Crypto Banking Solutions

The crypto market capitalization is 2.14 trillion US dollars at the time of writing this article. It is definitely impressive and shows that digital decentralized and centralized assets are with us for a long time. Nowadays, people choose them for investment earnings, to preserve their savings, or simply use them as a more convenient type of money. From the economy to politics, cryptocurrencies are making their mark everywhere. Banking industry is no exception to this rule. More and more players in this market are deciding to launch their own cryptocurrency banking application. The trend is obvious, as more and more people have some kind of savings in the form of new type of digital money. A significant part of them would not mind combining classic banking capabilities with cryptocurrencies to have maximum convenience and security in financial transactions.

This article will focus on the issue of cryptocurrency banking applications as a trend of our time. The reader will get acquainted with the types, main functions, and stories of the most successful ones in practice. We will also pay attention to specific aspects of development and the cost of implementing such a project at the moment.

Types of cryptocurrency banking apps

The trend of developing and launching your own crypto banking software or implementing this type of functions in an existing application is provoking a truly lightning-fast development of the industry.

Just about every day, a new tool of this type is launched somewhere, but each of them has certain features and its own limited or wide set of capabilities. Depending on the dominant need of crypto users and based on the current legal regulation in the country of registration, the application has its own set of functions that determine its type. Let's take a closer look at the following chart.

Type of application	The main functions it offers are
Cryptocurrency + traditional banking	A universal option that allows you to combine all the classic banking functions with cryptocurrency capabilities (cryptocurrency storage, fiat storage, issuance of cryptocurrency debit cards, cryptocurrency payment with low fees)
Crypto wallet with some additional features	An option for users who are interested in the safe storage and management of assets, which allows them to withdraw their cryptocurrency balance to a card in the form of fiat in one way or another (directly through the application or via P2P)
Cryptocurrency payment app	A solution that allows making crypto payments for goods and services or crypto transfers between users
Crypto investment apps	It allows you to receive official loans in cryptocurrency or at the expense of a deposit in cryptocurrency

Depending on what meets its interests, ideology, capabilities, or regulatory restrictions, each individual bank chooses one of the options. Anyway, there is really a lot to choose from now, and every day more and more interesting solutions with popular functions appear on the market.

The main functions of cryptocurrency banking apps

Nowadays, it is hard not to notice that the traditional banking sector is gradually merging with the modern cryptocurrency market. It seems to be a constant and logical development process. People gladly accept the new opportunity to work with both assets (fiat and crypto money) in one place - in a universal application.

Let's discuss the main features that users from the US and Europe have already used or planned to use in the future through the most popular cryptocurrency banking apps:

1. Storage of cryptocurrency assets - a high-quality crypto banking application allows you to send, receive, and store major cryptocurrencies and altcoins in one secure place. The security is guaranteed by encryption and/or the obligations of the development company.
2. Two-way transactions between cryptocurrencies and fiat currencies - a good cryptocurrency banking application has a direct connection between the user's cryptocurrencies and the fiat balance (dollar, euro, other central bank currencies). In a few taps on the screen, the client can exchange one for the other with minimal fees.
3. Cryptocurrency payment is a function that allows you to use the application and the cryptocurrency balance on it to pay for purchases where this payment option is supported.
4. Linking debit cards to cryptocurrencies (or manually replenishing the card with fiat by selling cryptocurrencies) is one of the most convenient features that allows you to link a cryptocurrency balance to a regular bank card that can be used to pay for purchases anywhere. In this case, the user simply withdraws the required amount in cryptocurrency at the exchange rate, and the seller receives regular money (for example, dollars).
5. Internal cryptocurrency exchange - the user usually has the opportunity to exchange any of the supported coins for another at the current rate right in the application. They do not have to wait for confirmations from the blockchain network, and the balance will change almost instantly.
6. Cryptocurrency lending - a user with significant cryptocurrency savings on the account of such an application can use them as collateral when it comes to taking a significant loan in a classic currency.
7. Crypto deposits - some projects provide an opportunity to deposit not only fiat currency but also cryptocurrencies. The interest is not always high, and sometimes it can even be floating, but it is a good official opportunity to receive a permanent passive income.
8. Analytics and market monitoring - high-quality crypto banking applications allow you to view a variety of analytics on the user's cryptocurrency portfolio. They can monitor various dynamics, charts, and more. It is also possible to monitor market trends, exchange rates, asset capitalization, and more directly from the application.
9. Portfolio tracking is a function that allows you to monitor the actual value of your crypto portfolio, the ratio of different assets, etc. in real time.

Cryptocurrency-enabled banking apps are gradually gaining popularity among those users of digital assets who value versatility, legality, and security. As new types of decentralized and centralized money become more and more popular, many financial platforms, projects, and even classic banks around the world should consider enhancing their existing apps with new features or releasing a new crypto app under a single brand.

Examples of popular cryptocurrency banking apps

Popular cryptocurrency banking apps are not always projects focused on this area from the beginning. Some of them received a banking add-on only after they became successful exchanges. Others have proven to be good at exchanging currencies and cryptocurrencies. In general, the following cryptocurrency banking apps with a global level of recognition stand out:

1. Trustee.
2. Crypto.com.
3. Coinbase.

So, let's talk about each of them in more detail to understand what you can achieve in the process of implementing your alternative project.

Trustee

Trustee Plus app by the project with the same name is a mobile cryptocurrency wallet app that supports dozens of cryptocurrencies and allows them to be freely exchanged among themselves or for fiat money (for example, euros). A key banking feature is the ability to issue a cryptocurrency debit card that can be used to pay for goods and services in fiat anywhere.

The developers position this app as a digital finance tool that is free from most banking restrictions. The most important thing is what a Trustee Plus user can get:

1. The ability to buy and sell cryptocurrencies easily.
2. The ability to make instant cryptocurrency transfers to other Trustee Plus users or make slower transactions to third-party wallets.
3. The function of an easy currency conversion into classic money.
4. The function of opening your own bank cryptocurrency card for classic payments in euros.

First of all, Trustee Plus was created and launched as an effective addition to the ecosystem that already included Trustee Wallet, a non-custodial crypto wallet. Currently, they effectively complement each other and provide a choice between classic and mixed (cryptocurrency/fiat) experience of using the company's products.

Crypto.com

Cryptocurrency exchange Crypto.com is another project that has gradually transformed its app from a regular one into a full-fledged crypto banking tool. Today, every user who has passed verification can receive a Crypto.com debit card (VISA) and use it to make purchases for fiat or to withdraw cash from ATMs. In general, the possibilities are as follows:

1. Buying and selling more than 250 cryptocurrencies and more than 20 fiat currencies.
2. Using a cryptocurrency wallet, fiat wallet, debit card.
3. Selling cryptocurrency for fiat within the application.
4. Operations with fiat currencies: AUD, CAD, EUR, GBP, USD, BRL, TRY.
5. Transferring fiat funds to a bank account.

Today, this crypto banking app is widely used in the United States, Europe, and some other regions of the world.  And the exchange itself is among the top most popular platforms in the world in terms of cryptocurrency transactions.

Coinbase

Coinbase is another cryptocurrency exchange that has gradually evolved into a hybrid crypto-banking application that allows you to work effectively with both decentralized and classic financial assets. In addition to trading, transfers, staking, and other operations with more than 260 cryptocurrencies on the world's top 3 exchanges, Coinbase users can:

1. Open a VISA debit card (without any down payment requirements or good credit history) that can be used for any everyday purchases.
2. Receive cryptocurrency rewards (to choose from a large list of coins) for purchases made with this card.
3. Set up many additional security measures for the card.
4. Link your bank account or payroll to your card for easy replenishment.
5. Make transactions without any fees for USD or USDC.

A debit card from Coinbase is perfect for those who are new to crypto banking. Simple terms and conditions, easy usage, and appealing rewards system provide the right mix for the first time user to get acquainted with this type of application.

Features and cost of developing a cryptocurrency banking app

It is difficult to determine the cost of developing an app of this type in advance and as accurately as possible. The final price is influenced by many factors, but the main ones are: the functional diversity and complexity of the application, the location of the development team, the implementation of versions for different platforms (IOS, Android, Windows PC, Linux, etc.), the requirements for the uniqueness of the design, the requirements for technological aspects and their combinations in your product.

The most basic cryptocurrency banking apps will cost less. As the demand for functions and capabilities increases (complexity grows), the price will also rise. If a customer needs the most advanced features with advanced capabilities, support for online trading operations, integration with various bank cards, and much more, they should definitely focus on a high price tag.

Below, we show a chart that demonstrates the approximate price tags for the development of a crypto banking application at the moment:

Project complexity level	Average implementation period	Average development cost
A small app with basic functional solutions	4-6 months	20-40 thousand USD
Medium app with moderate functionality implementation	6-9 months	40-80 thousand USD
A large application with a complex system and all the advanced features and functions	From 9 months	80-160 thousand USD

It is recommended to rely on cross-platform app development from the beginning. This solution may seem more expensive, but over time, it proves to be cost-effective - you reach the maximum audience at once and eliminate the need to open new development projects for each new platform.

Conclusions

The development of a cryptocurrency banking app is a large-scale and complex project that, nevertheless, fully justifies itself due to the financial trends of today. If you create a tool with attention to the market, regulatory requirements, and user needs, it will have a significant chance of becoming really popular. The demand for high-quality tools that would combine cryptocurrency wallets and bank accounts/cards is something that is constantly growing and is unlikely to slow down in the near future. It means that attracting new users and even investors will not be too difficult.

Today, people are looking for universal financial management, fast and convenient operations, and minimal fees. However, not everywhere this niche is currently occupied by the undisputed market leader. Therefore, many people have a chance to become the one who fulfilled the client's request like no one else before them. Well, why not give it a try? Considering the hegemons such as Trustee, Coinbase, and Crypto.com, which show success stories but are still too overloaded with various additional features that frequently deter new users. A user who may become a client of your project.