With the downfall of the stock market, the crypto market has spiked up. This sudden surge has influenced many people to turn their attention toward the crypto space. Guess what? Now, crypto businesses are profitable, and the demand is skyrocketing. However, we thought to know the reality of the crypto industry from an expert.
And then, we found the perfect person!
We approached Mr. Salman Parcy, During the conversation, he said that the business environment is very keen on entering the crypto world. He also added that most clients make inquiries about cryptocurrency exchange development. Let us ascribe the fore and aft of the crypto exchange development process Mr. Parcy has explained.
Where Did The Hype Come From?
According to statistics, a mass audience of 46 million individuals is ready to hit the floors of the US crypto market next year. Surprisingly, these people are first-time adopters of cryptocurrency. They will be joining the already existing 145 million US crypto users. These figures show that the cryptocurrency space is expanding wider and wider. Thus, it makes new considerable ways to lay the foundation for a profitable crypto business.
Moreover, Why Are Crypto Businesses Thriving?
Crypto-related enterprises will go up with high revenue streams. Specifically, cryptocurrency exchange platforms are easy to set up, manageable, and have the potential to yield high returns. As the platform owner, you will have the flexibility in choosing fee structure, TPS rate, and more. This level of affability makes exchanges the cut and stitched ideal business idea.
Imagine getting a fixed fee regularly whenever a customer executes a transaction. This will sound so easy to everyone’s ears, but the backend processes play a significant role here. Your exchange platform must have these three aspects given below.
- There shouldn’t be any compromise in the security protocol of the exchange. The security walls should have to be concrete to restrict hackers and frauds from entering the platform.
- Users should be able to choose their preferred coins to trade from a wide range of currencies.
- Good customer service is the only way to onboard and retains more users. The exchange should give a 24/7 customer support facility.
You must read this section if your mind still oscillates on whether the crypto business is a good investment or not. We have given the major reasons why you must start your own crypto exchange business. Let us move on.
There is a vital step you shouldn’t skip. It is to select the right crypto architecture for your exchange. There are two types of crypto application architecture – Monolithic architecture and Microservices architecture.
Monolithic architecture: Exchange platforms built using this architecture are usually built on a single server. Thus, they have low request processing speed and less features. Such platforms are inexpensive and easy to create.
Microservices architecture: Each of their components will be on separate servers. So, they can handle multiple customer requests with great speed. However, it is quite expensive but easy to manage. Above all, this architecture will help to attain high performance and high scalability.
Then, you must choose the type of exchange suitable for your needs and your target audience. There are four different main crypto exchange development types, such as – P2P crypto exchange development, DEX development, CEX development, and hybrid exchange development.
The next passage will explain why crypto exchange is a good plot for you.
How Can A Crypto Exchange Lead You Ahead?
Endless Business Opportunities
Before a decade, gold and real estate were the inventors’ playgrounds. Now, cryptocurrencies have gained unmatchable popularity and joined them.
We all know that most merchants are not yet equipped with the facilities to accept crypto transactions. Evet en çok da topkapı en iyi escort bayanlara olan hasretiniz son bulacak. Zenci derken Afrikalıları da bu kapsama aldık.Here, you can act as a median, helping them convert crypto assets into cash. In your exchange, you can offer plenty of payment options in return for goods and services.
Once the customers adapt to the new crypto environment, your exchange service will have a huge demand.
The trick to getting a scalable crypto exchange platform is to find the best developer in the market. You may start with a small user base in the beginning. However, it will grow gradually into a large-scale business over time. Not just that, but your services and features will also expand. It all depends on the adaptability of your platform to the alternating marketing trends and user needs.
If you notice carefully, there are no signs of downhill in demand for cryptocurrencies. Bitcoin is the best example to portray the fast-paced growth of digital currencies.
The rising demand for potential cryptocurrencies influences people to invest in other digital assets such as NFT. They have faith in the uptrend of the crypto market. Thus, you can make use of this demand and step into the space by deploying your exchange platform.
On average, cryptocurrency trading happens every second. This high-volume trading activity opens a plethora of ways to yield profits. Imagine that you earn 1$ per transaction. You will gain up to $86400 for one TPS at the end of the day. Not only transaction fees but you can also earn via charging other fees like listing fees.
The cryptocurrency user base is getting way higher than ever before. As a result, there will be no lack of audience now and ever. Undoubtedly, this industry is going to evolve and reach great heights in the future. Thus, if your platform becomes a hit among users, you will yield high profits certainly.
Now, let us peek into all the sections of the exchange development process.
Skeleton Model Of Crypto Exchange Development Creation
This section has the compilation of the crypto exchange development process into 6 steps. Instead of looking into the economic aspect, we have focused on the technical development process details here.
Initially, you need to conduct in-depth market research for understanding the competitors and target audience. With this, you can customize your exchange platform based on your customer’s needs.
Every business will require a budget calculation. The expenses for the exchange development will include developer fees, contractors, designing costs, advertising, and other expenses. You can get from an expert to pursue a cost-efficient way to develop your crypto exchange platform. Determining the budget in the first place will reduce the chance of running out of funds during the development course.
Prototype and MVP
After ideation, the next step is to develop a Minimum Viable Product (MVP). This will help to know about the specifications your platform needs. Once the MVP is all ready and has good functionality, you can proceed with the project development.
Testing And Revisions
It is essential to check the user interface of your exchange platform. This will help you pinpoint the issues in your product before the launch of the final version. If there are any errors, you can revise them in the beginning stage to enhance the quality of your product.
Product Development and Launch
After rectifying all the bugs and errors, it is time for real product development. In this phase, you have to code the smart contract, backend, and other coding parts. Every feature and functionality has to be tested before making the exchange live. At last, it is good to ensure the security walls of the platform from both customer and your end.
Post launching the exchange platform, you have to test and maintain it periodically. This is possible with regular bug fixing, upgrades, customer feedback, and more.
Also Read: Types of Crypto Exchanges
We hope we tied all the knots together!
Are You Ready To Sign Up For This?
We hope that we have covered all the troublesome points you would think about while developing a crypto exchange platform. If you are ready to get started, you can consult with the crypto exchange development experts at Blockchain Firm.