How free crypto wallet devs make money ?

[Sim_card]

Thank you for your answers, even though we don't really know. Because in the case of crypto wallets, the devs have quite a responsibility in terms of security. It's not really the same level of responsibility as a bug on candy crush ... So what's going to happen with Atomic? Who's going to reimburse users ?

of course, the Atomic wallet developer has the full responsibility of returning losses from users. because the mistake was not made by the user but by the wallet security system. if it's a user error, maybe only a few users will receive a loss. but this is in large numbers and the developer Atomic should be held accountable.
a wallet like Atomic is not the best recommendation for storing assets. let alone in the thousands to millions of dollars. it's too risky.

The developers of Atomic wallet will have full responsibility to provide users stolen funds because they failed to tighten their security network and made their wallet vulnerable to attack. I don't think that they will be able to payback all customers fund
even when the funds are traced and retrieved. Or will anyone be held responsible for customers stolen funds apart from the Dev. Maybe be hackers should be held responsible

[Peanutswar]

It could be a different way they can sell their services for being a third-party developer so they can get a commission. Otherwise, the devs can earn transaction fees besides the prices in blockchain, they can do the same way like exchange add a transaction costs more than the regular fees. Of course it's being a develop platform; they can include the number of ads if they want or make the additional level of marketing by turning off the ads through subscription.

[drwhobox]

Free developers put ads on their site or make partnership with other exchanges and shows that ad on the wallet. Their are several ways of making money. Also, you can help them by giving them a tip on their account or wallet. Many developers include their wallet on their site to support them.

[libert19]

From integrations (coin/token/exchange/on-ramp, etc.). Although in the start, you would have to do some free servicing until your product gets popular enough and people start reaching you out.

[NotATether]

Open-source wallets survive on donations and grants mostly. The rest sell out ads and PII (personal identifying information) to data brokers.

This is normal for most free crypto wallet devs and they cut in every successful trade done by their use on the DEX. Besides, another project that offers almost this exact service is BestChange. Have not to wonder how they are making their money while they are not an exchange.

I think BestChange has a revenue-sharing system in place where the actually exchange you go to has BestChange's referral code or something like that.

Otherwise, the devs can earn transaction fees besides the prices in blockchain, they can do the same way like exchange add a transaction costs more than the regular fees

Developers cannot do that to any coin they'd like because they'd have to modify every transaction coming out of that wallet to send a comission to them. That is a HUGE gaping security hole. It's basically restricted to their own tokens via economy/blockchain measures.

I think they are going to shut down their business verysoon, and last thing I heard they are in Kazakhstan court.

Where did you get that information from?

[Becassine]

I think they are going to shut down their business very soon, and last thing I heard they are in Kazakhstan court.

Where did you get that information from?

Interesting, I too would like to know more about this shut down please

[dkbit98]

I think they are going to shut down their business very soon, and last thing I heard they are in Kazakhstan court.

Where did you get that information from?

Interesting, I too would like to know more about this shut down please

Where did you get that information from?

It's common sense as a result of many lawsuits, and information about Kazakhstan court I found on internet like everyone else, so I can't confirm anything with certainty and I don't know exact source of info  
I don't understand who in the right mind will make any business deal with this wallet company, or who is going to use them after this debacle.

[BitDane]

I think they are going to shut down their business very soon, and last thing I heard they are in Kazakhstan court.

Where did you get that information from?

Interesting, I too would like to know more about this shut down please

Where did you get that information from?

It's common sense as a result of many lawsuits, and information about Kazakhstan court I found on internet like everyone else, so I can't confirm anything with certainty and I don't know exact source of info  
I don't understand who in the right mind will make any business deal with this wallet company, or who is going to use them after this debacle.

The lawsuit I read that was filed against Atomic wallet is in the  US district  court for District of Colorado. [1]  The thing I read about Atomic Wallet hack is that they are cooperating with Estonian police.  That they just got a request from the Kazakhstan police and the request was forwarded to Estonian Police.[2]  The article stating that information was published last June 14.  I do not read any news of the Kazakhstan investigation escalates into  suing the Atomic Wallet in Kazakhstan court.



[1] https://news.bloomberglaw.com/ip-law/atomic-wallet-users-sue-over-100-million-in-crypto-lost-to-hack
[2] https://www.coindesk.com/consensus-magazine/2023/06/13/police-in-estonia-and-kazakhstan-investigate-atomic-wallet-hack/

[suzanne5223]

This is normal for most free crypto wallet devs and they cut in every successful trade done by their use on the DEX. Besides, another project that offers almost this exact service is BestChange. Have not to wonder how they are making their money while they are not an exchange.

I think BestChange has a revenue-sharing system in place where the actually exchange you go to has BestChange's referral code or something like that.

That's exactly what I am talking about but the situation of some free crypto wallet dev (like Metamask, etc.) they partner with 1inch, airswap, Uniswap, Curve, Paraswap, etc to make more money through their free wallet service apart from the service fee of 0.875%, which serve as helps fund to continued improvements to MetaMask.

[dansus021]

I also curious about this kind of question  I mean some wallet need a good server to host their wallet and high security too. Just an opinion maybe the hack is from their internal team but who knows.

Maybe some wallet fueled by advertisement and wallet like Truswallet have their own native token maybe they can sell from it or some wallet joined to become a PoS validator in their stake program so basically they get paid from their stake of some altcoin.

[Cricktor]

Atomic Wallet have their own Token and possibly some economy around it (don't know details as I don't care about Atomic Wallet). Giving their users some incentive to use those own tokens might fuel some sort of economy and value. Of course, there's likely some substantial pre-mine of such tokens in the hands of the devs. 

If it's a multi-coin wallet then taking a cut on swap or exchange fees is somewhat to be expected. Devs could also earn money to integrate certain exchanges or services into their wallet, possibly with some plans they negotiate with those exchanges/services. (I think this has been said in this thread already.)