Crypto Banking Software

Crypto banking market

The popularity of cryptocurrency as an investment and payment instrument is growing rapidly every year. Today, cryptocurrency holders account for 6.8% of the world's population, which is more than 560 million people.




The average annual growth rate of cryptocurrency usage was observed at 99% between 2018 and 2023, while the same figure for traditional payment methods (bank cards) was 8% year-on-year.




The global crypto market capitalization is estimated at 2.2 trillion dollars, users are offered more than 10 thousand virtual coins for deposits on the investment platform, and the daily cryptocurrency trading turnover on Binance reaches 11.5 billion dollars.

All over the world there is a trend of popularization cryptocurrency as a way to pay for goods and services, and companies around the world offer the population to use cryptocurrency wallet apps, crypto ATMs and mobile applications in the form of crypto banking (similar to traditional banking developments).

More than 38.5 thousand crypto ATMs were already in place worldwide by mid-summer of this year. In 70 countries (predominantly Asia and the US), citizens can quickly exchange virtual coins for fiat.






Due to the developing infrastructure of the crypto market, virtual coins are becoming increasingly easy and convenient to use as a payment instrument. For example, such global giants as Microsoft, Subway, Burger King, and KFC support bitcoin payments. A Deloitte report(originstamp.com, www.deloitte.com) predicts that the share of retailers accepting crypto coins to pay for consumer transactions will increase to 75%. And this does not bypass investors who are looking for new efficient ways to invest, as well as seeking to innovate in their businesses, thereby increasing customer loyalty.

Not so long ago, only digital wallets were available for storing cryptocurrency, until it became possible to make p2p transactions on exchanges, as well as to withdraw one's funds in fiat to bank cards. The rapid development of technology allows cryptocurrency infrastructure to evolve, offering users secure and multifunctional solutions for quick and convenient management of their cryptocurrency capital.

So, what does a modern crypto user want? A guarantee of secure storage of his coins, quick access to them directly from his smartphone, the ability to buy and sell coins in 1-2 clicks, and no transaction fees. In addition, he also wants to enjoy the options of analyzing, statistics and control of all crypto transactions without any risk or threats. And this is made possible by the implementation of cryptocurrency banking and the usage of cryptocurrency apps.

Cryptocurrency banking software

Merehead has been developing financial projects since 2015. Ready-made solutions for crypto banking usually do not exist, as such applications require a high level of security and personalization. Managing users' finances implies high responsibility as well as privacy. However, given the experience of our company, we try to use ready-made modules when developing new projects to reduce the development time and the cost of the final product. The total cost of such a project can range from 20,000 to 160,000 dollars and will take from 2 to 8 months of development.

Features of cryptocurrency application development

You can order cryptocurrency application development for running your own business or for profitable investment.

Types of crypto application development

Today there are two options for creating an application for crypto banking:

1. based on ready-made solutions - a ready-made template is taken as a basis, which is equipped with basic functionality. Then the product is uniquely customized to meet the client's needs. Thus, you can save budget and get an effective and fully working project;


2. from scratch - the application is developed on a turnkey basis to create an original and multifunctional product that meets the customer's needs. The budget of such a project will be much higher.

The cost of application development for crypto users can vary:

• 20-40 thousand dollars - for the simplest and most compact version;


• 40-80 thousand dollars - for a medium-sized and functional product;


• 80-160 thousand dollars - for complex multifunctional crypto-banking.

Key criteria when developing cryptocurrency banking in a smartphone

No matter which option you choose, in any case, the following factors should be taken into account when developing a crypto banking app:

• high level of client authentication - this involves modern encryption methods, security algorithms, implementation of the most secure methods for logging in (in particular, biometric and 2-factor verification, the requirement to come up with a strong and complex password for logging in);


• compliance with KYC/AML rules - these are the principles of knowing your customer's portrait and basic anti-money laundering guidelines, thus preventing the risk of committing financial crimes;


• multicurrency - a crypto banking application should focus on supporting the maximum number of fiat and digital currencies;


• security of transactions and access to financial assets - to ensure this criterion, methods such as offline storage and data encryption are introduced;


• one-click direct transaction mode - using technologies to exchange, buy and sell all types of currencies directly without intermediaries (exchanges, exchangers, etc.);


• implementation of communication with crypto exchanges - this allows to maintain uninterrupted access to cryptocurrency trading platforms through API technology;


• issuance of virtual and physical cards - this is a unique option that increases the competitiveness of your application so that users can make online payments using cryptocurrencies.

Additional features to increase customer loyalty may include the following:

• a rewards system - customers can earn points/bonuses by depositing their digital coins;


• implementation of DeFi (decentralized finance) protocols - this allows for cryptocurrency loans, open borrowing and access to various DeFi services;


• technical support - it is important to provide users with communication with experts in case of questions and technical problems. It is recommended to offer a wide range of communication channels - chats, social networks, email, phone call.

Developing a cryptocurrency application is a new stage in the development of your business, combining the full satisfaction of the target audience's requests and increasing the company's competitiveness in the market.

crypto banking and cryptocurrency applications

Numerous blockchain startups continue to face the challenge of opening a traditional bank account. This may be due to the lack of regulation at the state level, as well as market risks from which the crypto industry is not immune. Crypto banking is an effective solution for businessmen and investors interacting with cryptocurrencies. It combines classic banking functionality and virtual coin management capabilities. Access is realized through a special application that the user installs on his smartphone.

A banking application is a specialized program designed for installation and further use on a mobile device (smartphone or tablet).

The capabilities of a cryptocurrency app for the user:

• free access to all digital assets you own;


• direct exchange transactions of cryptocurrencies and fiat, without intermediaries in the form of exchanges and exchangers;


• instant financial transactions;


• opening a debit card;


• credit processing;


• no commissions for transfers and exchange operations;


• no geographical restrictions (no country or region restrictions);


• quick and easy management of both traditional currencies and crypto-assets.

Popular cryptocurrency apps

Cash App

Financial investment platform Cash App offers its customers a wide range of asset management and transaction services. It is a cryptocurrency banking app that is developed by Block Inc. Access to traditional banking services is provided by partnering with Sutton Bank.



Cash App main features:

• sending and receiving cash, Bitcoin coins and shares for free;


• opening a Cash App Card debit card for making purchases;


• it is possible to link a bank account to a virtual Cash App Card;


• tracking and balance management for each cryptocurrency;


• paying bills, receiving paychecks, filing tax returns through the crypto app;


• participating in loyalty programs from partner companies to receive cashback and discounts;


• opening direct deposit to purchase Bitcoin;


• commission-free Bitcoin transactions worldwide.

Wirex

Wirex - is an advanced cryptocurrency banking app that offers its users such features:

• buying and selling cryptocurrency and stablecoins;


• opening deposits on Ethereum, Tron, Solana, Polygon (your choice) to manage USDT and USDC coins;


• opening a Wirex payment card: a virtual one is used for online purchases and a physical one for real expenses;


• direct transfer of funds from deposits in UK banks to the WIrex card;


• one-click trading of digital assets;


• commission-free cash withdrawals;


• statistics and control of all expenses with regular notifications.

Revolut

The multifunctional cryptocurrency banking application Revolut is developed by the company of the same name and offers a wide range of opportunities for both private users and businesses. The main features available to cryptocurrency banking customers include:

• 0% commission for cryptocurrency transfers;


• fast buying and selling of virtual coins;


• more than 200 coins for investment and storage directly in the application;


• possibility to choose and connect a tariff plan that suits your needs;


• opening a corporate cryptocurrency account;


• depositing funds for future investments.

Trustee Plus

Using Trustee Plus cryptocurrency banking app, customers get such features:

• opening a Trustee virtual payment card for online purchases;


• access to a multi-currency cryptocurrency wallet with detailed management of each asset;


• 0% commission when exchanging stablecoins;


• no fees for transfers and card top-ups;


• support for instant transaction option by phone number;


• direct cryptocurrency exchange and purchase transactions.

OneSafe

The financial platform OneSafe offers innovative solutions for business startups worldwide, combining traditional banking and Web3 financial services.



Users of this cryptocurrency banking application can:

• manage crypto-assets directly through a personalized account;


• make transactions with fiat and digital funds;


• use the built-in crypto exchange 24/7 to exchange, buy and sell virtual coins;


• open corporate cards with spending limits for payments to relevant service/goods providers;


• no commission on Bitcoin transactions;


• support for multiple blockchain networks;


• guarantee of seamless payments;


• global account opening and management.

Nordark

Nordark offers technological solutions for efficient organization of financial work in any business sphere using cryptocurrencies:

• maintaining business accounts in the UK and EU countries;


• execution of loans in stablecoins;


• round-the-clock access to trading operations for buying and selling virtual coins;


• provision of dedicated IBANs for crypto-business.

Is the future in cryptocurrency banking?

Using a cryptocurrency banking application that works from anywhere in the world and provides secure, fast and easy access to traditional and virtual assets without commission costs is a revolution in the crypto industry that is gaining rapid popularity.

Having online access to all assets is beneficial and relevant not only for private users, but especially for entrepreneurs and businessmen who use cryptocurrencies in their commercial activities. Crypto bank in a smartphone has such undeniable advantages:

• access to traditional banking services and simultaneously to cryptocurrency transactions without geographical restrictions;


• opening of virtual and physical payment cards for fast payment of online purchases of goods and services using digital assets;


• guaranteeing fast and secure global transactions based on blockchain;


• minimization of costs in the form of low or zero fees;


• absence of intermediaries in cryptocurrency-fiat exchange and vice versa, as well as direct purchase and sale transactions of virtual coins;


• management of financial assets in one or two clicks - full-fledged banking in a smartphone 24/7;


• increased business efficiency to facilitate cryptocurrency services;


• new opportunities for investors - guaranteed earnings on an innovative product that is gaining global popularity.

Conclusion