Crypto Currency Exchange
Cryptocurrency Trading Platforms for B2C and B2B Segments
This startup client approached us with the idea of developing a cryptocurrency exchange platform. We, as a team, worked with the client to get this idea off the ground and took it to the next level. We delivered a fully operation next-generation solution, which supports all the established digital currencies as well as emerging digital currencies. With competitive leverage, our Blockchain solution offered an efficient, easy and secure way of cryptocurrency trading.
The goal of this cryptocurrency currency exchange project was to develop a secure, fast and user-friendly platform integrating new blockchains. We worked in close association with the client all through the process right from the product concept to launch. We had a brainstorming session to define high-level objectives, must-have product features and non-functional needs. We worked on these goals by sketching out a plan of achievable milestones and finally executed the project successfully.
Besides our core involvement, we have also offered this startup client support in a few unforeseen and complicated Blockchain related problems in addition to giving them ideas on how to optimise processes.We took care of all their needs from the simplest ones to the most complicated ones.
- Business Challenges
- Tech Challenges
- Integrating Third-Party Providers
- Setting Up an Infrastructure
The Key Challenges
Working with a startup posed its own set of challenges to us. Being new to the field, the client was not clear with its objectives and their requirements kept changing from time to time. We gave them the best possible suggestions and clarified how it would be the right way forward. Besides this, as a startup, the client had a very limited budget and we had to execute the whole project without exceeding this limit. The other key challenges that we faced while working on this platform are:
One of the key business challenges faced by our team was to integrate new blockchains to the crypto exchange platform, facilitating currency trading with leverage and offering online wallet, fiat and crypto exchange, crypto deposit or withdrawal support and crypto-asset transfer between accounts. We had to achieve all these with additional care for security.
The other business challenge for our team was to keep up with the fast pace and quickly evolving client requirements. Owing to the increasing competition in the market with various rivals working on their own currency trading solutions, the client wanted to gain from the first-mover benefit, fixing a timeline to launch the platform within 3 months. As for the changing needs, we had to work on an advanced trading platform that outpaces any present offering available to the market traders.
One of the tech challenges of this project was related to the complexity of the trading domain and integrating various third-party providers. We provided an anti-corruption layer over the points of integration to solve this issue and were successful in developing an extensive and safe platform that can be easily modified as per evolving needs.
Setting up microservices efficiently was yet another tech challenge that we encountered. During the process, we also had to keep the infrastructure costs in mind so that we didn’t cross the projected maintenance cost limits. We resolved this problem by combining as many AWS pay-per-usage tools and SaaS providers as possible.
Any project that we take up at Ahex begins from estimation and planning phases so that we can let our client know the time that the development would take and the required budget. We defined the client’s business model, inspected the cycle of various operations, essential investments and several other aspects so that we could help them successfully enter the cryptocurrency trading market with a competitive edge.
The approach here was to leverage the time-tested solutions developed for the conventional market and build upon them with the appropriate cryptocurrency specifics.
Following these two phases, we designed wireframes to show the client how the platform would work. Once all the organisational details were settled and the client approved the design, we entered the development phase. After discussing with the client and choosing the right business model, we worked on developing mobile and web terminals for the cryptocurrency traders.
Testing was an integral part of the development process. We strongly believe that it’s not possible to develop a top-notch platform without testing it for bugs and other issues. We wrote many scripts to automate the testing process, which helped us achieve the best efficiency and fix bugs even before it was launched.
Our strong technical expertise and experience across various industries helped us get through the involved complexities with ease. We used the right technologies to build an amazing cryptocurrency trading platform.
- Frontend : Html, Css, Bootstrap3, Gulp, Angular6, Sass
- Backend : Nodejs(Express), Mysql, Mongodb, redis, socket.io
- Vcs : Git and JIRA
- Hosting/Deployment : AWS ElasticBeanStalk, S3, Route53, Amazon RDS
- Third Party tool/Api/sdk Integrations : Twilio, Sendgrid, Ipapi, Bitgo Wallets,ERC20 Tokens
The solution that we provided has different use cases:
- Secure Wallet
- Trading Dashboard
- Adding New Cryptocurrencies
We introduced a secure and dedicated wallet for keeping both fiat and cryptocurrencies, enabling currency exchanges, deposits, withdrawals and transfers. We integrated this solution with the exchange.
This wallet solution is now the main deposit and withdrawal gate for all cryptocurrencies that are newly added to the client’s exchange.
The trading platform solution offers the same benefits as that of the wallet architecture but has an extended trading dashboard with competitive leverage.
We were constantly adding new cryptocurrencies to the market of the client as a part of blockchain integration. This increased the trading pair diversities for users.
Irrespective of the use case, the developed solution supports several established and evolving cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Dash (DASH), EOS (EOSIO) and Monero (XMR) to name a few.
The cryptocurrency exchange platform features:
- A hybrid transit wallet
- Multi-currency wallet
- Deposit or withdraw cryptocurrencies
- Transfer cryptocurrencies between accounts
- Support for different cryptocurrencies
- Strong 2FA encryption
- Third-party integration
- Customer onboarding process
- iOS and Android support
- KYC compliance
The easy-to-use and top-notch cryptocurrency exchange platform that we developed ensures that the client can offer its customers a hassle-free trading experience, thus outperforming its competitors. The solution based on Blockchain facilitates instant transactions with high levels of security.
With this diligently-crafted, customizable solution that has an intuitive user interface, it has been made possible for the client to be a crucial part of the digital revolution coming their way. We successfully met the client’s timeline and budget limit with our innovative solution.
We are proud to say that this project fetched the client new interest from investors, which speaks a lot about the results we delivered.
When we launched the first version of the trading platform, quite a lot of new users started registering and using it, which seemed to be a good sign. Within a short span of time, the graph went northwards and we had to scale up the whole platform to handle millions of requests overcoming geographical barriers and reaching out to global users. While scaling, we also had to ensure that the performance or user experience was not affected in any way.
Following the first successful launch, we quickly added multiple currencies. We also enhanced a lot of aspects on the platform so that the core features could be supported in different geographies.
Project Scaling in Future
We developed the cryptocurrency exchange solution as a future-oriented platform that can be scaled as per the emerging client requirements. This includes infrastructure scaling, the extension of the list of supported cryptocurrencies (on demand) and engine optimisation.
Secondly, after closely monitoring the users’ trading experience and their feedback on this platform, we look forward to identifying improvements and integrating more functionalities.