Multi cryptocurrency wallet development refers to those wallets that support more than one cryptocurrency. It is equipped with features like two-factor authentication, auto denial of duplicate payments, decentralized trading, and an exclusive QR code scanner for the users. Overall, multi-currency wallets are universally compatible, non-custodial, easy to access, safe, and secure.
Benefits Offered by Multi-Cryptocurrency Wallet Development
- A user can access multiple types of digital currencies from a single wallet, and he need not maintain multiple wallets for storing different currencies which reduces complexity, saving time, and costs significantly. A spectrum of crypto coins and tokens will be available.
- Every single session entered into by the user is automatically logged out post the completion of the users’ activity. This ensures that the user’s funds and accounts are kept secure from hackers and phishers.
- Inflation-free investment is ensured for the users due to the limited supply of the cryptocurrency. This guarantees greater returns than traditional investments.
- The cryptocurrencies of the users can be protected against software failure by having a backup in advance.
- Real-time push notifications will be sent to the users whenever there is any change in the prices of the cryptocurrencies in the market. This leads to better decision making by the users while initiating investments.
- The risks of chargebacks are completely avoided as there is an auto rejection option in-built to prevent any duplicate payments made by the users.
- API’s are integrated with the leading crypto exchanges in the market and users can either buy or sell their desired cryptos without the need to leave the platform.
- It accepts multiple payment methods like bank transfers, wire transfers, debit cards, and credit cards.
- Cross-platform compatibility is ensured as the multi-cryptocurrency wallets can be used on Android, iOS, Windows, and Linux platforms. Secure and flexible infrastructure is created for seamless access from any device for the user.
- Automatic conversion is ensured and the best rates are provided for converting the users’ cryptocurrencies into fiat currencies like USD, GBP, Euro, and AUD.
- Users can monitor their activity on a real-time basis by keeping tabs on their current transactions being executed and can view their transaction history at a glance.
- Geography-based KYC verification ensures that only an authenticated and legitimate user base uses the multi-cryptocurrency wallet ensuring legal transactions. This also fortifies the security of the user’s funds stored in the wallet.
- OTC (Over the counter trading) is also facilitated enabling direct and secure trading between different users with minimum latency.
- Multi-signature support is rendered where the owner can assign two co-signers to approve a withdrawal request when the amount exceeds the limit set by the owner.
- Biometric authentication through facial or fingerprint recognition ensures that the users are authenticated thoroughly every time they execute a legitimate transaction.
- A 12-word mnemonic phrase is used to replace the private key for the management of the digital assets owned by the users. This ensures secure processing of transactions and also allows hassle-free wallet recovery in case the app is moved to another device or deleted by the user.
The Common Types of Multi Cryptocurrency Wallet Development
- Web wallets — They can be accessed by the users on their websites and the assets can be managed with the help of an interactive interface. It operates online and requires a strong internet connection.
- Mobile wallets — With an increasing need for portability, mobile wallets can be easily used on your smartphones through an app. This ensures better accessibility. It supports QR code scanning by automatically scanning the wallet addresses of the users for faster payments.
- Desktop wallet — It can be used via a desktop computer or a laptop. It provides a robust environment for storing your cryptos safely. No energy supply is required. It does not depend on any third-party servers for storage and manages it by allocating private keys for the users.
- Hardware wallet — It is secure when compared to the other multi-currency wallet development methods as it remains completely offline. It is easier to maintain and control than paper wallets and also handles forks better. Powerful security measures are present to store cryptos safely.
Hence, this is the right time to accelerate your organization’s growth by allocating resources for multi-cryptocurrency wallet development. Get a customized white label solution that can be launched in the market in a short while.