How App like Coinbase Earns? Make Cryptocurrency App

The Backstory of Coinbase App

Coinbase was started by Airbnb software Engineer Brain Armstrong in 2012. He partnered with Fred Ehrsam to start his new cryptocurrency venture. At the time they started the bitcoin exchange app, it was still a new market and gaining momentum. The company took a major step by launching PayPal for Bitcoin. And after that, the company never looked back.

The company founders had a little tiff in the middle though which led to missing the biggest opportunity of their life. But nevertheless, they started selling 1 million US dollars in sales per month.

The growth streak kept growing in 2017 by becoming the number one iPhone app in the American iOS store 2017. They also crossed the 30 million user mark in 2013.

Presently the company, despite the COVID impact has managed to cross the 35 million users mark and is planning to go public by March 2021. 

The very basic why app like Coinbase got such a good reach and huge profits was because they thought to make cryptocurrency app by visioning the increasing demand in the future. And they turned vision into good fortunes very nicely.

Scope of Cryptocurrency App Development

The bitcoins became so successful with the hefty value increase in a short period of time that they became the top favorites of everyone. People look for the portals or the facilities that give access to buying and selling of bitcoins and that is why cryptocurrency apps started coming into the limelight. The massive demand for cryptocurrency app rose demand for cryptocurrency app development.

And in the times to come, the facts that I will be sharing with you right now will even entice you more for cryptocurrency app development

• In May 2020, the cryptocurrency market cap was 265.545 US million Dollars- Statista
• The bitcoin gained value by 2000 times in less than a decade.- techjurynet
• There are 6 billion-dollar transactions that are done daily through bitcoins.- sasscount.com

Therefore, it is quite obvious that the demand to make cryptocurrency app is high because people want to do transactions, and the cryptocurrency app facilitates bitcoin exchange.

Earnings by Making App like Coinbase

Enough of motivation is done for cryptocurrency app development, now we have to focus on what are the ways you can generate revenues by making app like Coinbase. Here are some of the major sources that we found out from the Coinbase Revenue Model.

1. Trading Fees

The major portion of earning for cryptocurrency apps is the fees they charge on buying and selling of the currencies. They charged a certain amount of commission. You can make a revenue structure for the revenue of your app like Coinbase does.

Here is how Coinabse does

• For Transaction up to 10 USD- 0.99 USD
• For Transaction Above 10 USD and up to 25 USD- 1.49 USD
• For Transaction Above 25 USD and up to 50 USD- 1.99 USD
• For Transaction Above 50 USD and up to 200 USD- 2.99 USD

2. Membership

This could be the pass for the users who do cryptocurrency exchange as a regular business for a living. They can get the special pass at a certain price value with more value-added features like-

• Advanced Filteration
• Track to Real time Data
• Insurance
• Dedicated Support

You can charge the membership on a monthly, quarterly, or annual basis.

3. Interchange Fees

When the user does the payment through credit cards for the transactions they are charged some percentage. You can also charge some part of paying commission through credit cards on cryptocurrency transactions and make some good money.

4. Cashback

An app like Coinbase works with Stellar Lumens in the USA and they are eligible to get cashback rewards. When providing cash rewards on using some particular merchandise. There is obviously a reason that the app must be charging some promotional fees.

5. Interest on Cash

Just like a normal bank, the cash deposited by users in Coinbase is used for different purposes. Your cryptocurrency app can do the same thing. Lend out the money to financial institutions in need and charge them money in return.

6. Course Earn

To earn good revenues from your app, You need to work as an app like Coinbase. They have special programs. The user can learn from the courses that teach about finances and smart investments. On learning them, the user gets some payout of the currency. Enrolling in such courses will also add up to revenues.

7. Security Hold

In this, your cryptocurrency app can hold custody of the crypto-related assets of third parties. Just like a locker facility. And for the time it keeps security with themselves for the cryptocurrency they can charge holding fees.

8. Personal Loans

In this facility, you can let your users lend some percentage of the bitcoin balance at the decided rate of interest. An app like Coinbase allows lending of 30% of the bitcoin balance. Your app can also earn good profits from interest on lending amounts.

Aspects to Watch in Cryptocurrency App Development

Following are the major things to look upon in cryptocurrency app development. When you go to the app development company, you have to focus on the mentioned below domains.

• Design

The app is itself very technical and needs a lot of minds and analytics to use the app for cryptocurrency exchange. Your app should be a support rather than a problem. Blend the smart designs with good logistics and analytical programming to provide a seamlessly functional app. 

You have to take care of wireframes and prototypes so that the user does not get confused about which feature of the app functions how. It should be self-explanatory.

• Client-Side Development

Ask your front-end developers to provide you with HTML, CSS markups, and Javascript programming languages, and multiple frameworks that store client-side logic in the web part of the application. It becomes easy for the users to operate your cryptocurrency app without much effort.

• API

It belongs to the backend development of your cryptocurrency app. To make app like Coinbase you have to make sure that the server part of your app works well. This also helps in catalyzing the basic functions as follows-

• User Authorization
• Admin Panel and Servers
• Content Management
• Cryptocurrency Bets and Deals

• Blockchain

Te cryptocurrency app like Coinabse needs data and massive storage. The blockchain allows the processing and storing of data related to trades and transactions. This aspect makes sure that data stored is usable, authentic, and safe for keeping user’s privacy.

• Security

Trading is the essence of the cryptocurrency change app. And in order to keep the essence of the app tact, the information of the users should be held secured and safe with the users. The security could be done in cryptocurrency app development in two ways-

• Secure Architecture- In this, the app developers have to take care that the storing and transmission of the information should e done through the safe and decided channels.
• User’s Authentication- This feature will make sure that the person with illegal means is not able to log in to the app. The observance of IP addresses, notifications, and multiple verification systems are published for the safety and security of your cryptocurrency app users.

Cost Estimates

The cryptocurrency app could be of two types. The one that deals with the exchange of the bitcoins and earns the commission and the one that itself deals in the cryptocurrency market just like Coinbase does. In order to make app like Coinbase. You can expect your budget to range from 70,000 US dollars to 125,000 US dollars. And if you want to make a simple cryptocurrency trading app, the estimates are approx of 25,000 US dollars to 60,000 US dollars. Different apps, different costings, and obviously different growth prospects. You can book a free consultation from an expert app company to guide you in this.

Conclusion

The bitcoins are in trend. And when you follow the trend, you are in the trend! The need for cryptocurrency app development has gotten so high but surprisingly still many people have not invested in it. To make cryptocurrency app like Coinabase, you should not think twice. The cryptocurrency app has the potential to grow and along with that, it has many other smart ways to earn revenue over the revenue. How cool is that! So, if you are one of those investors who love cherry on the cakes, the cryptocurrency app development will give you the joy and revenues of that kind.