Businesses always have to be creative to stay ahead of the competitors. Many companies are looking for new ways to expand their influence. A white label wallet can be a powerful solution which will help you to focus on other aspects of your business, and there is no need for any special skills or expertise. The following article might answer your question “How to do it? What does White Label mean?”
What is a Crypto Wallet?
A white label crypto wallet is a made-to-order solution which is fully customizable under your brand and which includes various types of cryptocurrencies and features. Users are able to sell, trade, or exchange their crypto assets via this wallet, and also store their funds absolutely safely. Having such a wallet allows a company to save time and money instead of developing their own platform from scratch.
The latest type of mobile wallets that are currently popular in the market are crypto-based. They support popular cryptocurrencies, stablecoins, and decentralized finance tokens. They can also be accessed via Android and iOS apps. Mobile wallets have helped make managing cryptocurrency more effective and easy. That, combined with the ability to see charts & graphs and get real-time updates, make crypto trading a lot easier.
Custodial versus Non-Custodial?
If you would like to store your cryptocurrency securely, you need to choose a crypto wallet. There are two different types of wallets: custodial and non-custodial. Below we will look at the difference between these types of wallets, what they offer and how they work.
All wallets have a public key or a private key, which allow users to sign their transactions. The length of private keys are too big. For example, “A4CF7432F…” is part of a private key. Instead of remembering and typing that big amount of symbols, the wallet relies on a seed phrase, also known as a mnemonic phrase, to generate your private key.
A custodial wallet is a platform that stores your private keys, while in the non-custodial wallet everything is under your control. To be more specific, it can be crypto custodian providers like Bitgo, Fireblocks or Cooper that store the keys to secure digital assets.
Non-custodial wallets offer these benefits:
On the one hand, a custodial wallet requires the user to entrust the safekeeping of their private key to the company that offers it. On the other hand, Non-custodial wallets do not require this type of control by the user. This means that the wallet provider does not have access to the user’s private keys.
Non-custodial wallets have following advantages:
- Privacy – The private keys will never leave your device and will be never stored on a server, which means that you can use them even if you don’t have an internet connection.
- Security – You do not need to trust any third party to keep your money, because they don’t have access to your private keys.
- Control – Everything in the wallet, including your crypto assets, are under your control.
How to choose a non-custodial White Label Crypto Wallet?
Onez is a company which provides white label crypto wallet solutions for businesses in need. These can be tailored to include any and all of the features you may desire.
Our white label non-custodial crypto wallet solution is a great way to move your business forward. You can use it to integrate with self-onboarding, a variety of payment options and more. Onez offers a big variety of features for all business requirements. The wallet design is clear and shares the same usability with custom products. Read more for details.
Onez assembled a team of experts who work together to create an intuitive and easy to use wallet that will be beneficial to your business. If you are in need of a better solution for your business, please don’t hesitate to contact us today! We can help you with any questions you may have and provide you with all the information you need.
How does a crypto wallet work?
Essentially, crypto wallets operate in the form of a software program containing your private and public keys. Depending on the type of wallet, you unlock the funds and utilize them for transferring digital coins or tokens.
What is a public key?
A public key is a collection of letters and numbers that are used to identify the personal account in which cryptocurrency is stored on. Public keys (also called an address) are publicly available in order to receive bitcoins and other currencies. Your public key is also embedded in the digital wallet software you use or to make purchases with your cryptocurrency.
There are many such wallets in the market but they all have one common purpose – storing digital cash and making transactions. These wallets are built with sophisticated software programs that work with public and private keys.
If you decide to go for a non-custodial wallet, here’s how to get it done:
A white label wallet is a crypto wallet that you can use to store cryptocurrencies from any other wallets. It is also known as a non-custodial wallet, because it does not hold your private keys.
For the businesses requirements, Onez is able to create the best non-custodial wallet by implementing features like:
- The ability to send, receive, and store multiple cryptocurrencies
- Support for multi languages
- Security features like 2FA and multisig options
- Ability to integrate with exchanges and other wallets
- WalletConnect protocol for connecting to other DApps.
- NFT storage for keeping art collection in the wallet
- And much more breathtaking features.