Partner: crypto wallet
Amount of internal assets: 300
Presence of an inhouse exchange API: yes
Realization: an exchange tab within the wallet interface
Usage period: 2,5 months
What’s a crypto wallet? Ideally, a place to safely store and hold crypto assets. No wallets, no crypto – yet it is always room to expand your service and get additional income. The most secure way to do so is by providing your users with an exchange or buy/sell feature natively embedded into the wallet interface.
Depending on your technical capabilities, stage of development, and workload of the development department there are different flows and tools available to increase your income and enhance user experience. In this article, we explain this process comprehensively on the example of one of our partners – a major non-custodial crypto wallet.
Benefits of integrating a built-in exchange feature:
- Сostless source of additional income – get a reward for every transaction
- Improvement of user experience by adding a highly useful tool
- Expanded number of available assets – even those the wallet does not support
- Possibility to natively and seamlessly embed the function into the existing interface
Table of contents
Monetization: How Does it Work
A wallet gets a commission from every transaction held through Swapzone affiliate tools: rewards are flexible and increase with turnover volume. It is also possible to add an extra fee to increase the earnings even more.
The more loyal your audience is, the higher the extra fee you can add.
- As a well-functioning crypto wallet with a formed user base, you can put up a nice extra fee to earn more from each transaction.
- As a wallet that has just started and still conquers the niche, you can create a competitive advantage over other wallets and build user loyalty with no markups.
Approach 1: Add an exchange feature instantly
Tool: Crypto Exchange Widget
- As an intermediate move while deploying the full functionality of the crypto exchange feature through the API
- As an independent exchange tool in the situation of lack of resources or technical incapabilities
The process of API implementation could require some technical preparation and development resources, so there is a way to boost the additional payout of your crypto wallet right away – the Swapzone Crypto Exchange Widget.
An exchange widget is a piece of code that can be easily embedded into desktop or mobile wallet interfaces usually not requiring any specific technical modifications.
For the partnering crypto wallet the process of deploying the main exchange solution took about 1.5 months, so to use this time constructively they integrated the widget to the coin pages on the desktop application meanwhile.
An additional revenue the partner got while preparing to embed the exchange API key.
Monthly turnover: 125,469376 BTC
Monthly profit: 1,25469376 BTC
Approach 2: Integrate full-stake exchange functionality from scratch
Tool: Crypto Exchange API
Applicable to: a wallet wanting to expand the internal functionality
The basic configuration of the cryptocurrency wallet implies the possibility to store crypto assets securely, yet for any crypto user, it is always handy to be able to swap one coin for another without leaving the wallet interface. Especially if the wallet supports a bunch of different assets.
The process begins with an interface preparation: it is always suggested to natively fit the exchange tab into the existing interface for the feature to not look foreign. We are always ready to assist you in that process and provide the layout and specify the necessary fields.
Then the API is implemented to all the coins of the wallet, also guaranteeing up to 1000 crypto assets available to swap even if the wallet does not support them: if there is no specific wallet for the certain crypto asset the API flow shows the tab to enter an external address. The wallet also receives the same commission from such transactions as for the internal ones.
Approach 3: Expand the number of assets and back up existing exchange functionality
Tool: Crypto Exchange API
Applicable to: a wallet already having an exchange functionality yet wanting to earn more
When handling the cryptocurrency wallet it is possible to earn not only by deploying new features, but also by diversifying and expanding the capabilities of the current ones.
As the partner already had the functionality of exchanging, purchasing, and selling crypto assets there was no need for special technical preparation – the Swapzone API was natively added to the existing flow and complemented the existing interface.
The scale of use is always up to the certain wallet – this is a highly adaptive tool that can be adjusted to different requests. The Swapozone API can:
- backup the previous one in case of downtimes,
- or expand the number of assets by adding the ones not supported by the wallet.
Either way, it provides the wallet with additional income from every transaction and the wallet’s users with a handy function, enhancing customer retention.
Overall partnership results
These figures show the results of additional transactions the partner got through implementing Swapzone Exchange API in support of the one already installed: only of the transactions
Monthly turnover: ~ 310 BTC
Monthly profit: ~ 3,1 BTC