Blockchain for Bank

Here’s a short story of how we built several crypto wallets for financial institutions in Switzerland and Germany.

With blockchain technology becoming increasingly popular, businesses and individuals start looking for ways to securely store and manage their cryptocurrencies.

While major platforms like Binance and Coinbase offer such solutions, traditional banks often lag behind.

Background: Why do banks need crypto wallets?

Provide existing clients with a secure crypto wallet as part of their offering.
Retain clients that are considering switching to Binance or a similar platform.
Gain new clients that are looking for a secure crypto wallet and want to avoid taking responsibility for securing their own funds.

Our clients wanted to achieve several goals:

As with any project, there were a few things that we had to keep in mind before starting to work on development.

One of the distinctive features of blockchain technology, as well as cryptocurrencies, is its decentralized and also unregulated nature. This means that owners of crypto wallets are often responsible for making sure that their funds are secure.

Since cryptocurrencies exist in the digital world, like any other digital asset they can be prone to cyberattacks, hacking, or phishing

We faced a challenge

To be custodial or not to be?

When developing a crypto wallet, we could take two different approaches:

Our clients expanded their offerings to satisfy the needs of their existing and new clients.
They received a turnkey solution for their business without sacrificing their internal resources.
They also became more competitive among other digital currency players.
Bank clients got a secure and reliable tool for storing and managing their funds.

Safe
Security

By adding a custodial crypto wallet to their services, banks could provide clients with a reliable and secure tool for managing and storing cryptocurrencies.

Before starting the development project, we first clearly identified our client’s goals and assembled a strong team of several specialists:

On the road to developing a custodial crypto wallet

iOS native developer

QA automation

Vue JS frontend developers

DevOps

Project Manager

Python back-end developers

Android Java developer

QA manual

How it works

With our implementation, financial institutions got full operational and legal control over the crypto wallets.

Crypto wallet users would register with their phone numbers and get access to different cryptocurrencies without owning seed phrases.

Taking into account the specific nature of the current financial system, we also added full support for fiat currencies and simplified KYC & AML checks.

To minimize the risks for our clients, our team also implemented effective mechanisms for fraud prevention and detection.

Backend
(Python)

Web interface
(Vue JS)

Native app
Android (Java)

Native app
OS (Swift)

Benefits

Our clients expanded their offerings to satisfy the needs of their existing and new clients.
They received a turnkey solution for their business without sacrificing their internal resources.
They also became more competitive among other digital currency players.
Bank clients got a secure and reliable tool for storing and managing their funds.

Here are a few benefits of the developed solution:

Let’s see how we can help you

If you’re looking for a custom solution for a very specific business case, we can help you too.