SDEFI Case Study: Development of a secure and user-friendly crypto wallet

Table of Contents

• Introduction
• Business requirements
• Challenges we encountered
• Analysis & approach
• Solution
• Conclusion
• Frequently Asked Questions

Introduction

SDEFI, a crypto company targeting Latin American markets, partnered with Onez for the development of their ecosystem. In the first phase, we decided to create a Web3 cryptocurrency wallet and an MVP version of a dex-exchange.

We supplied SDEFI with a secure web3 wallet solution using our white-label wallet platform, ensuring safe storage and smooth transactions of crypto assets. With a focus on security, we incorporated advanced mechanisms to deter hacking attempts and remove potential vulnerabilities. In addition to security, we created the wallet for both Android and iOS platforms, offering users a user-friendly interface to store, manage, and transact their cryptocurrencies.

Business requirements

The SDEFI aims to develop a comprehensive, decentralized mobile app to cater to diverse user needs. After analyzing these needs, we introduced a secure and innovative DeFi wallet. This user-friendly wallet simplifies transactions and manages digital assets. It features multi-portfolio management, dashboards, and support for various tokens and coins, staking, as well as cryptocurrency exchange and purchasing.

1. Develop a non-custodial mobile wallet app to simplify the financial journey of users.
2. Customize the white-label crypto wallet application to meet the SDEFI brand’s needs.
3. The goal is to develop a mobile wallet for both Android and iOS platforms. This wallet will support BTC, ETH, LTC, and BNB (BSC), enabling instant cryptocurrency exchange and cross-chain swaps.
4. Set up the application and host it on both the Apple App Store and Google Play Store.
5. Create a Minimum Viable Product (MVP) for a decentralized exchange. The MVP will serve as a proof of concept for potential investors and early adopters.

Challenges we encountered

The wallet solution was developed to tackle several challenges, primarily aiming to give users full control over their funds, which was previously managed by third parties. The other issues that the SDEFI Wallet sought to address include:

• Ensuring security is paramount in crypto wallet app development due to the risks of hacking and unauthorized access.
• Maintaining platform compatibility can be difficult due to varying development frameworks, languages, guidelines, and security considerations.
• It’s important to balance security with a user-friendly design, as complex interfaces can discourage users.
• Integrating blockchain to support multiple cryptocurrencies is a complicated task because of differing technical specifications and protocols.
• The app supports instant crypto exchange and cross-chain swaps.
• Performance and scalability are crucial to ensure the wallet can handle user growth and adapt to evolving needs.
• Adherence to legal and regulatory requirements is necessary, and these may differ by jurisdiction.

Analysis & approach

As a leading company in crypto wallet development, we use an agile approach to deliver innovative wallet solutions globally. We create scalable solutions tailored to your business needs. Our process includes a series of discussions to understand the client’s vision, emphasizing security, cross-platform compatibility, and regulatory compliance.

1. SecurityOur developers used their expertise to implement robust security measures, including secure key storage, encryption, biometric authentication, and secure communication protocols.
2. Platform compatibilityEach platform comes with its own programming tools, languages, design rules, and safety measures. We’ve built a solution that works the same way, looks the same, and performs as well on all platforms.
3. User experience and designThe platform provided clear and user-friendly instructions for key tasks such as account creation, fund transfers, and viewing transaction history.
4. Blockchain integrationOur team successfully integrated with blockchains, managed blockchain synchronization, and handled cryptocurrencies through meticulous development and testing.
5. Performance and ScalabilityThe app can swiftly process transactions, manage real-time updates, and handle large volumes of data efficiently. From the start of the project, there was a strong emphasis on optimizing app performance and ensuring scalability.
6. Regulatory ComplianceOur team has ensured that the app adheres to critical compliance standards, including KYC (Know Your Customer) and AML (Anti-Money Laundering). These standards can be complex and require ongoing effort.

Solution

In the initial phase of the SDEFI project, Onez’s white-label crypto wallet was used for the upcoming product. This service enabled SDEFI to launch a customized cryptocurrency wallet app for iOS and Android, reflecting their brand identity.

The service supports all significant coins and tokens and includes features like instant exchange, cryptocurrency purchasing, staking, multi-portfolio management, and NFT support. These features were tailored to SDEFI’s specific requirements. The key features deployed for the client included:

• Multi-Currency Support
• Dual Theme Support
• Transaction History
• Real-Time Market Insights
• NFT Assets
• Instant Crypto Swaps
• Fiat Conversion

Our white-label solution demonstrates how businesses can effectively penetrate the cryptocurrency market with a product that truly represents their brand identity and incorporates all the essential features.

Conclusion

At Onez, we’re proud to have significantly contributed to the successful launch of the SDEFI project. Our advanced, highly secure cryptocurrency wallet supports various cryptocurrencies non-custodially, giving users full control over their assets.

The wallet simplifies crypto management by allowing users to manage and swap digital assets. It also offers multiple portfolio management, easy crypto purchases via Visa or MasterCard, and a comprehensive dashboard overview. Additionally, it integrates with dApps and DeFi platforms for a seamless Web3 experience.

The wallet can be downloaded from the Google Play Store, and we are currently developing an iOS version. We’ve designed the app to be scalable to accommodate a growing user base and evolving needs. We’ve also adhered to crucial compliance standards such as KYC (Know Your Customer) and AML (Anti-Money Laundering), enhancing the app’s credibility and success.

Furthermore, we developed a Minimum Viable Product (MVP) for a decentralized exchange, which served as a powerful proof of concept. This attracted potential investors and early adopters. We included a feature for instant cryptocurrency exchange and cross-chain swaps, enabling quick and effortless transactions.

Frequently Asked Questions

What is a white-label crypto wallet?

A white-label crypto wallet is a pre-developed software solution that businesses can tailor and rebrand as their own, adding their distinctive logo, brand colors, and design elements.

Why choose a whitelabel crypto wallet? What are the perks?

Opting for a whitelabel crypto wallet conserves both time and resources as it bypasses the need to construct a wallet from the ground up. It also guarantees cutting-edge security features, versatility in currency support, and a user-friendly interaction model.

Is it safe to use a white label crypto wallet?

Absolutely, white label crypto wallets are built with top-notch security features including secure key storage, encryption methods, and biometric authentication systems.

Does a white-label crypto wallet accommodate all types of cryptocurrencies?

The majority of white-label crypto wallets are designed to support a broad spectrum of cryptocurrencies, encompassing Bitcoin, Ethereum, Litecoin, and a variety of tokens. The specific range of supported currencies can differ based on the particular wallet.

Is it possible to merge a white label crypto wallet with other platforms?

Indeed, white label crypto wallets have the capacity to integrate with other platforms, including decentralized apps and DeFi platforms, thereby facilitating a smooth and uninterrupted Web3 experience.