces and DEX and help facilitate crypto trading and investment. A powerful crypto wallet is crucial in determining the security and safety of your private keys, which protects the assets stored in the blockchain.
Businesses wanting to develop crypto wallets can either build one or utilize a white-label wallet. Leveraging a white-label wallet can cut down your extra expenses and save a lot of your time. As they are market-ready products, it helps in the ready launch of the wallet. If needed, you can also customize it to your preferences. Choosing a good white-label crypto wallet can help enhance your customer loyalty and acquire more customers.