What’s Involved In Launching A Cryptocurrency Exchange

Cryptocurrencies' rapid growth and popularity has given rise to a landscape of new markets fuelled by reimagined trading technologies, and now you are involved in engaging as an exchange operator. Where to start? In this article we will outline key consideration areas for starting your own crypto exchange on the roadmap. Let's start with assigning staff at the company.

An effective crypto-business requires a team of specialists.

Assembling a capable team of different skill sets will impact from the get-go on the productivity of your trading platform.

Titles to consider:

• Chief Legal Officer to obtain all required licenses provided the jurisdictions under which the exchange operates.
• Chief Compliance Officer to meet KYC, AML 's regulatory burden and to develop and maintain banking ties.
• Manager of Costumer Acquisition
• The Customer Service Specialist
• Multiple Administrators
• Multiple Client Support Staff

Adhere to changing regulatory structure within operating jurisdictions.

Do you operate in a domestic market or globally? You may need to understand licenses, rules, legislation, guidelines and compliance measures that are unique to each jurisdiction you work under. Legal experience determines how you structure your company, essentially minimizing the liability and offering the best growth platform.

Things to consider:

• What jurisdictions do you operate in?
• What KYC Provider do you want to use?
• Have you done your due diligence and been willing to sign a contract with KYC supplier?
• Verification rates are reached by achieving higher KYC rates, when you are assessing KYC vendors considering the levels of verification you must set in exchange, e.g. considering daily / monthly deposit, withdrawal and trading limits depending on the exchange operator's risk tolerance or jurisdictional constraints.
• Would you have any knowledge of the legislation in every operating jurisdiction?
• You'll need dedicated staff to process incoming customers, did you budge accordingly?

Creating partnerships with banks, and a payment processor partner.

What relationships do you need to build in banking, and how do you work to protect them? Want any licences?

Things to consider:

• If you plan to give national currency trading pairs you need a custodian / treasury account to process customer deposits and national currency withdrawals.
• Open a bank account which your customers can deposit to
• Prepare deposit and withdrawal ticket management procedures
• Will you align with a payment service provider?
• Why do you send instructions to your customers?

Using white label interchange tools to model the trade.

How does technology waste time and resources? The white label exchange solution from Espay-X will be completely designed to meet your operational needs and customized to suit your mark.

Topics to think about:

• Decide on appropriate product characteristics and trade instruments
• Integrating cold storage and general wallet management capabilities
• Identify fee structure
• Requires a mobile presence? Interested in developing a mobile application, or a native Ios or Android app?
• An ideal launch easily falls into the market with minimal customizations (i.e. writing new code), which is why we suggest operating as a starting point within the Espay-X framework, enabling your company logo, color scheme, content and language translation. Maybe you'd like to iterate from there once in the market.
• Who in your company is the designated focal point for leading this effort?
• Looking for a turnkey solution, or have you got a dream of what your site will look like?
• Would you have any unique features at your front end that you would expect?

Generate liquidity as a top priority.

The Remarketer app from Espay-X provides instant liquidity from leading exchanges to your launch site, filling out order books and stimulating exchange activity to encourage new consumer use. The Remarketer is one way to get orders on the books by putting your money to work in an automated manner, which allows you to open and finance account exchanges at source.

Things to consider:

• Which exchange should you open an account with
• In this exchange KYC
• Fund the Account
• Handover of credentials to your Remarketer
• Create Remarketer Strategies

Strategise for growth and retention of customers.

It is important to establish a detailed marketing strategy before going live with your trade, including working out a scrupulous marketing budget to track spending and gage ROI.

Things to consider:

• Designing a website as a basis for label identification
• Campaigns pay-per - click to create social media presence
• News releases to crypto media outlets circulate
• Acquisition of lead payable via a search provider
• Blog content created for the SEO
• Create conference and event schedule for enhanced brand visibility
• Act with Espay-X on chances of cross-promotion
• Have the appropriate staff on your team.

Why Espay-X?

Espay-X is a pioneer of using blockchain technology to create secure, stable institutional-grade software solutions for the issuance of whitelabel cryptocurrency exchange for trading of digital assets. Since 2013, more than 80 client institutions in over 35 countries have chosen Espay-X’s software solutions to trade digital assets and execute their blockchain strategies. Get to know Espay-X by exploring our extensive history of media coverage.

About the Author

Espay Exchange is a leading & specialize in the security token exchange, forex exchange solutions and cryptocurrency exchange software development company.

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