It’s quick to implement, easy to set up, and costs much less than developing your own code for a cryptocurrency exchange from scratch. In this guide, we will discuss the nuances of white label solutions, explain what a white label is.
Constant growth of the cryptocurrency space
Cryptocurrencies Bitcoin, Ethereum, Ripple have taken the world by storm. Bitcoin has skyrocketed in value in 2017, reaching an all-time high of nearly $20,000. The price of the cryptocurrency rose sharply despite the crash in China, which was one of the largest markets at the time. Now cryptocurrencies have become a mainstay for many investors. News sites have dedicated sections dedicated to cryptocurrencies, and analysts are paying more attention to them than ever. But cryptocurrency exchanges still have potential for further growth. In 2019, more Americans entered a Bitcoin query on Google than a royal wedding query. This level of acceptance is being achieved despite Bitcoin’s relative youth and lack of regulatory clarity that is stifling the industry.
A recent analysis by Forbes magazine predicts that cryptocurrency exchanges could grow even more in the next decade. Ukrainian cryptocurrency exchanges can also develop. The report highlights that the growth of the cryptocurrency industry is a possible catalyst for an increase in the number of exchanges.
The reasons for wanting to create your own cryptocurrency exchange in Eastern Europe are quite wide. First, the fascination that you are at the center of a young industry. And trust in banks and centralized governments falls almost overnight.
More and more people are looking for an alternative way to maintain their wealth. Cryptocurrencies provide a lucrative option.
There is also a financial advantage. Owning an exchange means generating income from commissions, transaction costs, advertising, and more. The business model is relatively stable, although you will have to find a way to attract a sufficient number of users.
Companies interested in launching their own cryptocurrency exchange can start with two options. They can develop a cryptocurrency exchange from scratch or use a white label exchange solution.
Creation of a cryptocurrency exchange from scratch – Dnipro, Lviv, Kiev
The creation of an exchange has never been and remains a daunting task, however, software company iTizzi is committed to providing this service. As a cryptocurrency trader, you may have a plan to develop your own system from scratch. This path is often expensive, but for some it is most useful. Then, with our help, you can customize every detail of your very own cryptocurrency exchange. Typically, it takes 12 to 14 months for detailed planning, architecture, design and debugging.
First, we will look at the most popular types of cryptocurrency exchanges and the differences between them:
Centralized cryptocurrency exchanges from scratch
It is the most popular type of cryptocurrency trading platform. It is operated and controlled by one company. Coinbase, Stormgain, and Binance are good examples. These exchanges act as intermediaries, ensuring the exchange of cryptocurrencies between users and providing services for storing their assets (exchange wallets).
b. Turnkey decentralized cryptocurrency exchanges
Decentralized Exchanges (DEX) are platforms that execute transactions using smart contracts, thereby eliminating intermediaries. They offer peer-to-peer trade between users, which is critical for security reasons. Peer-to-peer trading means users don’t have to hand over control of their cryptocurrencies to a third party.
c. Hybrid cryptocurrency exchanges
Hybrid exchange combines the attributes of both of the above. Like a decentralized exchange, it uses smart contracts to eliminate middlemen. However, it also offers lower latency and faster transactions, which in turn are enabled by a centralized exchange.
What elements need to be implemented for a cryptocurrency exchange?
There are also some important elements that form the backbone of the new exchange. They include:
- User interface,
- Cryptocurrency trading mechanism,
- Market animation system (market maker),
- Admin panel.
The crypto exchange is based on a trading engine. It performs transactions and merges buy and sell orders. iTizzi, Vinnytsia, Odessa will make the trading engine fast and capable of processing many requests per second.
Is the development of a white label cryptocurrency exchange?
What is a white label exchange? It is a ready-made cryptocurrency exchange software framework developed by iTizzi. After that, it is corrected and renamed (i.e., marked) in accordance with the wishes of the buyer. The company that buys the software gives the exchange its own name and adapts it to its specific needs.
White label cryptocurrency exchange does not require a large technical team (developers, administrators, testers) to monitor and verify its work. The entire system is pre-tested and works, it only needs to be changed and configured in detail.
There is no standard price at iTizzi for cryptocurrency exchange development software. To get a quote, you need to contact our representatives directly. The cost of this solution depends on the functions and capabilities that you require from the exchange. If you want to talk about a cryptocurrency exchange and see us as a business partner, be sure to contact us!
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