Develop a Cryptocurrency Wallet App Like Trust Wallet

Did you know that since the emergence of Bitcoin in the world have appeared (according to various estimates) from 9,000 to 20,000 different cryptocurrencies?

In truth, only 20 cryptocurrencies make up 90% of the entire market, the rest are not that powerful and some are already nonfunctioning or terminated.

Nonetheless, this volatility doesn’t make them less attractive to investors. Even if today the price of an asset is only a couple of cents, tomorrow it can suddenly rise to $40,000.

Therefore, those who actively take part in crypto markets know that it’s a must to diversify the crypto portfolio and put money into different tokens.

As of today, the main solution for storing, exchanging, sending, and selling cryptocurrency remains crypto wallets, of which there are no less than crypto assets.

One of the most renowned representatives is Trust. It serves as a role model for other less recognized developments and annually occupies leading positions on the list of the most downloaded applications.

If you share this devotion to Trust but are not quite sure how to create a similar crypto wallet, we’ll provide an in-depth look at the nuances, options, and costs.

What Is a Cryptocurrency Wallet? Why Is It Important in the Crypto Ecosystem?

A cryptocurrency wallet is basically a software app or device that helps you hold, transmit, accept, and manipulate your digital money.

Unlike a regular wallet that keeps fiat currency, an online crypto wallet owns your private keys, which serve as passwords to access financial belongings on the blockchain.

Types of Cryptocurrency Wallets

Most likely you know but we will remind you that wallets can be grouped into three main classes: hot/cold, custodial/non-custodial, and software/hardware.

Hot vs. Cold Wallets

• Hot Wallets: They are certainly convenient for everyday use, but are susceptible to hacking attempts—a huge downside for those who keep large amounts.
• Cold Wallets: Cold wallets, vice versa, are entirely offline and normally sold in the form of hardware gadgets. This type is definitely more secure but less appropriate for frequent access.

Custodial vs. Non-Custodial Wallets

• Custodial Wallets: Per custodial wallets, a third party owns your private keys for you. It’s totally hands-off, so you don’t have to stress about losing them.
• Non-Custodial Wallets: With a non-custodial type, you’re in complete control of your private keys—and your capital.

Software vs. Hardware Wallets

• Software Wallets: Software wallets are literally programs you can install on various devices.
• Hardware Wallets: Hardware counterparts are physical appliances you connect to a computer only when you need to make a transfer.

Why Is Trust Wallet Considered a Model for Wallet App Development?

Trust Wallet is a decentralized non-custodial wallet you control yourself, meaning you own your private keys and govern your funds without an intermediary.

Many people admit Trust has become a golden standard for creating crypto wallets because it offers so many great components.

It supports many currencies and tokens, has a convenient design, and features strong security components.

On top of that, it connects with decentralized apps (DApps) and decentralized finance (DeFi) services, as well as has a lot of extra features, such as staking and swapping coins.

Central Features Your Wallet App Must Have to Look Similar to Trust

What about functionality? If you’re thinking about making a Trust-like Wallet, here are some features you definitely don’t want to miss.

First off, your app must embed multi-currency support so that users can manage different investments all in one app.

Next, users should be able to navigate through the software without any hassle, whether they’re new to DLT or more experienced.

Speaking of security, make sure to include strong parts like private key management and options for biometric authentication, such as fingerprint or face recognition.

Don’t forget to include backup and recovery options so users can easily get back into their wallets if they leave somewhere their devices.

Lastly, do your best to make your app display an unmistakable transaction history, showing precise amounts and dates. Users will appreciate being able to clearly see their prior movements without calling out the required transaction.

Different Methods to Develop an Online Crypto Wallet like Trust Wallet

Trust Wallet Clone Script

A Trust Wallet clone script is a ready-made solution that mirrors the main functionality of Trust and allows developers to swiftly release their own branded application.

The best factor about using a clone script is that it downsizes development time since a lot of the coding is already done for you.

However, pre-built scripts often suffer from vulnerabilities, so you’re obliged to run detailed security assessments and make any necessary upgrades.

On top of that, though you can make minor alterations, deeper customization might be limited, and because your app looks similar to others, it might be tough to stand out in a dense market.

White Label Wallet Crypto App

A white-label crypto wallet, such as Scrypto Wallet, is a ready-made product that can be rebranded and slightly customized to serve your company’s demands. This option lets businesses launch their own wallet right after acquiring it since it already comes with all the essentials crypto traders usually look for.

However, bear in mind white-label options usually cost more than clone scripts. Their tags reflect the quality and corresponding support you get.

While you can make some customizations, they might be limited, especially when it concerns changing central functions.

Also, you become fully dependent on the white-label provider, which could mean less control over how the wallet behaves in the future.

Brand New Crypto Wallet Development

Building a wallet crypto app from scratch gives you the most freedom, amenability, and control.

You get to design everything exactly how you see it, from the look of the screens and dashboards to exclusive features inherent only in your wallet. You can also embed strong, personalized safety measures that make your wallet stand out in terms of safety.

Plus, a custom-built option allows you to create a unique brand exposition, setting your product apart from millions of faceless and uniform applications.

However, keep in mind that creating a wallet from the ground up can take initial resources (that pay off, however in the long run) and time.

You’ll need a full development team with know-how in blockchain technology, which isn’t always easy to find.

At us, you can get complete cryptocurrency wallet development, including a free consultation and post-launch support. Plus, if you’re on a tight budget, you can start small and request a Minimum Viable Product (MVP) to test your idea and prove its viability.