Beginner’s Guide To Launch A Cryptocurrency Exchange Like Coinbase
The user base of the cryptocurrency exchange has increased in a considerable way. The signifying fact is that the global cryptocurrency size in 2021 was US$910.3 million. This would soar high and reach US$1902.5 million by the fourth quarter of 2028, according to Fortune Business Insights. The growth percentage would be 11.1% between 2021 and 2028. Therefore, without a doubt, starting a crypto business will never be a failure choice in this digital world for sure. Are you inspired to leap into the crypto world with a crypto trading platform? Make use of the Coinbase Clone Script, which would enable you to provide users with a seamless platform for trading various cryptocurrencies.
Coinbase – A Secure & Well-Known Cryptocurrency Exchange Across The Globe
Coinbase is the largest & well-known cryptocurrency exchange platform widely available across many regions. This makes easier and more secure transactions for users to trade different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many more. The flawless functionality of this platform has become one of the key reasons for the increased user base. Yes, the platform users can exchange one cryptocurrency with another cryptocurrency. Besides this, they could even buy cryptocurrencies with the help of fiat currency. Some of the fiat currencies supported by Coinbase are GBP, EUR, USD, AUD, CAD, SGD, etc.
Highlighting Points Of Coinbase – Interesting Stats And Facts
- Coinbase is a SanFranciso-based crypto trading platform founded in the year 2012. It is the largest trading platform in the United States on the basis of trading volume.
- The revenue of Coinbase jumped from $1.14 billion in 2020 to $4.03 billion by the end of the first half of 2021.
- The most notable thing that happened in 2017 is that 50% of revenue came during this period is when the price of Bitcoin has soared from $6540 to $14782.
- According to Business of Apps, 2017 has been the first year to witness a huge profit. Evidently saying with data, the revenue in 2016 was $16 million and in 2017 was $927 million. Seemingly, this is significant growth.
- The company’s profit in the first half of 2021 was nearly about $2.36 billion. Moreover, the user base in 2021 was 56 million. However, the number of active users is 8.8 million.
- Most importantly, it is both centralized and decentralized and available in more than 100 countries with 115,000 ecosystem partners.
Why Launch A Cryptocurrency Exchange Like Coinbase?
The prominence of Coinbase is one quite simple reason that could make individuals or cryptoprenuers develop & deploy a cryptocurrency exchange like Coinbase. Let’s have a glance at what’s so special about it as inspiring points for entrepreneurs to go deploying a similar kind of platform.
The following are the products/items which Coinbase presents.
Coinbase Pro ( GDAX ): It is the most popular digital asset exchange platform that allows users or individuals to trade various digital assets in a secure manner. That is, this platform is capable of granting them crypto-to-crypto trading services. It offers real-time orderbooks, trade history, charting tools, and many other features.
Coinbase Prime: This is an integrated & advanced digital trading platform through which users can manage crypto assets. Diversified liquidity & secure data are the key traits of this platform. Without a doubt, it is a professional crypto trading platform most suitable for well-known traders.
Coinbase Commerce: Wallet stockpiling/exchanging under user control (DEX). Offline storage is provided by coinbase as a security safeguard against theft or loss. AES-256 encrypted data is split and duplicated to FIPS-140 USB devices, with paper backups scattered regionally in traders’ deposit boxes and vaults. For digital currency purchases, Coinbase charges a 0.50 percent transaction fee.
Mimicking the existing popular platform alongside the inclusion of Unique Selling Points would be an added advantage to make your cryptocurrency exchange most promising in the crypto sector.
Security Features That Have To Be Given Importance While Developing Coinbase Like Platform
The Coinbase like cryptocurrency exchange has to be created with the infusion of security features apart from the general features. The following are the features that have to be given utmost importance in order to ensure the flawless transactions of cryptocurrencies on the platform. Let’s have a glance at these.
- The Registry Lock feature will lock the domain name at the registry level itself. This brings an additional level of protection in order to avoid hijacking. And so, the hackers would not be able to change or delete the elements of the users’ domain name.
- The authentication & detection would ensure that only the participants are allowed to trade on the platform with security. However, they could track over these transactions with a keen eye for details.
- Domain Name System Security Extensions (DNSSE) is a set of protocols that are used to verify the domain names on the Coinbase like platform. In order to validate the data, this protocol uses both public keys as well as digital signatures.
- The KYC/AML verification ensures the identification of the users as this would avoid spam accounts being involved in cryptocurrency trading.
- Web Protocol Security ensures safe and secure transactions. This comprises the following.
- Content Security Policy (CSP)
- HTTP Strict Transport Security (HSTS)
Follow The Steps To Launch A Cryptocurrency Exchange Like Coinbase
In order to start a crypto business by launching a crypto trading platform like Coinbase, some of the crucial steps have to be taken into consideration. Here are they. Keep an eye on these!
Market Research – Regardless of which venture to start, market research is the primary thing to be considered before leaping into the crypto world. With the emergence & evolution of NFTs and cryptos, it would be better to come up with a cryptocurrency exchange like Coinbase with relevant features.
Choice Of Operational Region & Type Of The Platform – The very next thing is you have to make a decision of in which region the platform is to be operational. This is because some of the countries have prevented such kinds of platforms from being installed. After then, you have to choose which type of crypto trading platform has to be deployed, as you could go with a decentralized exchange, DeFi platform, or some others.
Identify The Crypto Exchange Development Company – The most requisite stage is selecting the best crypto exchange provider. Check out portfolios in order to find the suitable one for the offering of right from ideation to materializing by providing the solution much suitable for your requirements.
Deployment – It is the final stage in which it needs to be ensured that the designed and developed cryptocurrency exchange like Coinbase is tested for technical issues. When detected, these have to be get rid of. Guaranteeing this, the platform could be made live in the quickest period.
Concluding this blog, there would be a wide range of opportunities for cryptoprenuers to leap into the crypto space. Are you so much curious about going ahead? Connect with an authentic company for creating and launching a crypto exchange like Coinbase. Undoubtedly, this would yield great benefits and pave a better way to make a remarkable presence in the crypto world.