Cryptocurrency is becoming increasingly popular, and the need for crypto exchanges comes with this. There is a massive spike in user traffic on digital trading platforms, and this is why there is a tremendous demand for crypto exchanges as of late. We know these crypto exchanges are platforms that help users to buy and sell cryptocurrencies effortlessly.
- The total worth of all existing cryptocurrencies is around $804 billion.
- In 2021, the online payment market was valued at $6.75 trillion.
crypto exchange platform development requires technical expertise and resources, which can initially look overwhelming for entrepreneurs looking to enter the market. Two main options are involved in crypto exchange development: The first is building an exchange from scratch, and the other is white label crypto exchange software development. This blog will explain the key advantages of both methods. So, let’s start to speak in detail.
#1 Benefits of White Label Crypto Exchange Development
We understand that white labeling is a service developed by one company so another can rebrand it as if it were it’s own. With a white-label crypto exchange, companies can rebrand the design/display as if it were their technology.
Cost-effective and Time-saving
Getting crypto exchange platform development done can be a very costly process. However, with white label crypto exchange development, payment is limited to only the software and customization. A lot of money gets saved, and you can use it to market your business better and channel it to other areas of your business.
Creating a crypto exchange from scratch can take several months. However, with white label crypto exchange software development, you can launch your exchange quickly, like a few days. This is because the software is already developed and only needs to be customized to your requirements. It requires less time overall to get the work done.
Enhanced Business Agility
Another benefit of white label crypto exchange software development is that it can optimize your business agility. You can make changes yourself and launch new features quickly. Further, you can add or remove features as you see fit. It helps customize the exchange to your specific needs making it user-friendly. This way, you can get a competitive advantage.
With a white label solution, the code is hidden from view and helps prevent hacking and other security breaches. Improved security enchants clients as they are assured of the safety of their investment. Trust and credibility see a significant uplift allowing your business to scale new heights.
White label crypto exchange software development offers better scalability. You can add new modules to the exchange with such a solution. This helps businesses to expand their reach quickly and easily. Add new features and venture into newer markets without incurring many costs. You can also scale down if needed without any hassle.
Faster Time to Market
White label crypto exchange software development can accomplish everything in a few days. You now have a faster time to market, and there is a greater chance to make the most of market opportunities and capitalize on them effectively. Further, you can onboard customers faster and optimizes revenue generation, ultimately giving your business a head start.
#2 Benefits of Crypto Exchange Platform Development When Done From Scratch
Building an exchange from scratch means one can create a platform with the exact features and functionality needed without any restrictions generated by any pre-existing software. A white label software will account only for a few customizations, and should any modification be required, it will need assistance from the developers. Despite that software coming with an economical cost, money must be spent on every add-on and required other features.
On the other hand, developing a crypto exchange from the ground up is highly beneficial, and all your ambitious expectations get ultimately met.
An exchange can be designed with security, essential for protecting users’ funds and personal data. Advanced security measures, including multi-factor authentication, cold storage for crypto assets, and real-time suspicious activity monitoring, can be implemented.
With a custom-built exchange, the development team has complete control over the platform and can make necessary changes without relying on third-party providers. In this way, you ensure the business remains competitive and up-to-date with the latest industry trends and all your requirements.
A custom-built exchange can be developed to reflect the brand identity of the development team. This helps to establish greater trust and credibility with users. The property can be important in the highly competitive cryptocurrency world, where trust is essential to building a loyal user base.
Crypto Exchange platform development, when done from scratch, will take time. Still, it has its benefits, which apply to white label crypto exchange software development. Both methods have benefits; you can choose the preferred method based on your requirements.
Suppose you need a robust crypto exchange or looking to seek guidance from a professional crypto exchange development company in the blockchain space. In that case, you can get in touch with Pyramidion Solutions today. We are a trustworthy company that will take care of everything in the best way for you.