What's in for crypto wallet companies? - page 2.

PX-Z

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Quote from: mocacinno on April 21, 2022, 02:19:02 AM

Agreed, and on top of this, i guess there are also:

Dev's that hope to get some donations

Most open source developers do this, you can see their github repos with this donation address or something like a buy me a coffee in the last part.

Quote from: mocacinno on April 21, 2022, 02:19:02 AM

Dev's that might get some sponsoring from private company's

If i remember correctly, these are the developers of btcpayserver and the one that square gets

jackg

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Quote from: mk4 on April 21, 2022, 02:11:02 AM

1. Some wallets are just here to contribute to the industry, and probably for the devs to have some development experience for their portfolios. (e.g. Electrum)
2. Some non-Bitcoin wallets have a built in swap feature where they route to DEXs, and they add a small fee on top of that. (e.g. MetaMask)

I could imagine electrum's developers getting some funds from trusted coin too (even if it looks like a bit of a usability experiment in itself).

Some devs probably want a way into the industry and think a wallet is a good way to start too. There's probably a decent amount of influence that can be passed from a dev that's participating in making wallets too (eg eclair's team with the lighting network).

TreyARC

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Do you know that a well established companies can decide to have their own crypto wallet built for the masses? For example Google might decide to build its own crypto wallet with new features, all they have to do is hire experienced developers and pay them when the job is done, the money will start coming in when the wallet gets a token.

crwth

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It is always going to be about sales. Whether they have created a wallet that deserves a price tag, then that's how they are probably going to make money. If you are talking about creating wallets for a specific token, it's perhaps for promoting the actual coin. How will the users hold it if they aren't going to use any software for storing it? I think it's always going to be aligned with "why" they are using or creating the tokens in the first place. Being invested in would be a worthy goal for the devs.

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Quote from: mk4 on April 21, 2022, 02:11:02 AM

3. Some probably collect data.

I expect most online or closed-source wallet collect decent amount of user personal data.

Quote from: mocacinno on April 21, 2022, 02:19:02 AM

Dev's that hope to get some donations

Some Bitcoin Core developer show their Bitcoin address on their GitHub profile or social media page. I'd rather not provide specific example though.

Quote from: mocacinno on April 21, 2022, 02:19:02 AM

Dev's that might get some sponsoring from private company's (i can imagine a hardware wallet vendors paying SPV wallet dev's to add support or extra features?)

Already happens few times[1-2]. Bitcoin Core even open for sponsorship[3].

Quote from: mocacinno on April 21, 2022, 02:19:02 AM

(mostly) online wallets can use their gui to display advertisements

AFAIK Blockchain.com already doing that for long time. Mycelium also show ads on their Android wallet[4]

[1] https://coinmarketcap.com/alexandria/article/who-are-bitcoin-cores-developers
[2] https://bitcoinmagazine.com/business/gemini-sponsors-bitcoin-core-maintainer-fanquake
[3] https://bitcoin-rpc.github.io/en/about/sponsorship/programme/
[4] https://github.com/mycelium-com/wallet-android/blob/master/mbw/src/main/java/com/mycelium/wallet/lt/api/GetAds.java

Peanutswar

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It depends on the transaction in the contract that is agreed with both parties still if this is crypto it's transparent its publicly seen as long as you have the transaction ID or the transaction address of course if this is a large amount of coins some of them converted into the fiat currency and makes a direct to their banks to make sure immediately transferred. Of course companies wont use Exchange as their wallet they will use like the Electrum, metamask or any hardware wallets.

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Quote from: mk4 on April 21, 2022, 02:11:02 AM

1. Some wallets are just here to contribute to the industry, and probably for the devs to have some development experience for their portfolios. (e.g. Electrum)
2. Some non-Bitcoin wallets have a built in swap feature where they route to DEXs, and they add a small fee on top of that. (e.g. MetaMask)
3. Some probably collect data.

Agreed, and on top of this, i guess there are also:

Dev's that hope to get some donations
Dev's that might get some sponsoring from private company's (i can imagine a hardware wallet vendors paying SPV wallet dev's to add support or extra features?)
Multibit used to charge people a small fee per tx
(mostly) online wallets can use their gui to display advertisements

Not that i have proof (or examples) of each of these points, but i guess some of them are viable forms of income or motivation for wallet developers

mk4

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1. Some wallets are just here to contribute to the industry, and probably for the devs to have some development experience for their portfolios. (e.g. Electrum)
2. Some non-Bitcoin wallets have a built in swap feature where they route to DEXs, and they add a small fee on top of that. (e.g. MetaMask)
3. Some probably collect data.

cryptoaddictchie

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Quote from: 5W-KILO on April 21, 2022, 01:47:41 AM

but what about wallet devs? Few new wallets are showing up without having their tokens out of the box, my question is how are they making money? From gas fee? Or something else? No one works for free so I am thinking there must be a way they are making money.

If they are transparent enough they will show their wallet and their share based on project. But some devs are being paid maybe in fiat or major coins for their work. Its same like normal job who got paid when they perform their work.

There are different cases. As some devs are working on their own project with such tokens share and got their vesting.

5W-KILO

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Moon.win

Hi everyone, good day, I am just curious and I have a question in my mind today, nothing comes for free as we all know it, developers create crypto projects to solve the issues available in the crypto world today and also make money out of it but what about wallet devs? Few new wallets are showing up without having their tokens out of the box, my question is how are they making money? From gas fee? Or something else? No one works for free so I am thinking there must be a way they are making money.

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