What is a Multi-chain crypto wallet?
A multi-chain crypto wallet is a type of digital wallet that may support numerous blockchain networks and their associated cryptocurrencies. It operates in the exact opposite manner from how a single chain cryptocurrency wallet does. Users of the application will be able to keep track of all of their digital funds in one location and spend them as needed.
Users are given unique wallet addresses for each blockchain, and everything is managed by a single set of private keys (password).
Multi-chain wallet development company to choose
Making the decision to create a multi-chain wallet has never been difficult for you with Hivelance. You will have an advantage if you have prior experience in crypto wallet development, blockchain knowledge, and programming expertise. See our client portfolio by getting in contact with us.
Why do Multi-chain crypto wallets exist?
Single chain crypto wallets might only support one network of blockchains. Users cannot change chains within a single application. That is the most serious problem here. Because users of defi and NFT have several investment options at their disposal. However, if a customer has to switch between different crypto wallet programmes, there is always a solution to be discovered.
The invention of multi-chain wallets emerged as the ideal response to this problem. No matter the blockchain, users can now choose to buy, store, receive, and lend any cryptocurrency.
Advantages of Multi-chain crypto wallet
1. Easy management
When using the multi-chain wallet, users can manage the digital assets and make informed decisions on the go. There is no additional software application needed anyway. Also as per the latest study, users feel frustrated about maintaining multiple apps in their mobile phone.
2. Additional security
In a multi-chain wallet, there are two separate keys used. One is a passphrase that can give you access to all of the digital assets. It can be similar to the password for your locker. Another one is public key(i.e wallet address of every blockchain network, exchanges, defi marketplace). People use this key to receive, send and store digital assets.
3. User-friendly
Compared to the single chain crypto wallet, multi-chain wallets offer a better user friendly interface. Simple navigation, asset monitoring, portfolio maintenance, notification alert, minimal steps in buy/sell process, and web3 marketplace access are the most needed features among the people.
4. Wide opportunities
Even Though cryptocurrencies are crashing, NFT and defi maintains the steady phase in attracting investment from users. Fractional NFT investment, defi lending, staking, play-to-earn business models are booming and get the mainstream attention. Multi-chain crypto wallet can bring a wide pool of investment opportunities at the click.
5. Speed & efficiency
Users can never miss any transactions in multi-chain wallet since all the native blockchains are integrated already. The speed is faster in multi-chain wallet for receiving and sending cryptocurrencies, NFTs.
Multi-chain crypto wallet development at scale
We at Hivelance have a strong foundation as a multi-chain wallet development company. We design, develop, test, and deploy multi-chain wallet projects from the scratch to scalable solutions.
You will get a multi-chain wallet with native blockchains integration, mobile app, web app, chrome extension, firefox extension and supporting APIs. There is a dedicated team of wallet developers and designers to make your wallet more unique. The customization is subjected to terms and interest.
