With the rise of blockchain and decentralized technologies in general, a new concept of money is evolving. The nature of money is changing, embracing new forms and types. It’s worth mentioning that the crypto payments in the blockchain are not similar to the traditional ones. Blockchain doesn’t need banks, credit institutions, or any other intermediaries to control the financial life of individuals. 

The blockchain revolution brought peer-to-peer transactions to a new level: anonymous, secure, and transparent. Moreover, a financial transaction in a decentralized environment is not exactly a traditional money exchange operation. 

For example, if you have 100 euros, you can buy 100 dollars and keep the change in the shape of paper money or coins. However, if you want to buy Bitcoin with Ripple in web3, you overwrite the old ownership right with the new one. It means that crypto itself never leaves a block on the blockchain.  

Quite complicated, right? Equally cumbersome are crypto wallets which at the same time act as entry gates into the blockchain. Luckily, today we are witnessing a new trend in blockchain development. 

Disruptive encryption technologies allow better user experiences and frictionless shifts for technologically not-savvy users from web2 to web3, which means more user-friendly wallets. One of the brightest examples of top-notch technology adaptation is Wallet-as-a-Service (WaaS) - a powerful tool helping businesses to build engaging crypto wallets.

Increase of Crypto Payment Adoption

The development of convenient, scalable yet secure wallet infrastructure breaks the limitations of web3 wallet mass adoption, providing more people with immersive blockchain financial experiences. Based on the data from Blockware Intelligence, the percentage of the world population to adopt crypto payments will reach 10% by 2030. 

According to Statista, in 2023 the overall daily crypto trade volume reaches 1 billion US dollars. And this is not all. More and more companies are accepting crypto as a payment means. Such brands as Starbucks, Subway, Whole Foods, AMC cinema chain, etc. already allow their customers to pay in crypto. Other companies, such as Tesla, eBay, etc. claim to start accepting crypto as a payment means soon.

This crypto adoption rising curve is good, but the most important question is how to keep the digital assets protected, especially in web3 when there are no regulators like banks or other financial institutions. The load of protecting digital assets is solely on users’ shoulders. 

Sounds overwhelming, but things are not as bad as it seems. WaaS enables the development of user-centric crypto wallets. At the same time, they are user-friendly, convenient, and secure, which is especially important amidst the web3 raging sea of anonymity, zero trust, and hostility.

Non-custodial Wallets Powered by WaaS

Now, we are getting closer to the question of what businesses should do if they want to tap into the potential of web3. First of all, they should advocate for non-custodial wallets for their customers. This will be not only an investment in their brand growth, but also a possibility to build brand loyalty and increase customer engagement. Anyway, what is a non-custodial wallet, and how businesses could facilitate their mass adoption? 

Understanding Non-custodial Wallets

The main benefit of traditional non-custodial wallets is the full ownership of digital assets they give to users. But at the same time, they are inconvenient for people who are not technically advanced. 

Traditional non-custodial wallets don’t provide a smooth user experience in terms of private key management, seed phrase, public addresses management, and network switching, etc. And for a long time, those were the biggest obstacles preventing users from investigating versatile blockchain opportunities.

Crypto Wallet-as-a-Service in a Nutshell

Wallet-as-a-Service is a tool providing businesses with pre-built, easily customizable modules facilitating the development of web3 crypto wallets. At Spatium we are providing our customers with three main modules for WaaS non-custodial development: Wallet SDK, Wallet Cloud, and Wallet UI. 

The composition of these three elements enables businesses to build user-friendly and highly protected wallets for their customers at low costs. Moreover, wallets powered by WaaS drastically decrease time to market. Instead of the 50–60 weeks required to develop a non-custodial wallet from scratch, we offer the development of secure and reliable non-custodial wallets in less than 10 weeks. 

The most important part of the digital Wallet-as-a-Service paradigm is the encryption core - Wallet SDK, powered by Multiparty Computation (MPC) technology. It’s a client-server module responsible for the cryptographic part, MPC algorithms implementation, and blockchain-specific cryptography. The latter includes the generation and sync of secrets that are substituting the private key. 

Also, Spatium Wallet SDK generates public addresses for cryptocurrencies, signs transactions, and initiates biometric backup. Let’s discuss what are the main benefits Spatium Wallet SDK brings to businesses.

5 Key Benefits of Spatium Non-Custodial WaaS SDK

1. Enhanced Security

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MPC encryption implemented in the SDK core enables the keyless co-signing of crypto transactions. Now users don’t have to worry about how safe their private keys are because instead of the private key, two secrets are activated and generate a phantom key requested to sign the transaction. One secret is located on the user’s device and the other is placed on the server of the service provider. Moreover, Spatium unique MPC implementation puts the user at the center of any wallet activity. Each time the second secret needs to be activated, a user has to confirm this operation.  

2. Full User Ownership

Non-custodial wallets differ from custodial ones by the fact of who is in custody of the digital assets stored there. Of course, in the case of crypto safety, the only secure option is a non-custodial solution because the blockchain is a network where you cannot trust anyone. Non-custodial wallets are user-centric, providing wallet owners with full control over their digital assets: tokens, crypto, NFTs, etc.

3. Biometric Backup

Spatium Wallet SDK is a pioneer in anonymous biometry services implementation to make non-custodial crypto wallets engaging and convenient for end-users. Our WaaS SDK biometrics enables quick wallet recovery, gives access to the second secret during the transaction co-signing procedure, and allows facilitated shifts among other devices that belong to the user.  

4. Multi-chain Support

Spatium Wallet SDK is developed to be blockchain-agnostic, that's why the wallets built on it may work with any blockchain. For example, Spatium supports all main blockchains right now: Bitcoin, Ethereum, Polygon, Everscale, Litecoin, Solana, Ripple, etc.

5. Affordability

Spatium offers a flexible pricing policy toward its customers. Start building with Wallet SDK for free, and pay for the license once it’s activated. The activation of the license happens at the moment when the wallet app is uploaded to the App Store or Google Play. You can get several licenses: for Kotlin, Swift, and TypeScript based on the goals of your product.

Conclusion

The world has always been changing, and that’s one of its strongest sides. Right now we are witnessing the complete transformation of the world financial system and blockchain technologies play one of the major parts in it. Web3 brings transparency and decentralization in addition to multiple brand-new ways of financial interaction between people without any intermediary assistance. 

At the same time, for businesses who would like to enter web3, it’s vital to partner with an experienced and trustworthy player in the field of crypto wallet development. The quality of the crypto wallet affects customer engagement and opens up the bug possibilities for their mass adoption.

Having an idea in mind, let us know about it, we know how to navigate it. Drop us a line to get to know all the details about Spatium WaaS products.

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Discover Spatium Wallet SDK – the solution for effortless non-custodial crypto wallet creation. Enhance security, user ownership, and blockchain compatibility in your projects.

Spatium Wallet SDK is a powerful software that streamlines non-custodial crypto wallet development. It removes the burden of coding, testing, and implementation, allowing businesses to focus on achieving their goals.

Spatium is launching Wallet SDK soon, aiming to  simplifying non-custodial crypto wallet development. With insights gained since its pioneering use of Multiparty Computation (MPC) technology in 2017, Spatium introduces the non-custodial Spatium Wallet SDK to build secure, user-centric wallets for the web3 era.

Spatium's lightweight yet powerful encryption core, the Wallet SDK, prioritizes user needs. Users maintain full ownership of digital assets and manage wallet interactions with business servers, fostering user loyalty and retention.

Wallets powered by Spatium Wallet SDK confirm transactions through encrypted secrets scattered across various locations, enhancing security. The absence of a Single Point of Failure (SPOF) ensures wallet integrity, even if one secret is compromised.

Designed for accessibility, Spatium Wallet SDK benefits both non-technical users venturing into web3 and blockchain enthusiasts. The adoption of Spatium's MPC encryption contributes to wider crypto wallet usage, fostering business growth and competitiveness.

Furthermore, Spatium Wallet SDK facilitates easy wallet access restoration, including encrypted biometric backup, in case of device loss or server issues.

With blockchain-agnostic design, Spatium Wallet SDK supports transactions across EVM-compatible chains and major blockchains. Available natively for iOS and Android, with a Typescript-written SDK for web apps, it offers comprehensive cross-platform support.

Remarkably compact at less than 3 MB, the Wallet SDK accelerates time-to-market by tenfold and optimizes budgets. This allows businesses to allocate resources to new product development, providing seamless user experiences in the crypto world through Spatium.

For more information and business benefits, reach out to Spatium directly.

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Making a crypto wallet from scratch is no easy feat. It requires the team of blockchain experts, as well as thorough security measures to protect the coins and NFTs inside. So it often ends up costing a lot of money and taking months to build. However, there is a way to drastically decrease these expenses – integrating an SDK. In this article, we will explain what it is and how it helps cut the initial investment, as well as list the 10 best crypto wallet SDKs on the market.

The state of crypto in 2023

Despite the ripples sent by the FTX breakdown and the Terra/Luna crash, the cryptocurrency market not only survived, but thrived. It is currently valued at 1.23 trillion USD, with Bitcoin taking up about a half of that. More than 420 million people use cryptocurrencies worldwide.

As the blockchain gold rush continues, there are plenty of businesses willing to sell shovels. The adjacent technology and services market is currently at a USD 7.4B valuation and is expected to grow by more than 66.2% annually. North America is spearheading the industry, with Asia Pacific following close.

Crypto wallet SDKs in a nutshell

An SDK (software development kit) is a ready-made module that can be integrated in an application and perform specific functions. In the case of a crypto wallet SDK, it can be a lot: 

• Accessing different blockchains
• Storing NFTs
• Crypto/fiat exchange
• Private key generation
• Multi-party computations
• AML/KYC compliance
• Compatibility with Web and mobile platforms
• Etc.

These are the main advantages of using an SDK as opposed to building a wallet from scratch:

• Lower initial investment. Buying a license to use an SDK is far cheaper than paying a team of programmers to develop everything from the ground up. This means you can allocate your budget towards other things (e.g. marketing and security audits). Moreover, if the business doesn’t take off, you will have risked far less money.

• Shorter time-to-market. Releasing your product faster means getting customers, cash flow, and feedback sooner. Moreover, it can help you gain an edge over slower competitors.

• Lower maintenance. The SDK provider is responsible for keeping their product up-to-date, compliant, and secure. This means your own team can focus on other aspects of your solution.

10 Best crypto wallet SDKs

Now let’s see the best products currently on the market. 

1. Coinbase

The second-largest crypto exchange also offers a non-custodial wallet SDK. It has a native Android and iOS versions, but it also supports Flutter and can be made into a browser extension. 

It has the following features:

• Multi-blockchain support
• Adding custom networks and tokens
• NFT storage
• Testnet faucets (browser extension only)
• Private key export
• Transaction outcome preview

It is also thoroughly documented for easier integration and debugging.

2. Spatium

Spatium is a mature startup whose product many consider the best crypto wallet SDK on the market. Spatium’s key difference is the implementation of multi-party computations, combining the benefits of both custodial and non-custodial storage. The wallet’s private key is separated into two or more “shards” and stored on the client (user’s device) and server. If the user wants to migrate to another app or close their account, the key can be exported. And to restore the key, it uses biometric authentication. As a result, no one can access the wallet except for the user, even if the device or server are compromised. Moreover, it soon will include a guarantor that will ensure the wallet’s safety even if Spatium goes out of business. 

This is what the wallet SDK features:

• Native Android and iOS versions, as well as a web version
• Multichain support
• NFT storage
• Ready-made UI
• Generation and synchronization of shards
• Public address generation
• Gasless transactions

In addition, Spatium offers a wallet cloud – an additional service that includes authentication, address info, crypto/fiat exchange rates, and other functionalities necessary for a modern crypto wallet. It simplifies third-party interactions that would otherwise have to be made from scratch. 

If you are interested in seeing how it works, contact us and book a free demo.

3. Venly

Venly specializes in all things blockchain. Their product line includes a reliable crypto wallet, available as a widget or via API. The functionality is mostly the same for both versions:

• Create Wallets for your users
• Retrieving the native balance of these wallets
• Retrieving the (non-)fungibles (ERC-1155, ERC-721 and ERC-20) of these wallets
• Performing transfers of native and fungible tokens on these wallets
• NFT-transfers
• Contract calls
• Signing messages with these wallets
• Importing/exporting wallets

The differences are under the hood and are invisible to the end-users.

4. Fireblocks

With over 130M wallets and over USD 4T in transactions, Fireblocks is one of the premier providers of crypto wallets as a service. It offers SDKs in JavaScript and Python, as well as a REST API that the developers can interact with. 

Fireblocks has the following functionalities:

• Hot, warm, and cold wallets
• MPC protection
• Role-based access
• Gas station
• AML/KYT compliance

5. Cryptoapis

The aptly named Cryptoapis provides a host of software components and services for Web3 applications. This includes a solution for creating crypto wallets under the brand Vaultody. It is an advanced product with many features: 

• Hot and warm wallets
• Multi-party computations (MPC)
• Automation
• Approval chains
• Hardware enclaves
• AML/KYT integrations
• Freeze wallet/Working hours

It also has thorough documentation and API reference.

6. Kryptogo

Kryptogo started out offering due diligence software based on blockchain technology, but then branched out in other DeFi offerings. Today it has a B2C crypto wallet app, as well as a wallet-as-a-service product. This is what it includes:

• Multi-chain support
• Payment management system
• Flexible UI
• NFT storage
• Multi-party computation
• Asset management
• KYC/AML

7. Liminal

Liminal offers a variety of blockchain-related products for regular users and businesses alike. This includes a wallet API and SDK (in JavaScript and Typescript). The SDK, however, is only server-side. This is what it allows you to do:

• List all wallets, including hot Wallets
• List wallet balances and transactions
• Generate addresses hot wallets
• Access Public Keys of addresses
• Access HSM devices
• Create and sign transactions
• Monitor transaction status

Liminal also has a self-custody wallet product, interoperable with their SDK.

8. Magic

Magic offers two versions of their SDK, similar in their functionality. The first is the plug-and-play option, the second is a more customizable white label one. Unlike others on this list, it focuses on access control and authentication. This is what it offers:

• Authentication without a seed phrase
• Email collection
• Transaction signing
• Wallet widget
• Fiat on-ramps
• Customizable UI

Magic has native SDKs for iOS and Android, as well as a version for React Native (currently in beta).

9. DFNS

DFNS puts an extra emphasis on the security of its offering. Its official website proudly lists a number of completed and ongoing penetration tests and audits to show this commitment. DFNS offers a Web3 API and a Typescript SDK to make working with it easier. Here’s what it can do:

• Authentication without a seed phrase
• Wallet creation
• Role-based access
• Multi-chain support
• Over 1000 integrations
• Testnet

The integration list is especially impressive, and includes not just blockchains and tokens, but also accounting, anti-fraud, and token issuance solutions.

10. Sepior

Sepior is a Denmark-based provider of secure infrastructure for Web3 projects. Its product line includes various solutions for storing and managing digital assets: wallet creation, key management, MPC for existing wallets and more. For this list, the most fitting product is Sepior Advanced MPC Wallet. This is what it is able to do:

• Wallet creation (hot/warm/cold)
• Multi-layered MPC
• Access and transaction policy management
• Flexible quorum approvals
• Support for high-frequency trading wallets

Conclusion

There isn’t a product that could be called the best crypto wallet SDK. All of them differ in their feature sets, pricing, support quality, etc. Test a few options and see what works for your business goals. And if you need help with that, contact us.

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