Implemented project
Enter a new market with us and let the world know your ideas
The client's name, company and project name are not disclosed
In August 2022, we were asked to create a centralised wallet with advanced security standards and NFT asset mapping. The founder had his own business in Paris, he and his partners are in real estate.
SMART objective
To enter a new market with a unique product that has contiguity with an existing business, in 5 months.
How did we do it?
Before signing a cooperation agreement, we held 4 video meetings with the client. We identified the requirements, discussed the commercial proposal and a preliminary estimate.
Then Konomic.com team started to develop the necessary project documentation: Roadmap, PID, Product/System Requirements, (SRS), Architectural documentation, Development plan, Release Notes, etc.
This first step is necessary to initiate the project. Our experts did it in 2.5 weeks.
The peculiarity of this project was that we also needed help with legal support. Konomic.com since 2007 cooperates together with Maria Agranovskaya and Vadim Kolosov, who are listed in Chambers 2021 and Best Lawyers 2021, so it was not a problem for our team.
Together with our partners, we obtained a cryptolic licence in the US. Acceptance of virtual currencies by individual outlets started a good decade ago in this country - the existence of a legal framework and licensing procedure for cryptocurrency business in 2022 and 2023 is not surprising.
This step is followed by the next ones:
- Software creation and refinement (2.5 months)
- Commissioning (1 month)
- Maintenance (up to now)
Result of Development
Konomic.com's solution complies with local anti-money laundering (AML) laws, the app verifies users with know-your-customer (KYC) verification.
A cryptocurrency custodian wallet is a lot like a deposit - you store your funds on a particular platform and benefit from the additional services provided by the custodian (the custodian of your funds).
Stacking has been added to the functionality: Gaining passive income from providing funds to nodes to validate networks. Stacking in Wallet doesn't require any technical skills: as soon as you fund your address with cryptocurrency, it starts generating income round the clock. Coins are not frozen: they can be withdrawn or exchanged at any time.
The development team also added a store-and-buy feature for NFTs, which means users can buy, sell, trade and store NFTs right on their mobile devices.
What's more, the advantage in the marketplace is the flexible rates: the product can be used for free and does not require a subscription. It does not charge for swaps or in-app transactions. However, users have to pay the appropriate network fee, which can vary depending on network congestion.
Bottom line
67 000$
Development costs including legal and business consulting
159 000$
Marketing
Unit Economic Indicators
EBITDA
Earnings Before Interest, Taxes, Depreciation and Amortization
Increased by 29% after 3 months compared to previous figures, thanks to fees for transfers and exchanges within the cryptocurrency wallet
ARPU
Average Revenue Per User
Increased by 69%, which means that average revenue per user on the platform increased by 69% due to the stimulation of user activity through seamless payments and transfers functionality within the cryptocurrency wallet
TPD
Transactions Per Day
The number of transactions per day increased by 3.7 times due to the seamless payments and transfers functionality within the cryptocurrency wallet
ROI
Return on Investment
Return on investment in the cryptocurrency wallet module after 9 months was 36%, and the cost of just the technical implementation was able to pay off already in 6 months