Leverage Crypto APIs Suite for Your Crypto Wallet

Leverage Crypto APIs Suite for Your Crypto Wallet

Blockchain Use Cases

Crypto APIs Team

Jul 20, 2023 • 7 min

You've designed and developed the perfect crypto wallet. Now all you need is a way for it to talk to the blockchain. Easier said than done. Basically, you have two options...

You can start building the infrastructure for the communication channel with the blockchain from scratch. Or you can leverage the power of a proven blockchain infrastructure provider, like Crypto APIs, that is trusted by industry leaders.

We think that’s a no-brainer. But if you do need a little help, let us break it down.

Benefits of a Blockchain Infrastructure Provider for Crypto Wallets

Using a blockchain infrastructure provider like Crypto APIs gives access to blockchain data, webhooks and tools so that crypto wallets can easily operate without worrying about nodes, maintenance and network updates. 

The benefits of that include:

Accept Multiple Currencies Easily 

Cryptocurrency has grown far beyond just Bitcoin. Crypto wallet users want variety when it comes to trading on the blockchain. As of February 2022, there were more than 10,000 cryptocurrencies built upon multiple blockchains and that number is growing daily. 

The issue for crypto wallet providers is that each blockchain has its own set of protocols and network of nodes. To offer variety crypto wallets need to have access to multiple networks. 

Running multiple nodes for each blockchain requires significant resources, technical expertise, and security considerations— all of which increase your budget and slow down development. 

Using a blockchain infrastructure provider by-passes the need to host your own nodes for each blockchain. You also don’t need to worry about surpassing bandwidth limits, guaranteeing uptime, maintaining or upgrading networks or worrying about node security.   

READ MORE: Blockchain Nodes Explained

Faster Go-to-Market

Integrating ready-to-go blockchain infrastructure with your crypto wallet allows for faster deployment. According to Future Market Insights, the crypto wallet market is predicted to grow by 29.5% by 2031 thanks to the steady increase in the acceptance of crypto and the continued advancements of blockchain technology. 

Using tried and tested blockchain infrastructure that is designed to scale with your business as you grow, means businesses can stay competitive in the rapidly expanding market.

Focus on Developing Your Core Product 

Removing the labor-intensive tasks of setting up, managing, and maintaining the infrastructure of your wallet and the necessary hardware components such as nodes, businesses can free up their workflow. Greater freedom improves the productivity of your own in-house developers, allowing them to concentrate on creating the best product.

How Crypto Wallets Utilize Crypto APIs Product Suite

Our team has developed a product suite that enables companies to save crucial time, money and effort in blockchain infrastructure development and management. 

Through an MPC-based Wallet as a Service, Blockchain Events, Blockchain Data, Tools, Market Data, and powerful, unified APIs, we provide businesses with the infrastructure they need to provide a simple and safe way to interact with cryptocurrencies and digital assets.

Some of the world’s leading crypto wallet providers are already implementing our solutions to support their services and customers.  

Here’s how:

Crypto APIs Wallet as a Service

Our Wallet as a Service gives access to infrastructure that enables businesses to generate secure wallets and addresses to their users and organize the whole deposit and withdrawal processes without the need to host any nodes.

Our unified APIs support all of the major blockchain networks with newly introduced chains being added all the time. This means your wallet can support the top cryptocurrencies, tokens, and digital assets without the need for multiple integrations.  

READ MORE: The Importance of Offering a Blockchain Agnostic Crypto Wallet

Crypto APIs WaaS also features multi-layered security which includes Multi-Party Computation (MPC), governance layer options, and whitelisting capabilities. 

Here are some of the WaaS endpoints crypto wallets can make use of:

Generate Deposit Address: Through this endpoint businesses can generate new receiving/deposit wallet addresses easily.

Create Coins Transaction Request from Wallet: Create a new transaction request from the entire Wallet instead of from just a specific address. This endpoint can generate transactions from multiple-to-multiple addresses. This endpoint is for UTXO-based protocols such as Bitcoin, Bitcoin Cash, Litecoin, etc.

Create Coins Transaction Request from Address: Through this endpoint users can create a new single transaction request from one address to another.

Create Coins Transaction From Address For Whole Amount: Create a new transaction from the address for coins specifically, which will transfer over the entire available amount.

Create Fungible Tokens Transaction Request from Address: Through this endpoint users can make a single token transaction.

Blockchain Events

Crypto Wallets need to be able to communicate to users about different events happening on the blockchain, such as confirmed/unconfirmed transactions and the movement of funds into and out of their wallet. 

Businesses can make use of our Blockchain Events to set up notifications on demand for such events on any blockchain protocol. Using unified requests and callbacks, working on the principle of webhooks, our robust infrastructure ensures receipt of a notification on your verified endpoint as the event occurs. 

Our Blockchain Events endpoints include:

New Unconfirmed Coins Transactions: Create callback subscriptions for when there are new unconfirmed coin transactions for the user. The information is returned to a specified address.

New Unconfirmed Tokens Transactions: Through this endpoint customers can create callback subscriptions in the event of new unconfirmed tokens transactions for the user. 

New Confirmed Coin Transactions: Create notifications for when there are new incoming or outgoing confirmed transactions for coins from/to the customer's address. 

New Confirmed Tokens Transactions: Get a callback when there are new incoming or outgoing confirmed transactions for tokens from/to the customer's address.

New Confirmed Tokens Transactions and Each Confirmation: Create callback subscriptions for new incoming or outgoing confirmed transactions for tokens to/from the customer's address, and each confirmation the transaction has received until the confirmations limit is reached.

New Confirmed Coins Transactions and Each Confirmation: Create callback subscriptions for new incoming or outgoing confirmed transactions for coins to/from the customer's address, and each confirmation the transaction has received until the confirmations limit is reached.

Market Data

Crypto wallet users need access to real-time market data exchange rates. With our REST APIs, businesses can obtain exchange rates for both crypto and fiat currencies from 

the top crypto exchanges. You can Get Exchange Rate By Asset Symbols or Get Exchange Rate By Assets IDs.

Blockchain Data

Storing, maintaining and tracking blockchain data is a labor-intensive task but with our Blockchain Data it’s easy to get unified information on anything happening on the blockchain. Our endpoints allow you to get details on balances, transactions, addresses or fee recommendations based on Mempool data. 

Some of the endpoints crypto wallets can make use of include:

Get Address Details: Receive basic information about a given address based on confirmed/synced blocks. This particular endpoint applies only to coins. The details returned can include the total number of confirmed coin transactions for an address, both incoming and outgoing, the total balance, and the total spent by the address.

Get Fee Recommendations: Through this endpoint customers can obtain accurate fee recommendations based on Mempool data. Calculations are done in real time. Using this endpoint customers can get gas price for Ethereum, fee per byte for Bitcoin, etc.

See the full list of available API endpoints in our technical documentation.

Choose Crypto APIs for Your Crypto Wallet

Through our product suite, Crypto APIs offers blockchain infrastructure for crypto wallets without any of the stress and expense of developing it from scratch. 

We provide reliable access to fully-synced and managed nodes for all the top blockchain networks, with 25ms processing speed and 99.9% uptime. As well as uninterrupted node access, businesses can make use of any of the Crypto APIs’ products from one easy to use dashboard and a collection of over 100+ unified API endpoints.

The product suite is an all-in-one subscription that works on a usage basis, meaning that you can easily scale up and down as your business needs change— you’re not stuck in a limited contract that restricts your growth. 

To find out more about how the Crypto APIs product suite can benefit your crypto wallet, contact the team today.

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