Table of Contents
- What benefits does having a custom crypto wallet provide for business?
- Ways to set up a crypto wallet
- Onez’s solution for a customized wallet for your business
- Frequently Asked Questions (FAQs)
The crypto industry is among the fastest-growing industries in the modern economy, and it has huge potential for further growth. According to ReportPrime, the crypto market will show a compound annual growth rate of 30,88% between 2022 and 2030. The other analysts make similar projections – the figures vary only by a couple per cent of CAGR. So, it is no wonder that more and more companies and entrepreneurs venture into the crypto sphere. Some develop their crypto business from scratch, others try to find a way to expand their already existing business into this new lucrative market.
In any case, getting a wallet is an obligatory step for a company interested in the crypto industry, receiving crypto payments, or attracting crypto enthusiasts as its target audience. You can consider a crypto wallet a bank account but for digital currencies, and you won’t be wrong. However, a crypto wallet is so much more than a mere account for handling your digital money.
A crypto wallet opens up huge opportunities for businesses besides receiving and sending cryptocurrency transactions. Investments in digital assets, engagement with DeFi services, crypto loans, and issuing your own tokens are only a few of the multiple options available to companies with a crypto wallet. The wallet itself can easily become a separate business direction.
Moreover, a crypto wallet can be used to differentiate a company from its competitors in a variety of ways. First of all, accepting crypto payments is a differentiating factor, but you can add the ability to provide wallet services to customers, and the ability to customize the wallet’s features and capabilities to truly make your offering unique. Finally, modern customizable wallets allow you to make sure that your wallet matches your branding and helps you with promoting your goods and services.
What benefits does having a custom crypto wallet provide for business?
Expanding into new markets and attracting new audiences is always beneficial for business – it helps a lot with scaling and growth. The crypto industry as a whole and the crypto payments segment, in particular, is among the fastest growing segments of the entire world economy, despite all the ups and downs of the crypto market. For instance, the crypto payment industry has been showing annual growth of over 15% for four years now, and there is no indication that the trend is going to change.
As a result, not only crypto enthusiasts but even major corporations from the traditional business world are interested in crypto in some form or another. 75% of retailers plan to integrate crypto payments within a couple of years. Changes in the legal landscape also help: a few years ago, crypto was widely considered a “grey” area. Today, it is legal for companies in most of the world to operate with digital currencies and set up their crypto accounts.
Having a crypto wallet is necessary if you want to integrate crypto payments into your business processes in any way. After all, without a wallet, your company won’t be able to receive cryptocurrency transactions. However, the benefits don’t end there. Multi-signature access to a crypto wallet can effectively prevent social engineering attacks on your business and ensure funds’ security. Moreover, the company can purchase digital assets and engage in crypto investments and DeFi protocols to gain additional revenue.
If a company does not limit itself to just having a crypto address but has its own branded cryptocurrency wallet that it can offer its customers, the opportunities for scaling the business and increasing user retention become truly impressive. After all, providing a crypto wallet is a rather lucrative business on its own.
First of all, if users can have access to a feature-rich wallet without leaving your ecosystem – they will inevitably use your services more often simply because of convenience. Then come additional services, such as token swaps, crypto exchange, and staking, that generate additional revenue via fees. Finally, there are great branding and promotional opportunities. Some people may even learn about your business as a wallet provider first and only then try your other products or services.
Ways to set up a crypto wallet
There are three main ways to set up a crypto wallet for your enterprise:
- Create an account using a third-party platform. The easiest, cheapest, and fastest way. However, only a few platforms allow setting up a decent enterprise-level wallet, and you will be extremely limited in terms of available capabilities and features. Not to mention a complete lack of branding and promotional opportunities. Most importantly – you’ll miss all business expansion opportunities provided by having a proprietary wallet.
- Develop a proprietary wallet from scratch. Such a wallet will be exactly like you want it and fit your needs perfectly. However, the development of an enterprise-level wallet from scratch is expensive – a few hundred dollars at least. Moreover, for companies that are not primarily crypto-oriented, assembling a development team just for a wallet certainly isn’t reasonable.
- Use a customizable white-label solution. This way, you can get the best of both worlds. White-label wallets, especially offered by a reputable company like Onez, are proven, reliable, and fully customizable. You can set up such a wallet exactly the way you want it and make sure that its UI and visual design fit your branding. But at the same time, you don’t have to spend a fortune, and you can get your wallet set up in a rather short time.
Naturally, when picking an option, it is necessary to consider not only your business goals but also the resources at hand. After all, it is always possible to “make an upgrade” further down the line. For example, you can use a third-party platform to set up your company’s crypto wallet and enter the crypto market this way, but later, once you can spare resources for development, invest in a white-label solution and transfer your wallet to it.
Onez’s solution for a customized wallet for your business
Onez has recently updated its offerings, so we have a perfect opportunity to take a look at the latest trends in white-label wallets for businesses from industry leaders.
The basic wallet package is, admittedly, pretty basic. It offers iOS & Android applications with branded UI, FaceID and TouchID support, the ability to restore a wallet via a mnemonic phrase (as well as mnemonic phrase generator), the ability to exchange, send and receive tokens and coins as well as to view transaction history. In its basic form, the wallet supports 5 blockchains with their respective coins and tokens.
However, “basic” doesn’t mean “bad”. Such wallet functionality is perfectly suited for small and medium-sized businesses that are not primarily focused on crypto. If your target audience is not experienced crypto users, but you expect some of your target audience to be interested in crypto – the basic package offers great value for money. After all, its price starts from $20,000. Most importantly – the basic package is as secure and reliable as more advanced corporate packages, including enterprise-level wallet encryption.
The number of features that can be added on top of the basic package is quite impressive. The number of blockchains supported can be increased to 25, NFT and staking capabilities can be added, as well as advanced anti-fraud protection, widgets, advanced analytics toolkit, multi-signature access and many other features. Basically, any feature used in modern crypto wallet can be added to the Onez white-label package. Naturally, there is no need to integrate all options – you can mix and match the features in whatever manner you like.
On the one hand, a wallet with such capabilities, as we have already mentioned, can easily be a full-fledged business on its own (and pretty lucrative at that). So, a white-label wallet is a great way to either expand an already existing crypto business or enter the crypto market with great potential for success.
On the other hand, a highly customizable wallet with reliable and proven infrastructure opens up plenty of other opportunities. For example, you can set up your enterprise-level wallet exactly the way you want, with all the access control and security features you deem necessary. Moreover, you can grant your partners access to the same enterprise-level wallet capabilities and make your customized white-label wallet a part of your B2B ecosystem. The opportunities are virtually limitless.
Getting a cryptocurrency wallet is a necessary step for any business planning to expand into the crypto market or accept payments in digital currencies.
At the moment, the optimal solution for an enterprise-level wallet is to use a customizable white-label solution, such as one offered by Onez. It allows businesses to set up a wallet with features that suit their needs the best, take advantage of branding and promotional opportunities, and offer a relatively low-cost way to expand their business operations, target new audiences, and gain additional revenue. At the same time, the customization of a white-label solution requires only a fraction of the expenses necessary to develop an enterprise-level wallet from scratch in-house.
Frequently Asked Questions (FAQs)
1. Can I use a white-label wallet for my small business?
Yes, a white-label wallet can be a great option for small businesses that want to enter the crypto market or offer crypto services to their customers. It provides a cost-effective solution with customizable features and branding opportunities.
2. What advantages does a customizable wallet offer over a basic wallet package?
A customizable wallet allows you to tailor the features and capabilities of the wallet to your specific business needs. You can add advanced functionalities like NFT support, staking capabilities, multi-signature access, and more, giving you greater flexibility and opportunities for growth.
3. How secure are white-label wallets offered by Onez?
Onez offers reliable and secure white-label wallets with enterprise-level encryption. The wallets are built on proven infrastructure, ensuring the safety of your digital assets and protecting against potential fraud.
4. Can I integrate a white-label wallet into my existing B2B ecosystem?
Yes, you can integrate a white-label wallet into your B2B ecosystem and grant your partners access to the same enterprise-level wallet capabilities. This can help streamline your business operations and create a seamless experience for your partners and customers.
5. Is it possible to start with a basic wallet package and upgrade later?
Absolutely. If you are initially limited on resources or want to test the waters in the crypto market, you can start with a basic wallet package and upgrade to a more advanced white-label solution later. This allows you to scale your business operations according to your needs and budget.