With the advancement of decentralized technologies, how businesses interact with customers and associated entities is taking a complete paradigm shift. As the customers' demands on how they perform transaction activities are evolving, having a bespoke cryptocurrency exchange is pivotal.
In 2021, where the entire business acumen is focused on 360° security and transparency — companies need to integrate cryptocurrency exchange services. Having a bespoke-made exchange not only helps companies scale their revenue but also helps in onboarding new customers faster.
As individuals from across the industries are interested in exchanging cryptocurrencies and fiat currencies, companies can take advantage by filling this void. On this note, let's explore the transforming benefits of cryptocurrency exchange development for B2B businesses.
No transaction restriction
A peer-to-peer crypto exchange is a suitable option for eliminating all the transaction obligations that companies have from traditional banking. It's because a P2P exchange directly connects the two parties, and there is no governing body involved in the transaction. Both parties can choose to settle the payments in their pre-decided format, and they can also save transaction charges over making bigger transfers.
Transaction restriction is a greater problem for FinTech companies that need to perform many transactions with their customers and associated parties. However, using a P2P cryptocurrency exchange platform, companies can eliminate the transaction limits, delays, and additional service charges. When companies streamline this process, the customer retention rate improves, and it helps companies to grow their profit margins.
The biggest benefit of opting for cryptocurrency exchange development is omnichannel security across all the business touchpoints. As your company owns the bespoke cryptocurrency exchange platform, and the data is transparent across all the users, it improves security drastically.
Unlike the traditional centralized system, the distributed P2P solution eliminates all possible security threats and data manipulation. As cryptocurrency exchanges leverage smart contracts to self-validate the transactions, there are no chances of transaction alteration or forging of personal data. It is because, once the transaction is complete, it gets updated on all the connected blockchain nodes. If individuals try to forge the data, they need to make changes in all the other nodes, which is practically impossible.
Lower transaction costing
Compared to traditional payment systems, cryptocurrency exchange operates at a very lower cost, and the transaction charges are significantly lower. Centralized exchanges require the participation of intermediaries like custodians who need to be paid for every single activity. Along with this, these transactions need experienced staff to run the operations. All these things add up to higher overhead.
However, the cryptocurrency exchange development excludes third-party responsibilities as the transactions are self-validatory for all the parties. As a result, there is a mere cost linked with the transaction activities. So, the P2P decentralized exchange users pay lesser fees in comparison to the regular exchanges.
Easy to scale architecture
For higher agility in business, companies need to plan about scalability from a long-term perspective. With blockchain-based cryptocurrency exchange development, business owners can scale their payment architecture globally without getting into excessive formalities.
Whether companies need to scale their business in the same industry or launch a new product in a new domain, a P2P exchange can bring them quick sales. With the growing popularity of cryptocurrencies, customers are more willing to pay using their crypto wallets to retain their privacy and online identity.
With growing digital transformation advancements, companies also need to focus on the growing cyber frauds to keep their business and customers safe. However, the conventional systems are not efficient as they are centralized and they have several third-party dependencies. The higher the dependencies, the more chances of fraud penetration.
For protecting the business from fraud and keeping the customers safe, a cryptocurrency exchange can play wonders. As it's based on blockchain, a distributed ledger technology, there is no scope for any fraud in the system. All customer data, financial assets, and transactions are encrypted and spread over a massive chain of blockchain nodes.
Why Seven Bits for cryptocurrency exchange development
Seven Bits is an experience exchange development company that offers custom blockchain services across multiple industries. With the support of many public and private blockchain frameworks, we can develop a fully custom crypto exchange for your business.
Whether you are into Fintech B2B business, automotive, or the supply chain domain, our Blockchain Center of Excellence (CoE) team has got you covered. Get in touch with us at firstname.lastname@example.org to explore the groundbreaking benefits of having a bespoke cryptocurrency exchange for your company.