Over a decade since the birth of Bitcoin, crypto has continued to BOOM, and terms like HODL seized mainstream attention. It’s natural that the sector’s evergrowing users will want a wallet that’s compatible with all their crypto holdings.
A trend has emerged where exchanges, trading tools, dApps, gaming platforms, casinos and many other blockchain companies are building their native crypto wallets.
The goal is obviously offering an all-round experience with a one-stop shop for everything crypto. And the ultimate mission is mainly user retention.
Think about the likes of Magic Eden, a multichain marketplace that recently launched its wallet, Binance, OKX and Bybit — it’s impossible to exhaust the list of platforms that provide a wallet solution besides their primary offerings.
If you’re a business owner, entrepreneur, builder, developer, executive or product manager, read on to find out how your business can get a go-to-market crypto wallet that you can quickly brand and ship to customers.
It’s easy, faster and affordable.
What is a White-Label Crypto Wallet ?
A white label crypto wallet is a ready-to-ship wallet software solution provided by a development company to another business or company, where the latter rebrands it and ships to customers.
The purpose of white label development solutions is to fast-track software development so that enterprises don’t have to build stuff from scratch. As such, a company like Evercode Lab, which provides white-label blockchain solutions can create a crypto wallet and have it acquired by another business which rebrands and markets it as its own.
The company that acquires the wallet gets rights to customize it as per its business standards and the needs of its market.
White label crypto wallets are ideal for businesses which want to tap into crypto users but lack sufficient in-house resources to develop blockchain software. Such a business could be anywhere from traditional banks to online payment gateways, gaming apps, exchanges, DEXs, and NFT marketplaces among others.
How a White-Label Crypto Wallet Works?
Once acquired, a white label crypto wallet must be rebranded as per the requirements of the business that’s bought it. Things to double-check include the content of the white-label agreement, licensing information and whether the blockchain wallet comes with technical support.
It’s worth noting that the developer kicks off building another wallet immediately when they’ve sold one. Additionally, what separates the great white-label blockchain solution to the average one is the availability of varieties. Evercode Lab gives you a variety of products to choose from, as well as after-sale services and technical support.
Meanwhile, the crypto wallet will have functionalities similar to any other wallet for users to send, receive, store or stake cryptocurrencies, as well as provide a seamless gateway for interacting with decentralized applications across the Web3 ecosystem.
Simply, a white-label crypto wallet enables a business to enter the market quickly and in a more affordable way.
What are the Features of White-Label Crypto Wallet?
White label crypto wallet solutions have garnered interest across both crypto and non-crypto businesses. Read on to discover the features of these wallets that’s making them attract enterprises.
- Branding and customization: Customization of the wallet begins immediately after your business purchases the white-label crypto wallet. This process includes rebranding, adding logos, fonts and colors, as well as reconfiguring features that might be valuable to your business’ target customers. The wallet’s rebrand must align with the design, tone and identity of the business.
- Multi-chain support: A suitable wallet that meets all the needs of today’s crypto users must be compatible with at least more than 1 blockchains and support multiple cryptocurrencies. A wide selection of cryptocurrencies and digital assets make the wallet convenient for customers who are looking for an all-in-one crypto storage platform.
- Advanced security features: Security is a top priority for crypto users, at Evercode Lab, you’ll get a fully fledged secure wallet with encryption, two-factor authentication, private keys, cold storage and know your customer features. The authentication features both USSD code, SMS, biometrics, email and a strong password.
- Portfolio manager: Crypto users want to monitor the growth of their digital assets portfolio, track price changes and access charts that paint a picture of how the markets are performing. The White Label crypto wallets come with an integrated portfolio manager with advanced charts to help your customers monitor their assets effectively.
- Built-in exchange and liquidity: These wallets come with API and SDK integrations that securely connect to liquidity providers and aggregators in real time across any crypto exchange or DeFi protocol. These integrations are crucial in availing sufficient liquidity for users to effectively buy, send, swap or stake cryptocurrencies.
- Compliance and regulatory support: International regulations are crucial for any business building for crypto, that’s why white label solutions take their time to consider global compliance requirements when building these wallets so that partners don’t find themselves on the wrong side of law enforcement.
- Analytics and insights reports: As a business, you need a robust analytics platform to gauge the wallet’s performance, user growth, downloads and so on. A white label crypto wallet will deliver this by integrating your wallet’s backends with data analytics and regular self reporting.
- Future expansion and scalability: The cryptocurrency industry is here to stay, and therefore any products in the sector are built for the long haul. White label wallets are scalable, can be improved and more chains can be added in future, therefore providing sufficient room for future expansion.
- After-sale technical support: The quality of after sale technical support matters a lot in the white-labeling sector. As such, the wallet comes with constant support and guidance in ensuring the effective operation of the wallet, as well as ensuring all technology stack is updated and secure.
Types of White-Label Crypto Wallets: Custodial Vs Non-Custodial
Whether you need a custodial or non custodial wallet, the right white label crypto development solution will provide a suitable option depending on your needs.
A custodial wallet is a cryptocurrency wallet in which a third-party is tasked with keeping the users’ private keys, hence placing the responsibility of safeguarding the funds in the hands of the custodial wallet provider.
On the other hand, a non-custodial wallet gives the user complete control of their individual private keys, thereby giving them the full responsibility of safeguarding their crypto holdings.
What Are the Advantages of a White-Label Crypto Wallet?
White-label wallets have grown in popularity for several reasons. Read on to discover what are their advantages.
- Affordable and cost effective: Selecting a white label crypto wallet saves you from the hassle of investing in a team of software developers, purchasing the required technology stack for putting together a complete wallet or even the groundwork required to build such a product. As such, this makes getting a white label crypto wallet more affordable and reliable.
- Customization: You can customize and reconfigure the wallet as much as you want, depending on how you want it to appeal to your customers. This may include rebranding the user interface and user experience, adjusting the fonts, brand colors, images and so on to align with your existing brand image.
- Quick deployment to the market: A white label crypto wallet is a quick go-to-market strategy for launching a product and shipping it directly to users without having to build the platform using an in-house team. It could also be an ideal way of launching a Minimum Viable Product (MVP) for entrepreneurs who are starting out in Web3. Check out some of the products that can be implemented by white label solutions and quickly shipped to the market.
- Quality security features: White label wallet developers have many years of experience building these products, they’ve done it in the past and seen firsthand what could go wrong. This is alot compared to starting the development process from scratch without the execution experience. This could set your business up for failure and open up potential security loopholes. On the other hand, a white label crypto wallet will come incorporated with military grade security measures, KYC features, data encryption, biometric authentication and private keys.
Frequently Asked Questions
How can I get a multichain white label wallet?
Identify a white label blockchain development company and check whether they provide white label crypto wallets. Ensure they have a positive track record and then evaluate your needs to come up with specific details of the type of wallet you need, whether custodial, non-custodial, or multichain.
Thereafter, communicate these details to a white label crypto wallets provider such as Evercode Lab which offers specialized blockchain development services that includes a multichain white label wallet.
What is a white label product?
A white label product is a software product or app that’s been developed by one company and sold to another, where the latter company that purchased it has to customize and rebrand the product to align it with its customers’ needs.
What is white label mobile app for the blockchain?
A white label mobile app for the blockchain is a native mobile application that’s integrated with the blockchain (s) and can run on Apple iOS or Android OS. This application is built by a third party but can be customized and rebranded by someone who is in agreement with the white label provider.
Such an app could be a white label crypto wallet, which is available on Evercode Lab, a specialized white labeling blockchain development company that aims to create unique products , maintain transparent communication and offer reliable support.
What is the meaning of white label solutions?
White label solutions is where products are manufactured by third-party developers and resold to enterprises, which then take on rebranding the products and ship them to their own markets. If you are looking for a professional white label development company for software, remember to check out Evercode Labs.
How does a white label crypto wallet work?
A white-label crypto wallet works just like any other crypto wallet, only that it’s built by a third-party development company and sold to another enterprise where it is reconfigured and rebranded to align with that enterprise’s target market.
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