Fri. Oct 22nd, 2021

Credit: icoda.io

Cryptocurrency wallets are known among the whole “digital” community for their high-security standards. They are usually protected with multi-level encryption as well as 2FA and whitelist options for their customers. In order to send or receive funds using these wallets, a private key is needed.

If you have decided to create your own single or multicurrency wallet, we are pretty sure that you face a great range of problems.

These difficulties can be easily avoided. You just need to opt for a white label solution rather than building a project from scratches.

However, to maximize the potential of your crypto wallet, you have to produce more than just a platform for storing and transferring funds. Your potential customers expect a certain level of service from crypto wallets, and a management system is necessary to integrate within the website.

The most prominent solution among novice brokers is to pick up the White Label solution. Here you can find out why you should try it.

What Is a Wallet Label Solution?

White Label is a ready-made solution that enables you to start a cryptocurrency wallet quickly.

In simple words, a white label for crypto wallets is a system to get a ready-made solution. It can totally be compared to a franchise program.

There is no need to buy a license, make a design, organize or maintain the server structure 24/7. Everything is already included in the White Label solution.

In short, white label solutions can help you utilize a unique branding for your company. So, you can offer a wide range of tools and services without building its infrastructure or technology on your own. As a result, you can pay close attention to raising brand awareness and making your wallet popular among your potential customers.

In addition, we can also highlight these pros of while label cryptocurrency wallet:

  • It saves time. There is no need to deal with any aspect of the software. You just need to work with the platform provider and set the commercial terms of the deal.
  • Focus on what you do best. For example, improve your marketing approach. This ready-made solution will save you a great deal of financial and human capital resources.
  • Start quickly and easily. It takes only a few weeks once you choose to run your new white label site until it is up and running, and then you need to focus on promoting your wallet within the crypto community.
  • When using a solid platform, both you and the network benefit. There are advantages to both ends. Among the benefits are the size, number of players, and assets of all the brands.

A Wallet for Digital Coins: What Is It?

Cryptocurrency wallets provide users with a digital solution for securely storing money and managing digital coins. These online wallets give the ability for customers to send and receive coins, keep and spend, and also trade currencies.

Unlike a standard wallet, which can hold actual cash, crypto wallets technically do not store their funds. These holdings live on the blockchain but can only be accessed using a private key.

Crypto wallets are known for their high security and are usually protected with multi-level encryption. In order to use the funds in such a wallet, the user must have the right private-public key combination.

Your keys prove your ownership of your digital money and allow you to make transfers. If customers lose their private keys, they lose access to their money. That is why it is crucial to keep a wallet safe or use a trusted wallet provider.

Using a reliable app gives easy access to funds converted into digital assets. Customers can:

  • Manage all their digital assets in one secure place;
  • Take their private keys under control;
  • Send and get cryptocurrency 24/7, from anywhere and anytime as long as they have an internet connection;
  • Interact with usernames rather than long, hexadecimal “public key” addresses;
  • Browse dapps (decentralized finance apps);
  • Shop at websites that accept digital assets.

What Is a White Label Wallet?

All we can say that it is an excellent product for all types of digital wallets. So, we can highlight these options:

  • The wallet can be customized easily with preferred add-ons.
  • Instant transfers can be integrated into the wallet.
  • Besides multiple security layers, you can add more securities according to your preferences.
  • The wallet can be easily implemented with popular crypto exchanges and trading platforms.

In addition, it is possible to receive an upgrade, support and maintenance services for the wallet.

Pros

  • Cross-Border transfers. Cryptocurrency wallets are not restricted by borders, thereby allowing investors and traders to share and get cryptos all around the world.
  • Risk management is accessible. Multi-cryptocurrency wallets help users identify fake wallet addresses and automatically deny duplicated financial operations.
  • It is easy to customize. Individuals and businesses can customize the wallet with only the required options and services according to their preferences.
  • Multiple security layers are available. Crypto wallets are embedded with higher security levels, making it easier even for beginners to secure their funds.
  • Purpose-Built. Crypto wallets are accessible in different types, each having different purposes. Users can choose the desired wallet wisely.

Cons

  • Limited control of the website. A ready-made platform with minimal design tools, little control of the look and feel of the wallet.
  • Access to CRM, retention clients, and the database is limited. You do not control or operate the systems. This may be an issue when you have a database of players.
  • Loss of revenues since the platform is taking 40% of the net income they earn from the players for themselves. In the beginning, you have very little power to negotiate percentages with the platform.