In the blockchain industry as well as in crypto-based next-gen fintech, speed is everything. New companies and products emerge all the time. To survive this cut-throat competition, the product you want to offer has to be engineered, covered by QA, and deployed swiftly. Under these circumstances, pursuing an MVP-based policy is the best-matching option. In this piece, we will discuss the MVP concept and why you should use the Everchain White Label Crypto Wallet as a base of our minimum viable product in the web3 industry.

What is MVP for business

MVP means ‘Minimum Viable Product.’ This term was coined more than two decades ago and describes ‘version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.’

Thus, any Minimum Viable Product has to match these criteria:

  • It must offer a minimum set of features enabling you to test your hypothesis and collect feedback from your early crypto customers
  • It must be developed quickly and cost-effectively
  • It must be easily scalable to that your MVP can be expanded and improved if your crypto hypothesis is proven right and promises success

Typically, an MVP software development and testing project looks like this:

  • Identification of required features addressing real-world problems
  • Building the MVP with a minimum list of the most required functionalities
  • Testing it with early adopters
  • Collecting feedback
  • Scaling up your MVP in case of success

MVP in Crypto

What does a typical crypto startup, requiring an MVP, look like? Here are some Q1 2022 figures provided by CB Insights:

  • Total global investment reached $9.2 billion
  • 461 blockchain-related startups successfully secured funding
  • There were 28 rounds exceeding $100 million

As for the most popular and attractive sectors, they included non-fungible token (NFT) startups with $2.4 billion and DeFi startups, ‘decentralized apps running ‘on blockchains with smart contracts’ and using DeFi tokens, with $2.1 billion.

As a result, an average startup is a young company offering its token and requiring a wallet solution to monetize it. Hence, the crypto MVP it needs is a crypto wallet solution. At the very least, this wallet must be able to:

  • Buy the token for fiat
  • Exchange the token for other assets with applicable fees

Advantages of White Label Crypto Wallet Solutions

On the one hand, with this level of funding, it is possible to build an MVP with your in-house team. However, there is a great and quick alternative to obtain a crypto MVP in a more cost-effective fashion.

  • If you contact a provider of white label crypto solutions with a proven track record, you get access to expertise. You will get what you want, without guesswork
  • The solution you will obtain will be 100% compliant from the very outset
  • Your team will save time and money
  • The amount of your initial investment can be significantly reduced

Everchain White Label Wallet As Your Crypto MVP

So if you urgently need an MVP for your token, we would like to offer the medium edition of the Everchain White Label Wallet. You will get:

  • Mobile app for both iOS and Android
  • Instantly available 10 crypto coins and 3 tokens
  • Sending and receiving assets
  • Buying and selling crypto
  • Instant exchange
  • History of your transactions
  • Mnemonic phrase
  • Face ID & Touch ID

It goes without saying, the UX design of your wallet will be based on your brand. If you feel like you need more (or less), feel free to contact us.

Let’s discuss your crypto MVP now!