How Much Does It Cost to Make A Crypto Wallet App on Blockchain?

 The ongoing buzz of blockchain technology has coerced major financial organizations to invest in its benefits. Since all the business verticals are now putting their resources into Blockchain, the vast technological development has gained significant traction in the past few months.

From startups to enterprises and even Fortune 500s, investments in blockchain technology have surpassed expectations making crypto wallet app development one of the most flourishing sectors of this era. The Global Crypto Wallets market size was worth $252 million in 2021 and is expected to grow to around $686 million by 2028.

This article will help you understand everything related to the crypto wallet app development cost and the factors affecting the same. We are now trying to cover a technology that has been the town’s talk and is already dominating the app development market.

To give you a rough idea, the estimated cost to develop a crypto wallet app can be between $25,000 and $200,000. The app’s price can vary according to several factors, such as the feature list, its UI/UX design, overall complexity, the number of hours it takes to develop the app, and the location of the hired development agency.

Hence, hiring an experienced blockchain software development company is an economical way to streamline your processes for developing a custom cryptocurrency app. Our expertise in blockchain app development has led influential organizations on the pathway to imminent success.

But, before getting down to what the development of a crypto wallet entails and how much it would cost you, head on to this guide to blockchain wallets to gain a thorough perspective on crypto wallets and their different types.

Comprehending the Crypto Wallet App Development Cost

As highlighted above, on average, cryptocurrency wallet app development costs can range from $25,000 to $200,000. The overall cost to develop a blockchain wallet app is further affected by its complexity level. Simply put, the more complex the cryptocurrency app, the more its associated cost.

For instance, a simple app with a basic feature list can cost you around $25,000 to $60,000. On the other hand, a full-fledged application with an extensive feature list can cost around $200,000. Choosing the latter can indeed increase the overall costs but are also worth every penny considering the ROI they are bound to get.

Here is an estimated cost range as per the app complexity and the time frame it takes to develop the Blockchain wallet app:

One of the significant factors that further determines the Blockchain wallet cost is the hourly rate of the developers. Well, let us give you a straight formula that can help you choose the price of your app based on the hourly rates.

The processes in the development phase of the crypto app include everything from requirements analysis and wireframing to the overall maintenance and quality assurance catered for the app.

Now that you have an infallible formula to determine the cost of the crypto mobile wallet app development, let us move ahead to the factors that contribute to the complexity of cryptocurrency wallet app development, thus affecting the costs.

Factors Affecting the Blockchain Wallet Development Cost

Several factors define a crypto wallet app’s complexity including its feature set, the tech stack that backs it, design elements, etc. Even though it is impossible to determine every factor that will affect your custom requirements for an app, the list below sums up the significant factors extensively.

Size of crypto wallet app: Size of the app is another parameter that affects the overall cost of a cryptocurrency wallet. More the number of features integrated in an app, more is its overall app size and thus, more is the cost associated with its development. One cost-effective solution to keep the budget in check is going for an MVP development that concentrates only on the core features in the initial version. It will help you offer a great customer experience at affordable costs.

The MVP will feature the most notable features of the app. After getting an initial review from the target audience, you can then move ahead and develop a full-fledged crypto wallet app integrated with an extensive feature list.

Design of crypto wallet: Non-complex and attractive designs play an essential role in the success of your crypto wallet. The cost of bitcoin wallet development will depend on the requirements, and an effective UI/UX design plan will cost more but will benefit you in the long run. Every part of your wallet app, like UI/UX design, wireframes, etc., will take time to design, depending on your choice of requirements. If you need a more complex structure, the overall investment is going to be huge.

Team Size: The blockchain wallet cost will depend on the team size of the blockchain app development company you choose. For instance, if you are looking to hire a freelancer, the overall cost of the app development will be comparatively less as compared to a full-fledged team of project managers, designers and developers. Choosing the latter will no doubt increase the overall cost but it will be worth it considering their overall professional expertise. A dedicated team of professionals can help you develop a strong product capable of offering a unique user experience to your customer base.

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