- Cryptocurrency exchanges are the center point of crypto businesses, and the whole cryptosphere revolves around them
- As a result of the COVID-19 pandemic and as a part of social distancing, there is a preference for digital payments over traditional cash payments now, more than ever.
- As per the survey carried out by 65% of central banks in 46 countries, 71% of the respondents have indicated their preference towards digital currencies, exchanges, and distributed ledger technology.
While there are already predictions going on that digital currencies will be our future, and one day we will become a cashless society, the COVID-19 pandemic has further accelerated the demand and awareness. In 2020, the crypto market has hit a market capitalization of about $155 billion, with Bitcoin taking up 63.8% market value. The crypto exchange markets have captured 88% of the crypto market revenue, and blockchain startups have raised about $31 billion. While many businesses are facing hardships during this pandemic situation, the crypto markets alone manage to flourish.
This is because, for the current social distancing and contactless scenario, crypto exchanges are the fitting solution to still manage to do business from wherever you are and reap benefits and profits. So, to establish a cryptocurrency exchange, there is no better time than now. With the demand for crypto exchanges now being more than ever, entrepreneurs started looking for a solution to enter the market as quickly as possible and make use of the favorable situation. To achieve that, a white label cryptocurrency exchange is the way to go.
The concept behind a white label crypto exchange
A white label crypto exchange is an upgraded version of a cryptocurrency exchange as it brings in more efficiency, reliability, swiftness, and seamless to the users. A white label crypto exchange software is a readily-available software, provided by experienced companies with every necessary technical, security infrastructure required for the exchange to function smoothly. As the exchange owner, you just have to purchase the software and customize it according to your desired brand preferences.
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White label exchange software is available for any type of exchange that you want to build such as,
- White label bitcoin exchange software
- White label p2p exchange software
- White label leverage exchange software
How can a white label exchange software benefit your business?
- As a white label cryptocurrency exchange is ready-to-use, it helps you with quick deployment. Launching your exchange as quickly as possible in the current scenario will help you gain a competitive advantage in the market among potential investors.
- With a white label exchange, the chances of stability and sustainability are enhanced, as they are developed by experts and pre-tested before delivery. They are bug-free, and even if there is any, it can be resolved easily.
- It is the ideal solution to achieve your business/ financial goals in the most time-saving and cost-effective way. Also, it helps entrepreneurs focus on just running and scaling up their business while the whole development to launch procedures is taken care of.
- Its highly scalable and customizable nature enables you to launch your exchange in your own desired brand and create a unique identity for yourself over your competitors in the market.
- White label exchanges have fewer barriers to entry when compared to exchanges built from scratch.
- Whitelabel exchange is the key to launch your exchange in the most efficient, worry-free manner possible. You don’t have to worry about hiring quality technological partners, debugging issues, management, support, etc. White label exchanges have all of it combined and are ready to hit the market. All you have to do on your part is, customize them according to your business needs. But, before that, most importantly, conduct extensive research and choose the best, most experienced Whitelabel solution provider.
Here is a quick checklist to help you choose the right platform
- Verify if the platform offers you complete control over the exchange and if it gives you the flexibility to host on your server.
- Analyze what kind of maintenance support the platform offers.
- Analyze the implemented technology and security features and if the platform was properly tested.
- Get to know the technology stack used.
- Verify the licensing part, under what type of license the software is distributed.
- Enquire if you have the flexibility to add/remove cryptocurrencies, or fiat money according to your preferences.
- Verify the KYC norms followed.
- Check how many cryptos and languages the platform supports.
- Check the flexibility with external exchanges for liquidity.
- Analyze what kind of customization scope is provided.
To sum up,
As we discussed earlier, cryptocurrency exchanges are already widely evolving in the market. And with this pandemic situation turning businesses, and our lives upside down, there is no better solution to make million-dollar profits from anywhere around the world than to have our own cryptocurrency exchange. All you need is an internet connection to do that. To achieve a solid crypto exchange and to launch it in a wink of an eye, all you need to do is choose the right white label cryptocurrency exchange provider. Choose your company promptly, and beat the pandemic blues!