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How to Create a Crypto Wallet in 2024: Step-by-Step Guide

Is there money safe from crisis and inflation? Some have found an answer in the cryptocurrency world. Cryptocurrencies like Bitcoin and Ether are not under the control of states, banks and corporations. This makes assets in the blockchain ecosystem an alternative to traditional financial instruments of storing your money. And if we want to keep our savings for a long time, we need a reliable intermediary. With no banks on the crypto stage, people turn to other services like crypto wallets.

How to create a crypto wallet with functions that will attract people? In this article, you will learn how to create a cryptocurrency wallet application and how much it will cost to launch such a product.

Reading time: 13 minutes

Table of contents

Types of crypto wallets

The choice of a wallet application is based on: ease of use, protection level, number of available cryptocurrencies, format, and some extra features. Let’s look at some of them.

By format

They can be hot and cold. Hot wallets are applications, meanwhile cold wallets are special devices that can be connected to a PC.

Photos of Examples of hot and cold walletsExamples of hot and cold wallets

By governance

These cryptocurrency wallets are:

Custodial services store public and private keys on the company’s servers. This type includes crypto exchange wallets and some software wallets. 

Non-custodial wallets let the users store keys on their devices. They have a recovery phrase, so users can access the cryptocurrency even if the keys are lost.

By the device used

Let’s learn more about non-custodial wallets and their types:

1. Desktop wallets are the most popular type among users. All information about the cryptocurrency and private keys are stored in the user’s computer memory.

2. Mobile wallets are an alternative to desktop wallets with advanced functionality. They are perfect for everyday transactions and purchases, as such wallets provide quick access to assets.

3. Web wallets can be used with a regular browser without installing any software. This storage option is not considered reliable enough, so users should think about protecting their wallets.

4. Paper wallets are an alternative to cold storage. It is a piece of paper containing keys for the wallet in the form of QR codes. The printed data can be scanned when making transfers. 

5. Hardware wallets are somewhat similar to flash drives. They are considered the most reliable type. Hardware wallets generate private and public keys automatically.

wallet types based on the device they useExamples of wallet types based on the device they use

At Purrweb, we have developed two mobile crypto wallet applications. Study our cases: Broex and cryptocurrency wallet.

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Top 5 crypto wallets

Let’s look at some of the most popular cryptocurrency wallets. We have selected both hot and cold wallets. These apps and devices attracted millions of users around the world, and their features can serve as an example for creating your bitcoin wallet or multi-currency wallet.

MetaMask 

This is one of the most popular decentralized cryptocurrency wallets. It is built on the Ethereum blockchain and serves for storing, transferring, and receiving tokens of the ERC-20 and ERC-721 standards. The feature of the wallet is that it is convenient for working with decentralized exchanges, smart contracts, and DeFi applications. MetaMask has high compatibility with hardware wallets.

📱 The MetaMask wallet is an extension for Google Chrome and a mobile application.

🔒 MetaMask supports BNB SmartChain (BSC), Polygon, Harmony, and a few more blockchains, and approximately 200,000 tokens of ERC-20 or compatible with the ERC-20 token standard.

Metamask walletMetaMask wallet screen

Check out our article, if you want to dig deeper into how to build blockchain application.

Exodus 

The Exodus wallet is a hot wallet where users can buy, sell, and exchange cryptocurrencies. The wallet has a nice and simple design and great functionality, and there are regular automatic software updates. Exodus encrypts private keys and transaction data on the device. It is compatible with the Trezor hardware wallet.

📱 There are desktop and mobile application options. 

🔒 Exodus supports Bitcoin, Ethereum, Litecoin, XRP, and a few more blockchains, the ERC20 token standard, and over 150 cryptocurrency assets.

Exodus walletExodus wallet screen

Trust Wallet

Trust Wallet supports ERC-20, BEP-2, and BEP-20 token standards, NFT tokens, and DApps. Trust Wallet includes a built-in Web 3 browser. The wallet created by Binance is compatible with all services of the platform.  

📱 Trust is a hot mobile wallet application available for iOS and Android.

🔒 Trust Wallet crypto wallet supports more than 40 blockchains, including Bitcoin, Ethereum, Litecoin, Solana, and Polygon, and more than 4.5 million crypto assets.

Trust wallet walletTrust wallet app screen

Ledger Nano

There are two types of cold Ledger wallets: Nano X and Nano S. 

Ledger Nano X is a device that can be connected to the smartphone via Bluetooth or to the PC via USB. This hardware multi-currency storage is popular among long-term investors.

Ledger Nano S is a bit cheaper than the Nano X and does not support Bluetooth, but still provides a high degree of protection. Although this model was released in 2016, it still is one of the most popular hardware wallets. 

Photo of Ledger NanoLedger Nano photo

📱 The user can manage digital assets through the Ledger Live desktop or mobile application available for iOS and Android.

🔒 Ledger supports more than 5,500 cryptocurrencies and tokens.

Trezor Model T

Trezor is a cold hardware wallet. It is one of the most popular devices on the market. The wallet provides an isolated environment for signing cryptocurrency transactions offline. Trezor is equipped with a touchscreen and has a convenient interface, which makes it easier to use. You can send transactions to multiple recipients at once and use universal two-factor authentication to protect your assets.

Photo of Trezor Model TTrezor Model T photo

📱 Trezor is compatible with Ethereum-based web- and desktop wallets. 

🔒 Trezor Model T can store more than 1800 different cryptocurrencies and tokens.

Why is there a need for cryptocurrency wallet development?

In the last few years, we have witnessed a rapid growth of the cryptocurrency market. Total market capitalization reached $2.64 trillion in 2024, which didn’t surpass the peak of $2.8 trillion in 2021, but still, these numbers continue to surprise traders and investors today. The involvement of both companies and ordinary users in the cryptocurrency market increases, which means that more and more people in the world get access to this financial instrument. As a result, the demand for high-quality and reliably protected solutions for storing crypto assets rises. According to Vision Research Reports, the market of crypto wallets is expected to grow to $94.45 billion in the next 10 years.

Graph showing the expected growth of the market to $94.45 billion by 2033

The statistics expect the market to grow

The crypto wallet is designed to solve current problems, such as unreliable token storage on exchanges, and complex transaction and conversion systems. In a high-quality cryptocurrency wallet application, tokens can be transferred from one address to another or converted in just a few clicks. The internal security protocol takes care of the security of the funds, and seed phrases and strong passwords, which only the user has access to, create an additional layer of protection.

From a developer’s perspective, it’s profitable to make a cryptocurrency wallet application because they can earn money on commissions during transfers and conversions of currencies and advertising. That’s why the idea to create a cryptocurrency wallet today seems promising.

Core features 

What functions should a cryptocurrency wallet application have? As a rule, it is created to avoid problems that are associated with trading and storing funds on the crypto exchange or marketplace and to enhance asset security. Based on this, the main requirements for the application are:

A unique access key. Every wallet should provide its users with unique public and private keys. There should be an opportunity to add a personal password or two-factor authentication. 

Session duration. You need to limit the session duration for security purposes. This practice exists in banking applications. When some time passes without user activity, the application closes automatically. To resume the session, a user needs to re-enter the login password.

Several supported cryptocurrencies. There are single-currency crypto wallets, such as Bitcoin wallet or Ethereum wallet, but now their popularity is not as high as that of multi-currency alternatives. It is often convenient for investors and traders to have a diversified portfolio of assets and store them in one place. The most efficient crypto wallets constantly add new tokens to their list due to the growing demand from the crypto community.

Buying and selling cryptocurrencies. The crypto wallet application should make it possible to buy and sell cryptocurrency assets, execute buy and sell orders, and organize trades between users.

Transaction options. You need to allow sending cryptocurrencies to other wallets using the wallet number (public key). The transfer of cryptocurrencies from one user to another is an integral part of every cryptocurrency wallet application.

QR codes. QR codes simplify functions such as making a transaction, receiving a transfer of assets to your address, logging into the crypto wallet app, securely authorizing a user on the platform, or confirming any other actions.

Push notifications. Notifications may include one-time codes to confirm transactions, as well as information about successful crediting or debiting assets or an error. The push notification is important for maintaining security. If some assets have been debited from the account without the user’s consent, the notification will immediately inform the owner about it.

Constant updates of the conversion rate. Due to the high volatility of crypto assets, the exchange rate is constantly changing. Crypto wallets allow users to transfer money in different ways, for example, in Bitcoin or altcoins. Your application needs to synchronize with the blockchain network and show up-to-date information about conversion rates at the time of the transaction. 

Сompatibility with iOS and Android. Launch the app simultaneously on the most popular operating systems: iOS and Android. You can achieve it with React Native that helps developers use one code base to develop two apps.

Cryptowallet core features

Nice-to-have features 

Besides the main mandatory functions, you can also stand out from the competition by adding the following features:

Commission calculation. Some crypto wallets have a field for calculating the commission or they automatically show how much you need to pay depending on the transaction amount. This feature adds convenience to the user and makes the system more transparent.

Conversion of fiat into cryptocurrency. Not all wallets allow you to convert US dollars or other fiat currencies into cryptocurrencies. However, such a feature can add popularity to your wallet and perfectly suit beginners in the world of crypto.

Payment gateways. A crypto payment gateway is a tool that allows users to pay with crypto for goods and services and merchants to accept crypto payments. Advanced crypto payment providers offer to automatically convert assets into fiat currencies.

Collaboration with cryptocurrency exchanges (DEXes). Many wallets need to be connected to the web version of a decentralized exchange or NFT marketplace to buy and sell assets on this website. A simplified or automatic connection to popular exchangers will be a great addition to your service. 

Several accounts for cryptocurrencies. To diversify the portfolio, investors and traders buy and store several different cryptocurrencies at the same time. You can add the ability to create multiple accounts for different currencies to your crypto wallet application. So there will be a division between assets. 

Staking. Many platforms, including Binance and Coinbase, have added the ability to stake cryptocurrencies using a cryptocurrency wallet. Storing cryptocurrencies to maintain network performance and receive rewards for this is a popular passive income among crypto enthusiasts.

Tech stack for crypto wallet development 

To develop a crypto wallet application, you will need to choose either a desktop, a web or a mobile app. Let’s explore some useful and advanced technologies that can be used for every type of app. 

Electron.js for desktop apps. Electron.js allows developers to create native cross-platform desktop applications with JavaScript, HTML, and CSS. This open-source framework uses Chromium and Node.js. It makes it possible to build apps compatible with Mac, Windows, and Linux. Useful Electron JS features include automatic updates, crash reporting, debugging and profiling.

React.js and Node.js for web apps. React.js and Node.js are open-source JavaScript libraries for web applications. React is a popular frontend library for creating interactive user interfaces. It offers regular updates and a convenient toolset. Node.js is a backend development environment that allows specialists to create scalable web applications with high performance, flexibility, and interoperability.

React Native for mobile apps. React Native is a framework used to create mobile applications for iOS and Android. It makes it possible to develop apps for the two platforms using a single code base. Powered by React.js, React Native allows developers to use a set of user interface components to quickly compile and launch mobile applications. It also offers an important live update function and a user-friendly interface.

Most professionals agree that these technologies are the best choice for application development. The Purrweb team is no exception, which is why we create desktop apps with Electron.js, web apps with React.js and Node.js, and use React Native when creating mobile applications.

Let’s start working on your crypto wallet app today!
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How to build a crypto wallet in 5 steps

Let’s take a look at the crypto wallet app development stages. 

Step 1. Analyze the project

questions for market analysis

This step will serve as a foundation for crypto wallet app development. Without a project analysis, you may develop an app that will have no target audience. A thorough analysis will help you get a rough idea of the app as well as avoid unnecessary expenses.

In this step, you will:

Conduct competitor research. Look at your potential competitors and analyze their products. This can include reading reviews on app stores and downloading their crypto wallet apps.

Identify the target audience. View reports with statistics on crypto app users, it includes information about their location, age, and habits. This data will help you create user personas that will represent your ideal users. 

Define the app’s features. Think about the features that your app will offer. For example, it can be a basic crypto wallet app that will allow users to store assets and make transactions. Or, it can also include cryptocurrency trading and exchange features.

Set timeframes and a budget. The information gathered about the details of the project will help you and your development team decide on the scope of the work. You will then discuss the development costs and timeframes.

As a result of this step, you’ll get a clear understanding of your future crypto app and have a detailed development plan.

Step 2. Create a design

At this step, you will be gathering references, thinking through the flow of the app, and visualizing it in the form of a UI/UX design.

During the design process, it’s important to put yourself in the users’ shoes and understand whether they will feel comfortable using your app. Your crypto wallet app needs to be user-friendly so that people who are new to cryptocurrency can pick it up instantly. Make sure that all the key features are easily accessible. A complicated design can ruin a positive impression, and users are unlikely to continue using your app.

difference between good and bad UI/UX

The importance of intuitive design

By the end of this stage, you’ll have a user-friendly interface prototype that developers will implement into your crypto wallet app.

Step 3. Develop a web or mobile application

This is where crypto wallet app development begins.

To test the hypothesis and not invest too much money in development at the beginning, we recommend you first develop an MVP with a basic set of features. If the application gets a good response from the target audience, you can develop it further and add new features.

During this stage, your development team will:

Select the tech stack. To decide on the tech stack and programming language, choose whether you want to develop a web or mobile application. If you want your application to be accessible to as many people as possible, consider developing it for multiple operating systems.

Integrate blockchain. It is an essential part of any crypto application. Depending on your needs, you can decide which blockchain to integrate into your app. There are more than 1,000 blockchains available today, with Bitcoin and Ethereum being among the most popular choices.

Implement security measures. Any money-related application requires additional protection to prevent hackers from stealing users’ assets. Implement multi-factor authentication and encryption capabilities. Familiarize yourself with important regulations such as AML, KYC and CTF to increase security and reduce the chance of violating laws.

At the end of the development phase, you’ll have a fully functioning crypto wallet app that is almost ready for the release.

Step 4. Test the app

the role of QA testers

Testing will help you identify security vulnerabilities and bugs that went unnoticed during development.

The QA team performs different types of diagnostics. They perform edge case, usability, performance, and security tests. The more types of testing they perform, the fewer bugs will make it to the release.

After making sure the crypto wallet app works properly and is secure enough, you can finally release it to the app stores.

Step 5. Release the app and get feedback

After you release the crypto wallet app, it is important to continuously monitor users’ impressions of your app. The feedback will help you develop and improve the product. Positive feedback is great, but you also need to pay attention to negative comments. Filter them out and select only constructive criticism.

As a result, you will get an application that is fully usable.

Of course, if you have the right skills, you can create a wallet yourself, but if not, it is easier and more reasonable to seek help from professionals. If you have a cool idea and need technical help, the Purrweb team is always ready to help you.

How much does it cost to make a cryptocurrency wallet? 

The application development market offers many solutions of different price categories. Our company can share examples of ready-made crypto wallet applications. 

The Purrweb company estimates the cost of the project from the first day of the customer’s request. We need to discuss all aspects of the work, app functions, preferred design, and personal wishes. If you are going to develop applications for a crypto wallet, you should familiarize yourself with the action plan. Based on the core features discussed above, our team estimates the pace and timing of crypto wallet development as follows: 

Stage Estimation in hours Estimation in weeks Approximate costs
Project analysis 0 0 $0
UI/UX design 137 hours 5 weeks $6 840
App development  1050 hours 12 weeks $62 100
QA (Quality Assurance) 360 hours in parallel with the development $7 200
Project management during the whole project during the whole project $4 950

Overall, the cryptocurrency wallet development will cost you from $80 000 to $85 000 To get more information and an individual offer, please contact us.

Wrapping up

Now you know how to make a cryptocurrency wallet in several steps. We hope that our article was useful for you. If you want to build a cryptocurrency wallet, you can familiarize yourself with our cases of the development of such applications. Leave a request and our manager will contact you to discuss the project, the stage of its development, and the costs. We will be happy to help your idea come true, and our experienced team of developers guarantees the creation of convenient and high-quality applications. 

Launch and improve your project with Purrweb.

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