Cryptocurrencies are now the toast of the town, with more and morepeople exploring the advantages of this tech-enabled, decentralized currencyform. India has also warmed up to the world of crypto coins, registering a 641%year-on-year growth between 2020 and 2021. Entrepreneurs can profit fromplatforms that facilitate these trades, considering the promising backdrop ofcrypto growth. Cryptocurrency exchangedevelopment in India can help new business owners launch future-ready ventures that tap into the growing interest in crypto-based transactions. Ifyou are exploring the possibility of developing a new platform for cryptoexchanges in India, here are the critical things you must know and the featuresyou should prioritize.
Understanding the Basics of Cryptocurrency Platform Development
A cryptocurrency exchange is a platform for trading fungible digitalassets called "cryptocurrencies". The global market has witnessed thelaunch of over 18,000 cryptocurrencies in the past years. However, only a fewof these coins remain relevant for users in India and beyond. Some leadingcrypto coins that users are excited about are Bitcoin, Ripple, Ethereum, andSolana. A crypto exchange allows users to store and transact in these coins.Currently, users in India tend to use cryptocurrencies for investment purposes.However, as the regulatory clarity improves, other transactions can also becomepossible.
Taking the help of cryptocurrency exchange development services toset up a platform can offer the following advantages:
- They can earn revenues by charging fees on thegrowing volume of crypto transactions.
- They can garner a large active user base bydeveloping a cutting-edge platform.
- They can gain the early-mover advantage inIndia's crypto landscape by developing a functional platform ahead of thecompetitors as the government and regulatory bodies develop a consolidatedlegal framework for crypto use in India.
Five Features to Considerwhile Commissioning Your Platform
Cryptocurrency exchangeplatform development involves integrating relevant features with your service provider. Atop-notch developer service can help you incorporate functionalities thatattract users and consolidate your position in the industry. Let's explore thefirst five features you must prioritize during the process:
- User Authorisation: User identities requireauthorization and verification during the onboarding process. An iron-cladauthorization process is essential to prevent risks in India, where the legalbackdrop for crypto transactions is still evolving. Expert developers canintegrate this feature to minimize fraudulent activities and streamline theplatform's functionality.
- Intuitive User Interface: Since thecrypto industry is relatively new in India, users appreciate intuitiveframeworks to navigate it. You should target a smooth and intuitive interfacefor the platform.
- Transparent Trade Engine: A fast andefficient matching engine is critical to help traders meet and execute theirbids. A transparent and effective system for trading lies at the heart of yourcrypto platform.
- E-Wallet Integration: Yourexchange must offer easy integration with crypto wallets. While hot walletintegration is usually the norm, you can include hot and cold wallets for addedadvantages.
- AnalyticalSupport: You can aim to have aplatform that delivers high-quality insights and analytical tools. These featureswill help attract users and support a competitive edge in the industry.
Now that you knowthese details, it is time to explore the development of your platform. Contact the Seven Bits team today to help you develop a robust crypto exchangethat serves users and meets your business goals!