One of the most important things crypto wallet startups must focus on is the platform they’re offering users — the crypto wallet itself.
For a long time, the approach to this has been simple: hire expert developers and build a one-in-a-kind crypto wallet solution that’ll give them a competitive edge. Recently, we’ve seen a shift from the conventional approach to the innovative use of white label crypto wallets.
So, what has changed? What exactly do startups gain from choosing white label crypto wallet solutions over custom development from scratch?
Find out in this article as we explore the innovative and beneficial ways how white label solutions revolutionize crypto wallet development for startups.
Here are the details.
What is a White Label Wallet Solution?
A white label crypto wallet solution is a complete crypto wallet infrastructure that is built by a cryptocurrency wallet development company for ready-made use. It is a pre-made crypto wallet that is ready for immediate deployment by any business that wants to provide crypto wallet services to its users. So, instead of developing its wallet services from scratch, a white label crypto wallet solution simply offers a turnkey crypto wallet that is ready to go live at any time.
If a startup in the crypto industry acquires a white label crypto wallet for use, all it needs to do is to customize the wallet’s branding and core features to fit its desired needs. This can sometimes involve adding features like staking, multi-currency support, the latest currency rates, and integrated trading options. However, the most important thing to know is that with a white label crypto wallet, the startup already has a base product that can perform most of its basic functionalities and can easily build on that infrastructure.
The white-label crypto wallet can also be branded with your startup’s logo and color scheme, and you can control the user experience entirely.
The frameworks of white label crypto wallet solutions are pre-tested for functionality. This means you can trust it. Consequently, this saves your startup time off product development and buys your team more time to focus on marketing, deployment, and customer acquisition instead of debugging. These are some of the simple benefits of using a white label crypto wallet for most startups.
Let’s dig into some more intricate details below:
Benefits of a White Label Crypto Wallet
Instead of building their custom crypto wallets from scratch, many startups sometimes prefer to rely on a cryptocurrency wallet development company like Debut Infotech to get an off-the-shelf crypto wallet. This has been a result of so many benefits.
Below, we’ve categorized these benefits into different categories based on their importance to startups.
A. Financial Benefits
In terms of finances, opting for a white label crypto wallet against a custom solution built from scratch is more financially beneficial to startups in the following regards:
1. Reduced Development Costs
First and foremost, building a crypto wallet from scratch costs way more than customizing an already-built one.
For more context, an average crypto wallet development project costs between $20,000 and $200,000, depending on app features, development stage, blockchain scale, timeline, and complexity. In contrast, a white label wallet costs less than $15000. This stark disparity in cost gives the startup an opportunity to save some money.
What’s not to love about that?
2. Low maintenance expenses
Apart from the initial development cost, managing a major software platform like a crypto wallet requires ongoing maintenance and updates. This is because crypto wallets are most likely to get cyber attacks and are constantly evaluated by black hackers for vulnerabilities. So, routine technical upgrades and updates to the crypto wallet are non-negotiable if the startup wants to keep its platform secure and its users’ funds safe.
All these things cost money. With a custom solution built from scratch, the startup has to oversee the entire thing. This involves regularly paying developers and engineers and incurring infrastructure costs.
The same applies to a white label crypto wallet. However, the costs are significantly lower because the startup doesn’t have to handle all that directly. Instead, they outsource it to a cryptocurrency wallet development company and incur a fraction of the cost.
B. Ease of Compliance
Government regulatory bodies often mandate core regulatory requirements for crypto startups to protect investors and users and prevent fraudulent activities related to money laundering, terrorism financing, and fraud. These requirements often require resources and effort.
In this regard, using a white label wallet solution can lessen the burden in the following ways:
3. Pre-Built Compliance Tools
Startups have the opportunity to start meeting regulatory requirements from the start when they use white label wallet solutions. This is because these solutions have built-in compliance features like Know Your Customers (KYC), Counter Terrorism Financing (CTF), and Anti Money Laundering (AML) features.
Furthermore, these tools are expertly developed with intuitive, user-friendly interfaces that allow crypto startups to onboard users seamlessly.
C. Operational Efficiency
Adopting a white label crypto wallet also helps crypto startups reduce the waste of time and resources so that they can maximize their profits. These white label solutions ensure are beneficial to them in the following ways:
4. Fast Time-to-Market
The fast delivery of white label crypto wallets crunches the timeline of product development, giving startup teams plenty of time for product testing before launch. This is because the platform is practically ready to go live after a few minor adjustments.
As a result, the startup can approach the crypto project with a clear head. By extension, the risk of vulnerability due to hasty work is reduced. They don’t have to postpone launch dates, ensuring that they can start with a reputation of reliability in the crypto community.
5. Simplified Operations
Once the crypto wallet development is complete, crypto teams can focus most of their resources on growth strategies. The ready-made solution offers a lot of flexibility in that the crypto wallets can be integrated into different wallets, networks, and marketplaces. This means the startup can widen its reach and attract more users.
Furthermore, white label crypto wallet software comes with multiple APIs and SDK integrations, which give users access to real-time market data and third-party resources. All these perks mean the user gets a better experience because they’re able to do more than just save their crypto assets. And they’re only enjoying all these because the startup already got a head start by not having to deal with the grunt work of platform development.
Operations just move smoothly from the very beginning.
D. Technical Benefits
In addition to simplifying the growth efforts, white label crypto wallets also offer some advantages on the technical side of things. These advantages include:
6. Scalability
After a startup successfully releases a minimum viable product (MVP), it may start onboarding more customers, especially when it’s met with a significant level of market acceptance. As the number of users increases, the business and crypto wallet platform start to demand more storage and infrastructure capacity.
Now, if things are not well planned from the outset, as is usually the case when a startup tries to undertake the development process on its own, it might require another round of product development or third-party integration. Both of these options are resource intensive, not to mention that they might disrupt your ongoing processes.
However, a white label crypto wallet can help to avoid all that. The cryptocurrency wallet development company makes provisions for all these due to its experience. They also stay in contact to provide continuous guidance and updates, thus ensuring the platform copes with increasing demands as the startup onboards more users.
7. Inbuilt Security Protocols
The inclusion of inbuilt security protocols is one way in which the crypto wallet development company helps maintain scalability. The startup can automatically eliminate the need to grapple with multiple third-party solution providers for security features like encryption, biometric login, and two-factor authentication.
In fact, a top cryptocurrency wallet development company like Debut Infotech also includes custom security features in the source code if the startup deems it necessary. All these are pre-programmed for the startup to simply just launch.
8. Fewer downtime incidents
Because of all these premeditated technical provisions, the chances of experiencing downtimes when the startup finally launches are drastically reduced. The cryptocurrency wallet development companies prepare for and handle technical support and maintenance. As long as the payment plan is complied with, your crypto wallet faces fewer risks of service outages or performance issues.
Conclusion
A white label wallet solution makes it cheaper to play the long game. It is the best crypto wallet for long-term investment. In the short term, your crypto project can start and scale fast. In the long term, you will always have a standby team of technical experts to assist with regular maintenance. You will also have access to industry-standard crypto wallet features as they emerge. Additionally, the crippling pressure to acquire the latest technical knowledge, security expertise, or technical talent to stay on top of the game is minimized.
In Closing: Launch your crypto wallet effortlessly with Debut Infotech
As a reputable cryptocurrency wallet development company, Debut Infotech can partner with you to guarantee fast go-to-market, zero bottlenecks for scalability, and a reliable crypto brand presence.
