Regulated Cryptocurrency
Exchange Platform

Building cryptocurrency exchange and crypto payment gateway with a white-label technology platform

Introduction  

Nowadays, cryptocurrency exchanges like Binance are doing more than $5 billion in weekly trade volume making this one of the most successful business models. At the same time launching your own digital asset trading business is a complex process, since it requires solid expertise in terms of solution architecture design, security standards and compliance, storage of digital assets and so on. So many questions are emerging. What type of platform should be chosen to fully support the company’s strategic needs for constant growth and exceeding customer expectations?

In order to start quickly, some businesses choose cloud-based software solutions (software as a service) hosted by a third-party provider. SaaS platforms are responsible for all the costs associated with building and maintaining the platform, charging the company a subscription fee. The problems arise when the enterprise needs to customize or scale the solution. The client has no control of the SaaS platform’s roadmap. They can give feedback, but getting the desired features is not guaranteed. Another option to quickly set up a cryptocurrency trading business is using open source platforms, which are free, fast to deploy and may include the basic functionality. But they are known to have considerable downsides, including weak security, poor design, insufficient quality, problems with maintenance and scalability, and so on. Finally, the free open-source platform can lead to higher cost-to-own commitments compared to other options as a dedicated team is required to deal with the support and maintenance.

The alternative option is to build a platform from scratch and tailoring it to meet a company's specific requirements. To achieve this goal, the organization will likely need to engage a third-party team of experts to design, build, test and implement the solution, and then to assist with its maintenance and scaling. For this reason, such projects are quite expensive ($300,000+) and time-consuming (9+ months). Moreover, the longer it takes to develop and modify your solution, the more upfront costs you may incur.

Velmie, as a financial organization’s technology partner, found a way to resolve the downsides of the solutions listed above. Our White-Label Digital Asset Trading Platform is a ready-made, fully customizable, liquidity ready and cost-effective solution that provides companies with the capability to quickly and securely start, or level-up, their multi-asset trading business. Already used by a number of enterprise organizations and startups, it has proved to be a reliable solution that meets a financial provider’s needs and objectives.

Story

The client is an SME European financial services company, which focuses on providing its customers with a wide range of services, including digital asset trading, a cryptocurrency payment gateway for merchants and mobile wallet and payments solution for consumers.

Previously the company used to operate on a third-party platform solution. The platform cost wasn’t high, and it had all the necessary tools to cover the client’s current needs. But, at the same time, the solution had a number of issues preventing the company from growing. For example:

The platform was inflexible and difficult to scale
Maintenance and support was problematic
It was impossible to customize
There were security issues

Therefore, the customer realized it urgently needed to substitute the existing solution with a new comprehensive platform, able to provide users with advanced cryptocurrency exchange features, as well as support company needs for growth, scalability, enhanced security, etc.

Why Velmie?

By providing companies with a Digital Asset Trading Platform, our mission is to deliver a cost-effective solution that enables fintech organizations to focus on their business and customers and helps them rapidly scale up by utilizing cutting-edge technology.

Advanced scalability. The core feature of the system applies to the architecture level. The platform is built using a microservices approach, which accelerates deployment cycles, fosters innovation and improves maintenance and scalability of the solution.

mPOS & E-commerce Payment Gateway functionality was designed to enable online and in-store purchases for merchants delivering a fully functional payment gateway.

Enterprise-grade back-end platform, that is powered by a core banking system designed to effectively manage all the aspects of digital currency trading.

Custody solution, provides platform users with institutional-grade security for their cryptocurrency assets and keys.

Reliable support. We provide not only a solution but also dedicated support and development teams to help the company with the platform maintenance and customization.

Solution

Velmie was chosen as a strategic partner for this project, due to its comprehensive technology-driven approach and proven 10 years experience in delivering software solutions to financial institutions and banks.

After the detailed business and technical review, and exploring the customer expectations, our team proposed a White Label Digital Asset Trading Platform, capable of addressing the company specific objectives.

The new client’s Digital Asset Trading solution was built using our platform powered by microservices, where there is no single back-end system to handle all operations and, instead, it was split with multiple services that handle all core functions. This architecture completely solves one of the core company’s business challenges - platform scaling

For cryptocurrency holders’ convenience, we developed our platform with the Mobile Wallet solution integrated. The wallet supports over 150 currencies and digital assets, as well as the capability to create new ones. By the way, as a part of the project, we’ve implemented a new type of crypto token for the client.

Moreover, due to Payment Gateway functionality and merchants integration the platform users got the possibility to seamlessly pay for products and services via cryptocurrency.

To address the client’s security concerns we’ve complemented the solution with a MultiSecure Technology, which incorporates Dynamic Biometrics Authentication, Two-factor Authentication, Multi Signature transactions, and MultiDecentralized Private Blockchains Network. Also, we’ve implemented a special Custody Solution to provide the platform users with safe storage of their digital assets and keys.

Velmie White Label Digital Asset Trading solution also included such attributes as:

Modular, microservices, cloud-based architecture

Multiple currencies support

Fiat to crypto and crypto to fiat transactions support

Integration with liquidity providers

Identity verification for KYC/AML compliance

Open Banking Integrations

Inbuilt core banking solution

Credit card integrations

Compliance with industry standards and regulations (PСI, PSD2, GDPR, CCPA, etc.)

Real-time money transfer & exchange

Payment Platform

Merchant Interface

Currency Rates Management 

Order Management

Intuitive admin backend panel

User Permissions configurator 

Multiple security layers (2FA, encryption, etc.)

Analytical Dashboards and Reports

Risk management capabilities

Mobile Interface

Solution

Velmie was chosen as a strategic partner for this project, due to its comprehensive technology-driven approach and proven 10 years experience in delivering software solutions to financial institutions and banks.

After the detailed business and technical review, and exploring the customer expectations, our team proposed a White Label Digital Asset Trading Platform, that we believed was capable of addressing the company-specific objectives.

The new client’s Digital Asset Trading solution was built using our platform, powered by microservices. There is no single back-end system to handle all operations and, instead, these are split into multiple services that handle all core functions. This architecture completely solves one of the core company’s business challenges - platform scaling.

For cryptocurrency holders’ convenience, we integrated our Mobile Wallet solution into the platform. The wallet supports over 150 currencies and digital assets, as well as the capability to create new ones. In addition, as a part of the project we’ve implemented a new type of crypto token for the client.

Moreover, due to Payment Gateway functionality and merchants integration, the platform users can seamlessly pay for products and services via cryptocurrency.

To address the client’s security considerations we’ve coupled the solution with a MultiSecure Technology, which incorporates Dynamic Biometrics Authentication, Two-factor Authentication, Multi Signature transactions, and MultiDecentralized Private Blockchains Network. Also, we’ve implemented a special Custody Solution to provide the platform users with safe storage of their digital assets and keys.

Velmie's White Label Digital Asset Trading solution also includes such attributes as:

Modular, microservices, cloud-based architecture

Multiple currencies support

Fiat to crypto and crypto to fiat transactions support

Integration with liquidity providers

Identity verification for KYC/AML compliance

Open Banking Integrations

Inbuilt core banking solution

Credit card integrations

Compliance with industry standards and regulations (PСI, PSD2, GDPR, CCPA, etc.)

Real-time money transfer & exchange

Payment Platform

Merchant Interface

Currency Rates Management 

Order Management

Intuitive admin backend panel

User Permissions configurator 

Multiple security layers (2FA, encryption, etc.)

Analytical Dashboards and Reports

Risk management capabilities

Mobile Interface

To support the company’s far-reaching plans for the business’s development, we’ve also provided a team of qualified experts to consult the customer and help with platform maintenance and further customization.

The Outcome

As a result, now the customer operates on a full-fledged White Label Digital Asset Trading Platform, which aggregates cryptocurrency exchange, work with own digital assets, integration with external platforms (betting companies, online casino, etc.) and even own payment platform. The project provided the client with the following main benefits:

A modular, highly-scalable system, capable of handling thousands of transactions simultaneously

and supporting the company’s growth ambitions.

Improved users experience due to the platform agility and strengthened security.

Stronger competitive position, ensured by diverse platform functionalities and integration capabilities.

Radically reduced expenses related to platform maintenance and further development. 

Boosted customer base with the capability to offer new financial services and products.

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