The global cryptocurrency market has paved room for like-minded businesses and individuals. With a total market value of over $2.07 trillion, the decentralized ecosystem is rapidly becoming an large-scale industry. Cryptocurrency exchanges remain a key platform for cryptocurrency transactions, ensuring the sales, purchase, and trade of digital and cryptocurrency assets.
Businesses looking to break into this highly competitive market must be equipped with the essential tools to develop digital solutions that cater for the needs of customers. These solutions must be deployed in a timely fashion to meet up with growing demand and competition. Here’s where white-label services come in.
White-Labeling as a Service (WaaS)
Over 45% of businesses report an increase in redeploying talent in their organization, according to a 2021 report by McKinsey. This study highlights an increased focus on building softer and more advanced cognitive skills and outsourcing technical skill sets to offer the best services to their clients. Hence, justifying the demand for white-label services, particularly in the cryptocurrency industry where high level technicality is required.
In business, “white label” describes any product or service a company produces for another. These products are usually fully made with all the essential solutions that suit the needs of the requesting company and can easily be implemented to fit into their existing operations. White labeling is an effective solution to outsource technical, time-consuming, and capital-intensive tasks to allow businesses to focus on other soft skill sets that promote customer interaction and retention.
White Label Crypto Exchange Development Services
A white-label crypto exchange development service offers ready-to-use crypto solutions to businesses looking to integrate a cryptocurrency exchange on their platform. These services eliminate stress of coding, deploying, and testing digital solutions that could impact on the time-to-market of new products. Ptpwallet is an example of a white label crypto exchange solution that offers businesses a ready-made exchange for their platforms.
Benefits of White Label Exchange Services Facilitate Business Development
Businesses enjoy numerous benefits when they outsource development to white-label exchanges. Some of them include:
Speedy Launch
The cryptocurrency industry is unlike other markets. Things change rapidly as the market adapts to meet up with the latest trends and offer the best solutions. For many businesses, launching or deploying their proprietary cryptocurrency exchange could take lots of effort, time, and money. These issues can affect their operations, causing delays in reaching their goals. However, with a white-label development service, business owners can launch the latest technologies, maximizing cost and reducing time-to-market.
Lower Cost
White-label services maximize the budget for the creation of new exchange platforms. As opposed to hiring expensive professionals or purchasing costly technologies, you can just integrate a ready-made exchange into your platform and enjoy the same benefits. Small and medium-sized businesses with low finances can now own their branded cryptocurrency platform for a much lower price.
Customization
Digital solutions must align with a brand’s tone to ensure customer retention. Hence, businesses can use pre-packaged solutions that give room for customization and personalization. White-label development services offer pre-made solutions that allow business owners to customize to match their business vision. In many cases, customization is done without professional help.
Access to a pool of skilled individuals
The cryptocurrency industry continually develops to meet customers’ demands. Tools and updates are being deployed to refine and safeguard existing solutions. Business owners who outsource to white-label development services can access ongoing technical support and maintenance and deploy the latest software updates and security patches.
Improve business soft skill sets
Soft skills, such as communication and teamwork, promote workplace relationships and improve customer interactions. When business owners outsource technical skills to white-label development service providers, they focus more on developing soft skills like networking, presenting, conflict resolution, and communication effectiveness.
Top Features of White Label Crypto Exchanges
Business owners using white label exchange solutions enjoy the following features.
Security and User Authentication Features
Security remains a paramount consideration in cryptocurrency to ward off external threats and protect customers’s digital assets. deploys several effective security measures to protect users against hacks, and measures include two-factor authentication, biometric authentication, multi-signature wallets, regular security audits, and more.
Trading system/engine
Billions of dollars in cryptocurrency assets are traded daily all around the world—significant proof of the importance of an effective trade system in cryptocurrency. The PTPWallet traffic engine is software that compiles all of the open trade orders that are currently available in the cryptocurrency market and uses them to initiate new trades when two orders match or are fulfilled. In addition, the trading engine is protected by a robust security layer that lowers risks and closes the door for hackers to take advantage of the system.
Wallet integration
A cryptocurrency wallet is a secure solution that stores the private keys used during transactions. These wallets can either be hot, connected to the internet, or cold, an offline digital storage that safeguards digital assets and facilitates transactions with other on-chain wallets. Business owners have access to multi-currency wallets to hold 400+ types of cryptocurrency.
Functional Dashboard
Adherence to user-centric designs that allow for effective management of one’s portfolio. The administration dashboard allows users to keep track of their cryptocurrency accounts and coins, as well as to keep an eye on their past and present transactions. This will allow them to manage their cryptocurrency assets and associated financial plans appropriately.
Compliance and Regulations
Cryptocurrency exchange platform development goes beyond deploying tested codes. It also involves adhering to regulations that ensure consumer safety, security, and transparency. Among the many regulations available are the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. They are several as a basic complaint that monitors transactions by validating user identity to stop illegal activities such as financing of terrorism and money laundering. Business owners should also be aware of the licensing and registration requirements of their country to avoid legal repercussions.
Speed up your Business Development With PTPWallet
As more business-related, crypto-reliant demands arise, business owners must hastily employ the required solutions to improve time-to-market, productivity, and expand customer retention. With PTPWallet, business owners can launch these solutions in no time without incurring the cost of development. The best part of these solutions is the ability to personalize them to match your business tone and ever-ready access to maintenance. Learn more about PTPWallet here.
