How to Build a Crypto Wallet Like Exodus?

The reason for many people wanting to have a digital currency is the increased demand for secure and trusted wallets. Indeed, many people would need a crypto wallet to save digital assets in the form of a digital currency network. The wallet is necessary to purchase fiat money and to buy and sell NFTs and also for every other trading.

The market for cryptocurrency wallets was estimated to be worth USD 8.42 billion in 2023 by Statista, but by 2030, it was expected to increase at a compound annual growth rate (CAGR) of 24.8%. Exodus wallet is the most user-friendly of the newly designed cryptographic wallets available on the market, with built-in features for convenience. Exodus wallet gives an effective transaction by which the user can buy or trade more than 260 cryptocurrencies and non-fungible tokens (NFTs) in web, mobile, desktop, and hardware versions.

This blog covers the fundamental needed features for a cryptocurrency wallet creation, along with the security concerns, stages of development, and the estimated cost to develop the crypto wallet, similar to Exodus wallet. 

Let’s start.

What is Exodus Crypto Wallet?

Exodus is a popular cryptocurrency wallet app that supports a wide range of digital currencies. It was started in 2015 by JP Richardson and Daniel Castagnoli. Exodus is an interactive, reliable, and secure app that offers many features to ensure a smooth experience for users. You can download it for free from different app stores.

Key Features of the Exodus Wallet

Exodus has emerged as a prominent platform for individuals interested in blockchain technology, primarily attributable to its diverse set of functionalities:

Backup: Individuals are afforded the capability to safeguard their assets through the utilization of private keys alongside a 12-word recovery phrase, thereby guaranteeing continued access notwithstanding potential credential loss.

Wallet: Functioning as a non-custodial alternative, Exodus permits users to engage in the buying, selling, staking, and swapping of cryptocurrencies and NFTs, thereby granting them comprehensive control over their assets.

Exchanger: A real-time value analysis tool that enables users to execute cryptocurrency exchanges by assessing live buying and selling rates.
Portfolio: This utility assists individuals in monitoring the value of their assets instantaneously and provides comparative charts to yield insights pertinent to investment.

Web3 Integration: Facilitates seamless connectivity to Metaverse and Web3 applications, promoting unobstructed interaction and trading activities.
Staking and Compound Finance: Users have the opportunity to generate passive income through the avenues of staking and compound finance.

Customer Support: Available 24/7 via live chat, electronic mail, telephonic communication, and a comprehensive FAQ section, this ensures prompt address of any encountered challenges.

Primary Security Objectives for Developing a Crypto Wallet Like Exodus

Security is crucial when building a crypto wallet. Here’s what you need to prioritize:

Encryption: Employ high-quality encryption protocols to safeguard both the private keys and the data associated with transactions.

Non-custodial: Let users maintain complete control over their data by establishing a non-custodial protocol.

Two-Factor Authentication (2FA): Require secondary verification on a separate device or app for identity security.

Biometric Authentication: Utilize either fingerprint or facial recognition on mobile devices to add a layer of security.

Audit Security: Ongoing audits and vulnerability assessments should be completed periodically to ensure the wallet’s security.

Open Source: Implement an open-source alternative that will allow for community inspection and improvement.

Anti-phishing protection: Ensure that the wallet contains features that include protections against phishing, while also educating users to identify phishing attempts. 

Steps to Develop a Crypto Wallet Like Exodus

Developing a crypto wallet involves various stages:

Phase 1: Define the App Concept and Features 

Begin by defining a business model for your cryptocurrency wallet and identifying requirements and needed features. Conduct broad research on the marketplace to obtain data on user consumption shifts and features competitors are providing. But be essential to determine who your target user base is before you start working on the app's functionality and overall design. Finally, develop a detailed project roadmap that fits your goals.

Phase 2: Design the UI/UX

Start with creating a clean, straightforward design to enhance the overall user experience. Develop wireframes and/or prototypes to visualize the API flow, and to determine whether the basic features are easy to use, and if the app is functional.

Phase 3: Start Coding

Decide whether you want to develop coding from scratch, or utilize APIs already available such as Coinbase SDK, BitcoinJ SDK, or the Blockchain Wallet API for standard features. Begin to utilize them in the app for overall security and smooth functionality.

Phase 4: Test and Launch your MVP

Perform rigorous quality assurance testing for coding that provides a secure and scalable wallet. Once assurance testing is complete, launch an MVP and gain valuable feedback on how the user consumes the product, and find opportunities for improvements. 

Cost Considerations for Developing a Crypto Wallet

The costs associated with building a cryptocurrency wallet, such as Exodus, will fluctuate depending on the app's level of complexity, features, and layers of security. Lastly, the costs incurred with design, development, testing, and post-launch support, also play a role in determining the total costs, and it is important to have a good development team you can rely on to develop the project within budgets while delivering a quality product. 

Conclusion

Cryptocurrency is revolutionizing the way finance will look in the future. Developing a multi-currency crypto wallet like Exodus offers users numerous advantages in security, accessibility, and convenience. A good wallet allows users to easily and safely store, trade, and swap digital assets like Bitcoin, Ethereum, and NFTs.  

If you’re looking to create a secure, reliable, and scalable crypto wallet, Osiz, the leading crypto wallet development company can be your trusted partner. Our experienced development team will help you realize your vision while also ensuring your wallet stays ahead of the competition in the crypto world. Contact us today and let’s start building your future in the world of cryptocurrency!