Cryptocurrency Exchange Development

Client:

International Cryptocurrency exchange.

Technology:

Spring boot | Java 8 | Angular JS

Services:

Cryptocurrency Exchange Development | Business Analytics Enterprise Application Integration | Web App Development

Challenges:

KYC enrollment and verification process on Cryptocurrency Exchange.

Real-time buy and sell of cryptocurrencies with Limit and Market order facility.

Support 50,000 trades per second.

High efficiency in tracking transaction confirmations on the blockchain.

Solution

Cryptocurrency Exchange Development- A high speed trading system able to handle high volume trades per second.

One step KYC: Complete user enrollment after using a one step KYC with Banking and 2FA setup.

High speed trading: Implementation of trading engine that supports FIX protocol and tested with 100,000 trades per second.

Blockchain monitoring: Real-time monitoring of the blockchain with support for 8 coins and 15 tokens to help in instant transaction processing.

Tier based fee calculation: Calculation of fees based on trading volumes and multiple schemes for greater ROI to traders.

API access: Full API access to traders for trading and transfer of currencies for automated algorithmic trading.

The Methodology

Problem definition

Neebal assembled a team of Blockchain experts and business analysts to survey and understand the problem areas to be addressed in process of Cryptocurrency Exchange Development.

Key Pain Points

A survey was performed to identify problems faced by cryptocurrency traders on other platforms and this helped to identify the common problems faced in Cryptocurrency Exchange Development.

Designing the Solution

The solution architect created and introduced a flexible integration mechanism that helped in the seamless integration of a multitude of cryptocurrencies. This scalable mechanism is key to meet the client’s ever-incrementing cryptocurrency integrations.

Securing The Application

A two factor authentication was implemented to secure cryptocurrency deposits and withdrawals.

The Benefits

80%

Decrease in Verification time

The 1 Step verification process integrated during Cryptocurrency Exchange Development helped users to sign up and start trading in less than 3 minutes.

100%

Support Ticket resolution

The implementation of real-time logging of failed transactions on the blockchain helped to tag and identifying users at blazing fast speed. Proactive and fully automated actions on stuck transactions reduced the volume of tickets being raised.

70%

Increase in Efficiency

As compared to other platforms, real-time monitoring of the blockchain has supported in increasing the efficiency of the platform up to 70%.

100K

Trade per Second

Implementation of trade engine that supports ultra-fast transactions has provided us with a window of up to 100K transactions per second.