In today’s world, every service tries to find various ways to develop its products and enhance customer loyalty and commitment, and the crypto wallet platforms are no exception. But every business also wants to make a profit from its product. So how can white-label wallets enhance customer hold and monetize their work simultaneously?
In this article, we’ll explore how strategies shape the future of crypto wallet usage and profitability, from the power of primal monetizing tools to the benefits of referral bonuses as a separate mechanism.
The role of monetization in crypto wallets
The primary function of crypto wallets is to allow users to store, send, and receive digital assets safely. For that reason, wallets can receive profit from swap fees. However, with the growth of the crypto space, competition among wallet providers has intensified, and offering basic services is no longer enough to guarantee success. As a result, wallet developers have started looking for ways to diversify their revenue streams.
Monetization in crypto wallets is achieved through many tools. The choice of certain mechanisms depends on the needs of both wallet users and the desires and requests of customers who want to launch their wallet.
Here, everything is limited only by the boundaries of the client’s imagination – you can implement both a separate mechanism and combine options to create a more interesting offer on the crypto wallet market!
Existing tools for monetizing
Monetizing tools are a significant revenue stream for crypto wallets. By offering some additional features to users who are looking for a paid subscription or unique options, wallet providers can build a loyal user base willing to pay for enhanced functionality!
Here are some of the key tools that drive crypto wallet profitability:
- Advanced security features, like built-in AML checks, where the first checks are free, with additional screenings available as a paid service
- Access to DeFi services, when premium users may get access to exclusive decentralized finance (DeFi) opportunities, such as staking rewards or higher interest rates for lending their crypto assets.
- Virtual cards, which enable the option to charge users a small fee for every transaction, or for their issuance
- Priority customer support, where users can receive 24/7 access to priority support or dedicated customer service agents for extra payments, ensuring they have a quicker response time for resolving issues
PS. All monetizing tools look attractive, right? If you aren’t quite sure what options to integrate into your wallet, just contact us – our team will find solutions specifically for your request!
Power of referral programs in crypto wallets
The referral program deserves special attention in the context of considering the method of monetization of the crypto wallet, since here not only the business itself, but also its customers receive profit.
In simple words, it’s a tried-and-true method for increasing user acquisition and engagement across various digital platforms. For white-label crypto wallets, they present a win-win scenario for both the user and the wallet provider. Referral programs incentivize current users to introduce new customers to the platform, often through a reward system that benefits both parties.
How crypto referral programs work
Referral programs in crypto wallets usually operate straightforwardly: existing users are provided with a unique referral code or link. They can then share this link with their network. When a new user signs up for the wallet and performs specific actions, both the referring user and the new user receive rewards. These rewards could include bonuses like cashback, discounts on fees, or even token rewards.
As a cherry on top, referral programs can create network effects that lead to increased brand awareness. Users, especially those with large networks, act as promoters of the wallet, incentivized by rewards that drive them to be more active in recommending the platform.
Benefits for users and companies
For users, referral programs offer tangible incentives that directly contribute to their wallet growth. These rewards can either help reduce transaction costs or provide additional services without requiring an extra fee, making the wallet experience more enjoyable and cost-effective.
For companies, referral programs provide a low-cost acquisition strategy compared to traditional marketing methods. Since the referral program works based on a user-to-user recommendation system, it generally leads to higher conversion rates and more loyal customers.
Future of crypto wallet monetization: what’s going next?
As the crypto ecosystem continues to mature and develop, we can expect further innovation in how wallets monetize their services. Future trends may include:
- Tokenized reward systems
- Personalized wallet services
- Increased cross-platform integration
Conclusion
The monetization strategies for white-label crypto wallets have become critical for both developers and users alike. As special monetizing tools gain traction, they not only enhance the wallet’s profitability but also improve user engagement, leading to greater customer retention.
Want to monetize your wallet? EvercodeLab is here to make your dreams come true! With our white-label solutions, our team will help your wallet platform integrate these features seamlessly, ensuring you stay ahead of the competition while enhancing customer engagement!