Hey entrepreneurs and startups, the cryptocurrency exchange is one of the most profitable businesses in the crypto field. In recent times, more startups have decided to start a crypto exchange business. A cryptocurrency exchange is a trading platform for cryptocurrencies. It is a common thought that developing a crypto exchange would be expensive.
It doesn't necessarily mean that a high profitable business should have a high initial investment. You can minimize the development cost by choosing an effective developing method. First of all, you should know the types of developing methodologies,
- Scratch
- White label software
Developing a crypto exchange from scratch - Developing from scratch is a process of starting software from the base. Choosing the right technology, features, and other aspects is the decision of the entrepreneur. On the flip side, Development will be expensive and time-consuming.
Launching a white label crypto exchange software - White label crypto exchange software is a ready-made software that integrates all the basic and uptrend security features which are needed for the cryptocurrency exchange business. It only requires further customization. The software provided will have a database, verified backend, and will be completely tested before processing. This is cost-effective and takes only a short time to launch.
Both processes are developed with blockchain technology that ensures more security for cryptocurrency exchanges. The factors differentiating both are “Time and cost”.