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Consulting on Crypto Wallet Development for an EU Fintech Startup

Consulting on Crypto Wallet Development for an EU Fintech Startup

Industry
Financial Services
Technologies
Blockchain

Customer

The Customer is an EU fintech startup focused on developing innovative cryptocurrency products.

Challenge

The Customer wanted to design and build a multi-chain cryptocurrency wallet that would let users convert cryptocurrencies without commission. Also, the Customer planned to integrate their product with a blockchain-based client portal to facilitate access to the wallet, streamline distribution of user rewards, provide users with up-to-date cryptocurrency conversion rates, and more.

The Customer lacked in-house competencies to create a clear cryptocurrency wallet product concept, estimate resources required for the development project and introduce an accurate implementation roadmap to minimize project-associated risks. They looked for an expert team having proficiency in blockchain development projects and practical knowledge in the fintech industry to plan out cryptocurrency wallet development.

Solution

In 10 days after the initial request, ScienceSoft provided the Customer with a dedicated crypto wallet consulting team. Working in close collaboration with the Customer’s team, ScienceSoft’s experts thoroughly analyzed the Customer’s needs and elicited precise requirements for the cryptocurrency wallet.

Based on the Customer’s requirements, ScienceSoft’s team designed an architecture and a feature set for the crypto wallet product, introduced a go-to tech stack for its development, and suggested optimal integration patterns with a client portal, relevant decentralized exchanges and payment systems. Having compared possible approaches to crypto wallet development, ScienceSoft’s experts suggested building the product upon an existing open-source wallet protocol instead of creating it from scratch. Such an approach would help the Customer significantly reduce development time and cost. The team also prepared a detailed roadmap for crypto wallet implementation, including a risk mitigation plan and cost and time estimates.

Results

In 4 weeks, which was faster than initially planned, the Customer got a well-designed crypto wallet product concept, a technical requirements specification and a detailed implementation project plan to ensure a smooth development process with minimized risks.

The Customer appreciated ScienceSoft’s approach to consulting, expertise in blockchain and a mature project management culture and decided to continue cooperation with the team on the cryptocurrency wallet development. Due to ScienceSoft’s expert help, the Customer got an opportunity to cut the development project cost x12+ times.

Methodologies

Q&A sessions, functional decomposition, business requirements analysis, comparative analysis.

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