Fintech

How to Develop a Bitcoin and Crypto Wallet App Like Exodus: Cost & Features

How to Develop a Bitcoin and Crypto Wallet App Like Exodus: Cost & Features

In the last few years, you must have seen an exponential rise in Bitcoin and cryptocurrencies. Almost everyone has started taking an interest in investing in cryptos like Bitcoin, Ethereum, and more.

This has increased the demand for the Bitcoin and Crypto Wallet App like Exodus. But, do you know how these crypto wallet apps are built?

In this blog, we will share with you the detailed development process of Bitcoin and Crypto wallets like Exodus. So, let’s start. 

What is Exodus?

Exodus is one of the leading cryptocurrency wallets in the world. It is used to simply send and receive cryptos across 50+ networks. The crypto wallet is simple to use and be used to swap assets.

It has various cutting-edge features that make trading and swapping convenient while ensuring high-end security. The Exodus wallet has more than a million downloads. 

Why is a Bitcoin and Crypto Wallet App Required?

A Bitcoin and crypto wallet app is required for storing and managing various kinds of cryptocurrencies, such as Bitcoin, Ethereum, Dogecoin, and others. 

Not just that, the crypto wallets also allow users to send and receive cryptos or maybe other digital assets (depending on the wallet’s functionality) in a secure and decentralized manner. 

As we all know the craze for cryptocurrencies is at an all-time high, therefore, it has created a demand for crypto wallet apps, such as Exodus. Look at these statistics. 

The global crypto wallet market was valued at $ 8.42 billion in 2022 and is predicted to expand at a CAGR of 24.8% between 2023 and 2030.

The image describe a graphical representation of the current statistics and trends in the cryptocurrency wallet market.

Source: Grand View Research

The Exodus wallet has a 96.45% payment success rate. 

The cryptocurrency wallet industry in the United States will account for more than 70% of the North American market by 2030.

By analyzing these statistics, you can easily interpret that the usage of cryptocurrencies will grow in the future. Therefore, it is a profitable business idea to develop a secure and intuitive crypto wallet like Exodus. 

So, without delaying any more time, let’s jump straight into the development process of a cryptocurrency wallet similar to Exodus. 

How to Develop a Bitcoin and Crypto Wallet App Like Exodus

In this section, you will read about the step-by-step process to build a cryptocurrency wallet similar to Exodus.

1. Define the Requirements 

The first step to developing a crypto wallet like Exodus is to define your requirements. You must define what type of crypto wallet you want to develop, who are the users, and what features you want in your crypto wallet. 

Moreover, you also need to determine which blockchain networks it supports. You can also study the Exodus crypto wallet app to understand its working in-depth. 

2. Hire the Development Partner

Creating a crypto wallet requires years of experience and in-depth knowledge of mobile app development and blockchain technology. It is not as simple as it looks.

Therefore, we suggest you hire a leading mobile app development company in India that has expertise in developing cryptocurrency wallets. Their developers can build your app while maintaining the required quality. 

3. Design the UI/UX 

After teaming up with the development company, start working on the UI/UX of the crypto wallet similar to Exodus. It is crucial to keep the user interface intuitive and simple. 

Carefully design the icons, templates, and text fonts when creating the UI/UX designs. Remember, an intuitive user interface can lead to the app’s success and vice-versa. 

4. Develop the Crypto Wallet

Once you designed the UI/UX, start coding the backend of your Bitcoin and cryptocurrency wallet. 

Also, integrate the third-party APIs, such as Exchange APIs, Payment Gateway APIs, Identity Verification APIs, and more, at this stage of development. 

5. Testing

Post-development, you need to test your crypto wallet rigorously on different devices and platforms to ensure that it is working seamlessly. Identify and fix the bugs before launching it for general public use. 

Once you are confident that there are no bugs in your crypto wallet like Exodus, you can proceed with the deployment. 

6. Deploy the Crypto Wallet

Once the testing is done and the crypto wallet is bug-free, you can launch it for public use. You can publish your cryptocurrency wallet on the App Store and Google Play Store.  

Also, remember to market your crypto wallet using different strategies, such as app store optimization, ads, and influencer marketing, to ensure many people know about it and use it.

Therefore, this is the step-by-step process to develop a custom Bitcoin and crypto wallet like Exodus.

Now, let’s proceed and explore the features of a crypto wallet. 

Top Features of Exodus-Like Cryptocurrency Wallet

The following are the cutting-edge features of a crypto wallet similar to Exodus.

1. Multi-Asset Wallet

The crypto wallet must be a multi-asset wallet, meaning it can store various kinds of cryptocurrencies, non-fungible tokens (NFTs), and more. 

2. AI-Powered KYC Process

Another feature that makes a crypto wallet a success is the AI-powered KYC process. The AI technology can streamline the lengthy and tedious KYC process, and verify the user’s details within a few moments. 

3. Built-in Exchange

The Built-in Exchange feature is among the top features of crypto wallets like Exodus. This feature allows users to exchange cryptocurrencies at a current market rate. 

The Exchange has a real-time currency value analyzer that helps users to determine the current price of cryptos. 

4. Cloud Backup

In crypto wallets similar to Exodus, users need to submit a password and a phrase that helps them get back into their crypto accounts when switching devices. 

Moreover, users can transfer their data, such as transaction details to the Cloud, and access it from anywhere from any device, while protecting it from unauthorized access. 

5. Portfolio 

This is the feature in a crypto wallet like Exodus, where all the asset holdings are mentioned in detail. 

According to the best blockchain development services provider, this feature has interactive graphs that make it easy for users to compare their investments with each other. 

6. Web3 Integration

This feature enables users to interact with various decentralized applications (dApps), or decentralized finance (DeFi) protocols directly, without leaving the wallet. 

7. Staking and Compound Finance

This is one of the prominent features of the cryptocurrency wallets. The Staking and Compound Finance feature helps investors or users earn passive income within the crypto wallet application.

8. GenAI-Enabled Customer Support

The customer support is crucial when it comes to fintech apps like crypto wallets. Users require help regarding crypto transfer, balance, investments, and more. 

In these cases, a generative AI-powered customer support chatbot can help them by giving responses tailored to their specific queries. 

9. Push Notifications 

The push notifications provide users with transaction details, account balances, brief information about investment opportunities, and more.

10. Security Features 

Last but not least, security is the most important aspect of crypto wallets like Exodus. Thus, there are numerous features, such as biometric authentication, end-to-end encryption, OTPs to facilitate transactions, etc., that enhance security and help reduce fraud. 

Therefore, these are the top features of a Bitcoin and crypto wallet like Exodus. Now. Let’s move to the next section and explore the technology stack. 

Technology Stack For Developing a Cryptocurrency Wallet

The following is the technology stack for building a Bitcoin and crypto wallet similar to Exodus. 

Components  Technology Stack 
Frontend HTML, CSS, JavaScript (React.js, Angular, or Vue.js)
Backend Node.js (Express.js or similar framework)
Database MongoDB, PostgreSQL, or SQLite
Exchange APIs Binance API, Coinbase Pro API, Kraken API, etc.
Cryptocurrency APIs Blockchain APIs (e.g., Bitcoin Core, Ethereum Web3.js)
Payment Gateway APIs BitPay API, CoinPayments API, Coinbase Commerce API
Security Encryption (AES, RSA), Hashing (SHA-256)
Testing Jest, Mocha, Chai (for unit and integration testing)

Hence, this is the foundational technology stack to develop a cryptocurrency wallet. You can also choose other tools and technologies as per your specific requirements. 

Benefits of Developing a Crypto Wallet

There are numerous benefits of building a crypto wallet, such as: 

1. Revenue Generation

You can generate additional revenue from developing a crypto wallet similar to Exodus. 

You can charge fees to provide access to its premium features. Or, you can collaborate with other businesses to display their ads in your wallet to generate revenue.

2. Brand Exposure

By developing a custom crypto wallet, you can create a reputable wallet brand in the crypto community, benefitting your business. 

It can enhance your brand’s visibility and trust of users and may lead to partnership opportunities. 

3. Market Opportunity

The cryptocurrency industry is on the rise, hence this is the best time to build crypto wallets and gain a competitive advantage over your rivals in the market. 

Developing an intuitive crypto wallet not only creates a user base but also helps you capture a market share in the crypto wallet industry. 

Now, it’s time to break down the cost of developing a crypto wallet.

How Much Does It Cost to Develop a Crypto Wallet Like Exodus

It is not easy to quote the exact cost of developing a crypto wallet similar to Exodus. The overall costs depend on the various factors, such as: 

  • Features of the wallet
  • Number of networks it supports 
  • The design of the UI/UX
  • Technology Stack
  • Development team size and location, and more

However, to give an idea, the development cost can range from $60000 for a simple crypto wallet to approximately $150000 for a complex crypto wallet, depending on the aforementioned factors.

Conclusion

So, this is our expert guide for developing a Bitcoin and crypto wallet app like Exodus. We hope that you find this guide useful.

Cryptocurrencies are gaining popularity as an option for digital payments. In fact, many retailers and other businesses have started accepting payments in cryptocurrencies. In the coming years, the usage of cryptos will only grow. 

Thus, it is the best time to develop a custom cryptocurrency wallet and gain a market advantage. You can consult a top cryptocurrency wallet development company to build a custom crypto wallet tailored to your specific needs. 

Abhishek
Abhishek

Abhishek is a multifaceted professional who seamlessly blends his expertise in content creation with his passion for customer success. As a blog author, he provides insightful and engaging content, drawing from his extensive experience in nurturing client relationships and ensuring their journey with our company is both successful and satisfying. Abhishek's unique perspective on customer engagement and his ability to articulate complex ideas into relatable content make him a valuable asset to our team and a trusted voice for our readers.