The steps that occur behind the launch of a White label bitcoin exchange - PowerPoint PPT Presentation

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The steps that occur behind the launch of a White label bitcoin exchange

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Despite the technical challenges and costs involved in creating a White label bitcoin exchange, it will generate higher returns in the future. – PowerPoint PPT presentation

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Date added: 14 September 2020
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Title: The steps that occur behind the launch of a White label bitcoin exchange


1
The steps that occur behind the launch of a White
label bitcoin exchange
2
Architecture
Things to look out for in a White label Bitcoin
exchange
 It is a critical element as it ensures the
well-being of the entire system. It determines
the speed, security, and overall usability. Make
sure to read the technical documents given by a
solution provider to understand the structure of
the software and the process by which requests
get routed. The basic elements consist of a
trading engine, wallet module, admin panel, and a
user interface.
BLOCKCHAIN APP FACTORY
3
Separation of concerns
Things to look out for in a White label Bitcoin
exchange
Division of work yields benefits. There should be
separate modules with different functions. Each
module must have a different IP address for
security reasons. The user interface and server
can be located on one module. The Admin panel and
the trading engine can be on another module. The
wallet can be on a separate module. Information
can be shared between the different modules.
Hacking would be difficult to execute if the
exchange is structured in this way. Both the
software and hardware parts must be structured
separately.
BLOCKCHAIN APP FACTORY
4
Methods to create liquidity
The absence of liquidity in a Bitcoin exchange
will lead to orders of traders not being
fulfilled timely. If there is an empty order
book, no customer would like to join the
exchange. Sufficient liquidity can be ensured by
linking your exchange to an account operated at
another leading exchange. The orders placed by
the traders would be routed through other
exchanges. Another way to generate liquidity is
by creating bots within your own exchange. It
will ensure that there is sufficient circulation
of currency in your exchange and create an order
history.
Things to look out for in a White label Bitcoin
exchange
BLOCKCHAIN APP FACTORY
5
Complying with the regulations
For ensuring smooth and hassle-free operations,
complying with the guidelines issued by
regulatory authorities is a must. It will vary
from one location to another. Hence, there is no
international framework related to regulatory
compliance. KYC (Know Your Customer) and AML
(Anti Money Laundering) guidelines would have to
be followed. Hence, integrating the regulatory
aspects into the software that you are
considering for usage.
Things to look out for in a White label Bitcoin
exchange
BLOCKCHAIN APP FACTORY
6
User interface
Things to look out for in a White label Bitcoin
exchange
It should be convenient to handle and must
satisfy the basic requirements of customers. The
relevant information should be easily accessible.
It must support external APIs for providing
real-time trading information, which would be in
the form of data related to crypto and fiat
currencies.
BLOCKCHAIN APP FACTORY
7
Support for the leading digital currencies
Things to look out for in a White label Bitcoin
exchange
While Bitcoin is undoubtedly the leader of the
cryptocurrency world, the exchange must support
the trading of other currencies too. Hence, it
has to function as a universal wallet. There has
to be a separate section on the website regarding
the currencies that the exchange supports. As
time progresses, integration with new coins
should also be built based on the request from
the traders.
BLOCKCHAIN APP FACTORY
8
Features for the user
Things to look out for in a White label Bitcoin
exchange
The key functions needed for every user in a
White label Bitcoin exchange would be acceptance
of deposits made in fiat currency, buying and
selling popular cryptocurrency trading pairs,
withdrawal of fiat currency, transfer of
cryptocurrency to a cold storage facility, or a
private wallet, permitting deposits from outside
wallets and access to the trading history.
BLOCKCHAIN APP FACTORY
9
Features to integrate for the admin
Things to look out for in a White label Bitcoin
exchange
Admin has the responsibility to manage the
exchange effectively. It has to set up gateways
for accepting payments and communicate with the
users. It monitors the acceptance of deposits and
the authorization of withdrawals. It includes
information about the profits from trading
operations and volumes generated on the exchange.
BLOCKCHAIN APP FACTORY
10
Types of Bitcoin exchange software available in
the market currently
11
  • Open-source  A few open-source projects are
    available in the market. Any member of the public
    can access the exchange software for usage.
    Certain technical expertise would be required for
    implementation and modification according to
    business operations. Read the documentation of
    the software and ensure that it is easy to set
    up. 
  • Cheap scripts  Some firms in the industry sell
    exchange scripts at throwaway rates. While the
    quality and documentation are quite similar to
    open-source software. However, clients would face
    issues in assembling and customizing the cheap
    scripts.

BLOCKCHAIN APP FACTORY
12
  • Pre-packaged White label bitcoin exchange
    software  It is easy to set up and use though
    slightly on the expensive side. The development
    company would provide technical support.
    Customization is ensured through the addition of
    new features by the development company that
    originally created the software. 
  • Fully customized Bitcoin exchange  Every feature
    would be customized according to the requirements
    and goals to be fulfilled for the exchange.
    Hence, it is quite expensive. It will be helpful
    for firms that are attempting something new in
    the market with an out-of-the-box trading
    strategy or a business model.

BLOCKCHAIN APP FACTORY
13
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