Understand why a cryptocurrency exchange is the right business opportunity
Grasp knowledge of how crypto exchange volumes are booming beyond the pandemic
While many traditional businesses are taking a huge hit in these testing times of the on-going COVID-19 pandemic, the cryptocurrency sector is contrarily witnessing spiked up volumes like never before. The nation-wide lockdown across many countries has pushed people to stay confined to their homes. Therefore, many people across the world are spending more time on their laptops and desktops, which have led to more people interested in crypto trading, thus, more trading volumes.
A lot of people have lost their jobs, or their jobs are offline due to the imposement of lockdowns which have evoked them to look for new ways to make money online. This has made the crypto market stronger and more bullish than ever and has increased the interest of entrepreneurs to start their own cryptocurrency exchange software to make augmented profits out of this favorable market situation. Here, in this article, we are going to look at some interesting and significant examples that will make it evident to you why cryptocurrency exchange is the right business opportunity to opt during this pandemic. So, let’s get into it.
Few recent highlights that indicate why a crypto exchange is the most lucrative business at this point
According to an article in CoinDesk, Andryunin, who was a 22-year maths student from Moscow, built his business by boosting trading volumes with crypto tokens during the 2017 ICO boom period. In an interview with CoinDesk before eleven months, he had mentioned his view that exchanges are surviving based on artificial volumes by paid market makers. And he also said that he thought his business would decline, with ICOs facing stumbling blocks and the new regulatory attention and confusion revolving around the cryptosphere.
But today, he says that he was mistaken about his opinion. He added that his business is growing again as many token promoters are paying him to pump their projects for them in order to be accepted on cryptocurrency exchange platforms. He says that the COVID-19 pandemic has led to more investors looking for a crypto investment opportunity. To quote his recent statement to CoinDesk,
“ We were about to switch to big data analysis, but we didn't have a moment to start there because the crypto market suddenly turned around to us”
Andryunin’s business states clearly that even after the ICO craze ended, people around the crypto space are still raising substantial funds from token sales, and the pandemic has once again made this business lucrative for investors.
Sergey Khitrov, who is the founder of Listing.Help, which is a firm that helps token projects get listed on crypto exchanges, said to CoinDesk that,
“In the times of pandemic, many businesses took a hit, and the companies shifted to making crypto projects, which increased the demand for listings.”
Other than these, GotBit, a popular blockchain and crypto project firm, is said to be boasting about 80 customers, 34 token issuers, and 5 new exchanges, and the firm has been witnessing a huge spike in the volume of crypto exchange trading.
These are some of the most noteworthy examples in recent times that constitute evidence of the fact that there is no better time than NOW to get started with your own crypto exchange development. How to go about creating your exchange? Let’s find out.
How to create your own crypto exchange software?
To create your own cryptocurrency exchange, there are different ways to go about. The first and the most common one is building the exchange from scratch. This involves a set of procedures you need to undergo, such as
- Determining the operational location of the exchange and adhering to the regulatory frameworks based on the location
- Obtaining proper license for the exchange
- Partnering with a bank/payment processor
- Inducing liquidity for the exchange
- Implementing the best security protocols for the exchange
- Proper testing of the exchange functionalities
- Constant maintenance of the exchange and customer support
These are some of the important steps to consider, and there are more steps involved in the process. If you’re a novice crypto entrepreneur and do not have a technical background, you needn't worry anymore. You have a choice to opt for a crypto exchange development company that offers comprehensive solutions from exchange development, design, marketing, launch, and post-launch maintenance. This way, the process is easier, quicker, and cost-effective.
As mentioned earlier, the present crypto market scenario is highly favorable. Therefore, conduct deep research, choose the right company, and get down to business with your own exchange in no time, to relish augmented benefits and profits for your business.