K-WALLET APP - An Innovative IT Outsourcing Company

Country

France

Industry

Fintech

Technology

React Native | ROR | Blockchain | API | MySql

The Client

K-Wallet App is a centralized mobile wallet application designed to support Bitcoin, Binance Smart Chain, and Ethereum blockchain networks. It offers core wallet features, such as sending and receiving cryptocurrencies, managing private keys, and viewing transaction history. Additionally, the K-Wallet App includes an on-ramp feature for purchasing cryptocurrencies and a lite version of a crypto exchange, enabling users to buy and sell supported cryptocurrencies directly within the app.

The Challenge

Security concerns: Centralized wallets may be perceived as more vulnerable to hacking, fraud, and unauthorized access compared to decentralized wallets.
Limited functionality: Existing wallets may not offer all the desired features, such as on-ramp purchases and integrated exchange capabilities.
User experience: A complex or unintuitive interface may deter users, especially those new to cryptocurrencies.
Regulatory compliance: Ensuring compliance with applicable regulations, such as KYC and AML requirements.
Interoperability: Supporting multiple blockchain networks and seamlessly integrating their respective protocols and token standards.

The Solution

K-Wallet App addressed these challenges by:

Implementing robust security measures, including secure key storage, multi-factor authentication, to protect user assets and minimize the risk of hacking or fraud.
Incorporating advanced features, such as an on-ramp purchase option and a lite version of a crypto exchange, to provide a comprehensive wallet experience.
Designing an intuitive and user-friendly interface that caters to both beginners and experienced users in the crypto ecosystem.
Ensuring compliance with applicable regulations by integrating KYC and AML processes and partnering with trusted service providers for fiat-to-crypto transactions.
Supporting multiple blockchain networks, including Bitcoin, Binance Smart Chain, and Ethereum, to offer users a versatile and interoperable wallet solution.

Key Technologies Used

Mobile development frameworks: React Native for building a high-performance, responsive, and user-friendly mobile wallet application on iOS and Android.
Blockchain Nodes and SDK: SDK and nodes for Bitcoin, Binance Smart Chain, and Ethereum to enable multi-network support and seamless integration.
On-Ramp API integration: Partnering with third-party provider “Bity” to enable fiat-to-crypto transactions within the wallet.
Crypto exchange integration: Utilized APIs of third-party exchange to provide a lite version of a crypto exchange within the wallet, enabling users to trade supported cryptocurrencies.
Backend development: Ruby on Rails for server-side processing, API development, and user data management.
Database: PostgreSQL for storing user preferences, transaction data, and other wallet-related information.