How can a crypto wallet give its users a swap/exchange function?
There are around 100 crypto wallets in the market. The number doesn’t seem to be so high but considering that their use cases are industry-tied, just like it is the case with photo processing software, and the industry is still in the infancy stage, the competition among wallets is very severe.
That’s why it is important for a wallet to understand how it can attract more users and which functionalities are crucial for its specific case.
Let’s have a look at a swap functionality: if a wallet supports 1 coin only (there are wallets used to store BTC only), this functionality will be unclaimed. For those wallets that support a couple of coins, this functionality already delivers some benefits even though not the major ones. And finally, for those wallets that support multiple coins, the swap functionality is of high importance.
Take such wallets as Exodus, Trezor, Edge, and Trustee – they offer a range of providers including LetsExchange to enable their users to swap plenty of coins without leaving a wallet.
Benefits of Integrating Crypto Swaps in Wallet
So what benefits does this functionality deliver to a crypto wallet? The most crucial ones are the following.
A competitive advantage
The major wallets already have this functionality. If you are still missing it, you are lagging behind and most likely losing your potential customers.
You increase the retention rate
One of the main problems of wallets is that they constantly lose their users. The retention rate is very low if a wallet doesn’t comply with its users’ expectations. Adding a swap functionality will help you to increase the retention rate. Your users won’t switch to keeping their funds in centralized exchanges and won’t change your option for another wallet if you offer them the functionality they need. Moreover, this functionality will allow your users to save on fees.
Boost the security level for each swap
If the swap functionality is enabled in your wallet, users don’t need to move to third-party websites to exchange their coins. Thus, the possibility of an error or clicking on a link to a phishing resource is eliminated.
Adding a monetization source
Wallets that integrate our functionality can get a revenue share from swaps their users make. Depending on the number of users who swap coins and the swapped sums, this share can vary. We have a flexible revenue share model, and we will be happy to discuss all details directly.
Enabling users to swap their funds in a safe environment
Most crypto wallets are non-custodial. When you integrate the swap functionality into your wallet, you enable your users to exchange their crypto funds directly, comfortably, and safely, without moving their funds to any centralized exchange services.
Marketing opportunities
Adding swap functionality allows you to conduct a number of marketing activities, such as publications in social media, reviews of a functionality, promotions devoted to a swap of a specific cryptocurrency (e.g. with collaboration with a team of this crypto asset ), etc. In the LetsExchange exchange widget, there is also a special section “Recommended Wallets” where your wallet name will be displayed, too. It will increase your visibility and grow your brand awareness among our users.
A branded Telegram bot
A branded Telegram bot can be launched upon your request. With it, your users will be able to swap funds directly in the channel. If you have a strong community, this option may work for you perfectly.
Integration flow
LetsExchange API is easy to integrate, and you will be in touch with our technical team for any assistance you may need.
How is the integration process performed?
- You get in touch with us, and we discuss all the details.
- You design the exchange flow for your app.
- You integrate the API, and we test it together.
We will assist you at every integration stage and we will be in touch after it in case any issues or questions arise.
While the integration speed depends on your technical and human resources, it shall take less effort than integrating this functionality with a major centralized exchange or developing it from scratch.
Bottom Line
Providing extensive functionality including the exchange function is crucial for a wallet to be competitive. And integrating this functionality in collaboration with us provides you with multiple additional benefits.
Please, feel free to contact us to discuss in more detail how we can help you to get a competitive advantage and generate additional income revenues by integrating a swap function.