How To Determine The Crypto Wallet Development Cost On your Own
Every financial institution has been pushed to a point where they get an idea of incorporating blockchain technology into their business. So, the adoption rate has now increased in a vertical direction.
Concurrently, the investments in distributed ledger technology rocketed beyond our expectations. From SMEs to Fortune 500 companies, blockchain is gradually turning into their playing ground. Alongside this, the demand for blockchain wallet development services has gone wild these days. If not, then the Global Digital Crypto Wallets market size wouldn’t have reached 252 million dollars in 2021.
As a result, Fintech businesses have started adopting crypto wallets as a part of their business model as well as revenue. Now, you may wonder how much it will cost to integrate a crypto wallet into your business. Let us discuss it briefly in this blog.
Average Crypto Wallet Development Cost
The crypto wallet development cost varies between $25,000 and $200000. However, this is just a rough estimate value. The actual price will differ due to several factors such as UI/UX design, complexity, time consumed, features list, and more.
Among the aspects that we have mentioned above, complexity plays a big role in cost estimation. For example, if you are developing a simple app with some basic features, the overall expense will be under $60000. But blockchain wallet creation is quite tricky, and thus the development cost will go around $200000.
This may spark a question in your head, “how can the complexity be determined?” The next section will help you out with this question!
Factors Contributing To Complexity In Wallet Development
Without any further ado, let us go straight into the aspects determining the complexity level of a crypto wallet development process.
Wallet Size
If the wallet has integrated with many features, its size will be more, leading to a high development cost. To be cost-effective, you have to shortlist only the necessary aspects in the MVP development phase.
Wallet Design
Being minimal and simple from the design perspective will be an added advantage. Your wallet should provide a user-friendly UI/UX design with no complex components to withstand the market in the long run.
Team Size
There shouldn’t be any compromise when hiring a team of expert developers. You may also employ freelancers to do the job, but the result will not be as efficient as the former does. Thus, choosing a dedicated team of developers from a leading crypto wallet development company is a good choice.
Generally, a cost-effective wallet development team will comprise a project manager, backend developers, iOs/Android developers, QA analysts, and a designer.
Pro Tip
Finally, time for a professional tip!
There is no standard chart to evaluate the crypto wallet development cost. The components discussed in this blog will only help you do a rough estimation. Therefore, if you want a precise price calculation, then you have to get in touch with a professional development team.
