How to Create a Crypto Wallet in 2024

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In the past few years, we have overseen the growth of the cryptocurrency market. Here are some interesting statistics:

  • Revenue in the Cryptocurrencies market is projected to reach US$51.5 bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.62% resulting in a projected total amount of US$71.7bn by 2028.
  • In the Cryptocurrencies market, the number of users is expected to amount to 992.50 m users by 2028.
  • Also, according to ZionMarketResearch, the market of crypto wallets is expected to grow to 686 million by 2028.

Navigating the world of cryptocurrencies underscores the importance of proficiently managing digital assets. Crypto wallets, therefore, emerge as vital tools for ensuring transaction security and asset management. Central to this domain is the crypto wallet development company, whose role is pivotal. By merging blockchain sophistication with user-centric applications, these companies equip users with secure, accessible means for managing their digital currencies.

Definition of a Crypto Wallet

A crypto wallet is a digital tool enabling interaction with blockchain networks to store, manage, and transact cryptocurrencies. While it monitors your cryptocurrency balances, it’s important to note that, unlike traditional wallets, crypto wallets don’t contain digital currencies.

Instead of holding assets, crypto wallets provide the necessary credentials for conducting transactions on the blockchain. They generate crucial information, including pairs of public and private keys, to facilitate the sending and receiving of digital assets.

A public key is like your bank account number. It allows others to send or receive funds to and from your account. In the crypto world, sharing your public key equates to giving out your wallet’s address for receiving cryptocurrency.

A private key is equivalent to the password for your bank account or the PIN for your debit card. As you understand, it is highly sensitive information. You wouldn’t want to share your PIN with just anyone because that would give them direct access to your bank account. A private key is a password that provides access to your cryptocurrency.

To receive cryptocurrency, you will need to share your wallet’s unique cryptographic address with the sender. So, the cryptocurrency wallet doesn’t directly hold your crypto coins within your wallet. They live on the blockchain. 

Cryptocurrency exists in a digital format only, and your wallet maintains the critical details of your public and private keys. These keys signify your ownership of the cryptocurrency.

Using these keys enables you to transact in cryptocurrency, sending or receiving it securely, while ensuring your private key remains encrypted and protected.

Types of Crypto Wallets

Depending on what consumers will do with crypto wallets, there are a few different types of them. Here are some main of them.

Based on whether the wallet can be connected to the Internet or not, crypto wallets are classified as either hot or cold.

Cold Wallets

They are also hardware wallets. These types store keys offline on devices that are not connected to the Internet, something similar to USB drives. 

Many crypto followers see cold storage as the best option for protecting your digital assets. Since they’re offline, these wallets are considered the most difficult type of wallet to hack. But, they can be easily lost or misplaced.

Hot Wallets

They are software wallets. You can access a hot wallet by downloading a software program to your computer desktop, or an app on your smartphone.

Also, they can be divided into a few extra types.

  • Desktop Wallets: Installed on a PC or laptop, they offer a good balance of security and convenience, as long as the computer remains virus-free.
  • Mobile Wallets: Apps on your smartphone, offer convenience by utilizing QR codes for transactions, making them suitable for everyday use. 
  • Web Wallets: Accessed through web browsers, they’re the least secure type due to risks of hacking and phishing but offer quick access and ease of use. 

Key Features of Crypto Wallet App

Developing a crypto wallet app involves several key features essential for success in today’s digital finance landscape. Here’s a summary of the most critical components:

  • A unique access key: Every wallet should provide its users with unique public and private keys. Also, there should be an option to add a unique password or two-factor authentication.
  • Session duration: You need to add session duration to your app for security reasons. This is a best practice in banking sector. The application automatically closes after a period of inactivity. The user must reenter the login password in order to continue the session.
  • Support different cryptocurrencies: Having a diverse portfolio of assets stored in one location is typically convenient for traders and investors. Because of the increasing demand from the cryptocurrency community, the most effective crypto wallets are continuously adding new tokens to their list. We have single-currency crypto wallets, such as Bitcoin wallet or Ethereum wallet. But they aren’t as popular as multi-currency alternatives.
  • Buying and selling cryptocurrencies: Through the crypto wallet application, users should be able to purchase and sell cryptocurrency assets.
  • Transaction options: It is a must-have feature in any crypto wallet app. You need to allow sending cryptocurrencies to other wallets using the wallet number (public key). 
  • QR codes: This feature simplifies transactions. They make digital interactions both swift and secure. 
  • Push notifications: They are important for security reasons. Notifications can alert users to confirm transactions through unique codes and provide updates on successful transactions or errors.
  • Constant updates of the conversion rate: As the exchange rate is constantly changing, your app must sync with the blockchain to display real-time conversion rates during transactions, ensuring users have access to the latest currency values.
  • Compatibility with iOS and Android: It is essential to launch the app on the most popular operating systems: iOS and Android.

5 Steps to Build a Crypto Wallet

​​Step 1. Analyze the project

The development should start with an analysis of available data adjusted for user requests. Outline your idea, identify the intended consumers, select features for the app, establish project specifications, and determine deadlines and budgets for developing the crypto wallet.

​​Step 2. Create a design

You should find references, clarify your expectations for the app’s interface, and pass it to your UI/UX team to design.

​​Step 3. Develop a web and/or mobile application

You can pass this work to a crypto wallet development company that has the necessary engineers. 

​​Step 4. Test your app

Also, an important part of crypto wallet development. Your QA testers need to identify and resolve any bugs before the launch.

​​Step 5. Release the app and get feedback

Release your crypto wallet app, and gather initial user feedback. After that, you can come up with ideas on how to improve your product and increase customer satisfaction. 


The journey to developing a successful crypto wallet app is paved with challenges, from ensuring top-notch security to providing a seamless user experience. However, with the right approach, understanding, and execution, it’s possible to create a product that not only meets the current demands of the market but also anticipates future trends and user needs. As the cryptocurrency landscape continues to evolve, so too will the tools we use to interact with it, promising a future where managing digital assets is as accessible and secure as managing traditional financial assets.

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