Crypto

How to Develop Cryptocurrency Wallets with Swift for iOS?

Published

2 years ago

February 18, 2024

How to Develop Cryptocurrency Wallets with Swift for iOS?

In this article, we’ll explore how to develop cryptocurrency wallets using Swift for iOS

Cryptocurrency wallets have become an integral part of the digital landscape, allowing users to securely store, send, and receive cryptocurrencies like Bitcoin, Ethereum, and others. With the increasing popularity of cryptocurrencies, the demand for reliable and user-friendly wallet applications has grown significantly. In this article, we’ll explore how to develop cryptocurrency wallets using Swift for iOS, Apple’s powerful and intuitive programming language.

Understanding Cryptocurrency Wallets:

Before delving into the development process, it’s crucial to understand the basic functionality of cryptocurrency wallets. A cryptocurrency wallet is a software application that securely stores public and private keys, enabling users to interact with the blockchain network. The public key serves as the wallet address, allowing users to receive funds, while the private key is used to sign transactions and access funds stored in the wallet.

Setting Up the Development Environment:

To develop cryptocurrency wallets with Swift for iOS, you’ll need access to Apple’s Xcode development environment, which includes the Swift programming language and essential tools for iOS app development. Xcode can be downloaded from the Mac App Store and is available free of charge.

Choosing the Wallet Architecture:

When developing a cryptocurrency wallet, it’s essential to consider the wallet architecture. There are primarily two types of cryptocurrency wallets:

Hot Wallets: Hot wallets are connected to the internet and allow for easy access to funds, making them suitable for daily transactions and trading. However, they may be more vulnerable to security breaches.

Cold Wallets: Cold wallets are offline storage solutions that provide enhanced security by keeping private keys offline. They are typically used for long-term storage of large cryptocurrency holdings.

Implementing Key Features:

1. Wallet Creation and Restoration:

Enable users to create new cryptocurrency wallets with a secure backup mechanism.

Implement wallet restoration functionality using mnemonic phrases or seed words.

2. Secure Key Management:

Utilize cryptographic techniques to securely manage public and private keys.

Implement key derivation functions (KDFs) to derive keys from mnemonic phrases or seed words.

3. Address Generation and QR Code Support:

Generate unique wallet addresses for receiving cryptocurrencies.

Implement QR code scanning functionality to simplify the process of sending and receiving funds.

4. Transaction Handling:

Facilitate seamless transaction processing, including sending and receiving cryptocurrencies.

Implement transaction signing using private keys to authorize outgoing transactions.

5. Multi-Currency Support:

Provide support for multiple cryptocurrencies within the same wallet application.

Implement APIs or libraries to interact with various blockchain networks and protocols.

6. Security Measures:

Implement robust security measures, such as biometric authentication (Touch ID, Face ID) and PIN/password protection.

Encrypt sensitive data stored within the wallet application to prevent unauthorized access.

Leveraging External Libraries and APIs:

To streamline the development process and enhance functionality, developers can leverage existing libraries and APIs designed specifically for cryptocurrency wallet development. Some popular libraries and APIs include:

BitcoinKit: A Swift library for working with Bitcoin protocol.
Web3.swift: A Swift library for interacting with Ethereum blockchain.
Coinbase API: Provides access to Coinbase’s cryptocurrency exchange and wallet services.
Blockchain.com API: Offers various APIs for creating and managing cryptocurrency wallets.

Testing and Deployment:

Once the wallet application is developed, thorough testing is essential to ensure functionality, security, and user experience. Conduct both manual and automated testing to identify and address any bugs or vulnerabilities.

After successful testing, deploy the cryptocurrency wallet application to the Apple App Store following Apple’s guidelines and submission process. Regularly update the application to incorporate new features, security patches, and improvements based on user feedback and industry developments.

Conclusion:

Developing cryptocurrency wallets with Swift for iOS presents a rewarding yet challenging endeavor. By understanding the fundamental principles of cryptocurrency wallets, leveraging Swift’s capabilities, and implementing key features and security measures, developers can create robust and user-friendly wallet applications that cater to the evolving needs of cryptocurrency users on the iOS platform. As the cryptocurrency landscape continues to evolve, the demand for innovative wallet solutions will undoubtedly grow, making Swift an invaluable tool for developers looking to enter this dynamic and rapidly expanding field.

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Crypto

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December 12, 2025

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Crypto

Crypto mogul Do Kwon sentenced to 15 years in prison over $40B ‘epic fraud’

Published

1 day ago

December 11, 2025

Press Room

Crypto mogul Do Kwon sentenced to 15 years in prison over B ‘epic fraud’

Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was sentenced on Thursday to 15 years in prison for for what a judge called an “epic fraud.”

U.S. District Judge Paul A. Engelmayer, who handed down the sentence, sharply rebuked Kwon for repeatedly lying to everyday investors who trusted him with their life savings.

“This was a fraud on an epic, generational scale. In the history of federal prosecutions, there are few frauds that have caused as much harm as you have, Mr. Kwon,” Engelmayer said during a hearing in Manhattan federal court.

Kwon, 34, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, previously pleaded guilty and admitted to misleading investors about a coin that was supposed to maintain a steady price during periods of crypto market volatility.

He is one of several cryptocurrency moguls to face federal charges after a slump in digital token prices in 2022 prompted the collapse of a number of companies.

Dressed in yellow prison garb, Kwon addressed the court and apologized to his victims, including the hundreds who submitted letters to the court describing the harm they had suffered.

“All of their stories were harrowing and reminded me again of the great losses that I’ve caused. I want to tell these victims that I am sorry,” Kwon said.

Ayyildiz Attila, one of the hundreds of victims who submitted letters to the court, said he lost between $400,000 and $500,000 in the collapse.

“My savings, my future, and the results of years of sacrifice disappeared. I struggled to keep up with payments and responsibilities, and everything I had worked forwas erased,” Attila said.

Kwon’s lawyer Sean Hecker said in an email after the sentencing that Kwon spoke from the heart, expressed genuine remorse and will continue his efforts to make amends.

US Attorney Jay Clayton in Manhattan said in a statement following the hearing that Kwon devised elaborate schemes to inflate the value of his cryptocurrencies and fled accountability when his crimes caught up to him.

Prosecutors had asked for a sentence of at least 12 years in prison, saying the crash of Kwon’s Terra cryptocurrency caused billions of dollars in losses and triggered a cascade of crises in the crypto market.

Kwon’s lawyers had asked that he be sentenced to no more than five years so he can return to South Korea to face criminal charges.

Prosecutors charged Kwon in January with nine criminal counts for securities fraud, wire fraud, commodities fraud and money laundering conspiracy.

Kwon was accused of misleading investors in 2021 about TerraUSD, a so-called stablecoin designed to maintain a value of $1. Prosecutors alleged that when TerraUSD slipped below its $1 peg in May 2021, Kwon told investors a computer algorithm known as “Terra Protocol” had restored the coin’s value.

Instead, Kwon arranged for a high-frequency trading firm to secretly buy millions of dollars of the token to artificially prop up its price, according to charging documents.

Kwon pleaded guilty in August to two counts, conspiracy to defraud and wire fraud, and apologized in court for his conduct.

“I made false and misleading statements about why it regained its peg by failing to disclose a trading firm’s role in restoring that peg,” Kwon said at the time. “What I did was wrong.”

Kwon agreed in 2024 to pay $80 million as a civil fine and be banned from crypto transactions as part of a $4.55 billion settlement he and Terraform reached with the Securities and Exchange Commission.

He also faces charges in South Korea. As part of his plea deal, prosecutors will not oppose Kwon’s potential application to be transferred abroad after serving half his US sentence.