Cryptocurrency Wallet Development

Why Does Cryptocurrency Wallet Development Require MFA & 2FA? [Inculcated Here]


The one-term that always spins in our heads and will always stay in our minds. Yes, I am talking about the “Cryptos,” “NFTs,” and other blockchains that have emerged and are digging the pathway to the future. And most importantly, the vigorous growth of cryptos is the talk of the world. The untamed performance of the cryptocurrencies has provoked zillions of business tycoons to take a quick dive into it. While the whole world is moving with these futuristic crypto waves, why not join the surfing too? In this blog, we shall unveil the overview of cryptocurrencies and the niche you ought to follow during the cryptocurrency wallet development in order to prevent getting lost in this Crypto ocean. Let us dive together and surf through this vast ocean. 

Can Anyone Start Cryptocurrency Wallet Development Process? 

Unequivocally, whoever aspires to be a part of this emerging crypto space, with the white-label crypto wallet development solutions, everything is highly possible and efficient to jump into the dreaming land. The white label here refers to the pre-made solution that can be altered as per the entrepreneur’s request effortlessly. With the exclusive crypto wallets, you can provide a seamless and secured cryptocurrency trading experience for the users. 

Wait, Are You Familiar With the Functionalities of Crypto Wallets? 

If not, then let me quickly run an errand in preaching to you without further delay! 

Crypto Wallets, is the new embodiment of the traditional exchanging and financing ecosystem. This decentralized form of digital currency has started to pave the way for users to store their valuable cryptocurrencies in a secured wallet. To be precise, the wallet is called a digital wallet, offering crypto users a digital transaction venture. It is the core hub for the users to securely store their public and private keys under a decentralized network.

We all know that there are numerous new transaction wallets available in this contemporary world. All these are present to facilitate a secured and faster payment system. Likewise, the whole world is switching towards purchasing cryptocurrencies like Bitcoin, Litecoin, Ethereum, Tether, and others. Why not indulge in providing crypto wallets for the users? And that’s why we are right here to discuss the prominent ways to kick start the crypto wallet development process.

Know The Eclectic Types Of Crypto Wallets 

  • Desktop Wallets – Desktop wallets are installed on the desktop (laptops) to offer users to store their private keys. Its core functions on the OS (Operating Systems) like Mac OS, Linux, and Windows. To name some of the predominant Desktop-based crypto wallets, Ledger live, Electrum, Trezor, and many more. 
  • Mobile Wallets – As the name suggests, mobile wallets are considered to be a handy solution for all crypto users. It allows them to access the crypto wallets with a few touches on their mobile crypto wallet app and complete a quick transaction process. It is done with elite features (click&pay), such as scanning the QR code and then transferring them at real stores (as well) with the help of Near Field Communication (NFC). 
  • Web Wallet – Give no more space for your valuable user to be gloomy about the storage with this cloud-method crypto wallet. Yes, through this web wallet, one can effortlessly access their wallets through any web browser or through any of the connected devices. Thus, making the crypto transaction more effective and friendly for the users. 
  • Cold Crypto Wallets – These cold crypto wallets can also be called hardware wallets that focus on storing the keys on any device completely in offline mode. This software is highly security when compared to hot crypto wallets and prevents hacking. 
  • Paper Crypto Wallets – You might think what a paper crypto wallet is doing in here whilst we were talking about digital wallets. However, these paper crypto wallets are not currently functioning in this crypto realm but still is the best and most highly secured crypto wallets under cold storage. 

But What Are The Benefits And Features Of Cryptocurrency Wallet? 

While we speak about the advancements in the traditional banking system, it is pivotal to understand the ways it has benefited its valuable crypto users. So, why not take a glance at its impeccable benefits and the features that enhance its functionality? 

Fringe Benefits Obtained Through This Digital Wallet

  • Quick-Transactions
  • Less Transaction Fee 
  • No-Risk Of Inflation 
  • Multi-Currency Support 
  • Discern Duplicate Payments 
  • Convenient conversions 

Captivating Features To Enhance Its Functionalities 

  • Friendly UI/UX – With the help of the friendly UI and UX designs, the users can witness an engaging and seamless platform.  
  • OTC Tradability – Over The Counter [OTC] is a trading method where the users will directly get a chance to connect with the other user without any middlemen. 
  • QR Code Scanner – The QR code is present into the wallet in order to offer simple, secured, and fastest transactions of cryptocurrencies. 
  • Multi-Currency Support – Through your custom-made solution, you can enable your crypto wallet app to support multi-currency making the app feasible for everyone. 
  • Home Screen Customization – Providing a feasible home screen customization for your end-user will aid your crypto business to elevate like never before. 
  • Highly Compatible – Let your crypto wallets function on various platforms making them more compatible with your valuable users. 

So, How MFA & 2FA Sole Source Security In Cryptocurrency Wallet Development? 

Coming to the vital part of this blog. We all know it takes a longer time for people to gain trust to utilize these online platforms. Especially when it comes to cryptocurrencies, obviously, people would think twice about investing in them. In order to gain their trust, it is a must that one focuses on integrating MFA (Multi-factor authentication); and 2FA (two-factor authentication) into the cryptocurrency wallet development solutions. So, these two security features will enable the users to witness the prevention of any middlemen or any other malware issues. In order to build a better wallet ecosystem, it is important for one to focus on including these features. 

Well, We Cannot Miss Out On Checking The Other Security Features Too!

However, the above-mentioned features can help your crypto wallet to function under a decentralized network; it is also essential to get your direction on other security protocols or measures like, 

  • Biometric security feature
  • Password-protected access 
  • API connections 
  • Multi-Layer security 
  • KYC verifications, etc., 

Winding Up 

To conclude, cryptos have already taken a massive space in this WEB3 spectrum. Furthermore, it is best that every business tycoon start rapidly adapting to it right away. If you are not familiar with where to start or how to proceed with the process; you can hire notable blockchain developers for cryptocurrency wallet development services to kick-start your venture today. I hope this blog has enlightened the crypto stuff that you wanted to explore! Good luck with your crypto business!