Cryptocurrency Exchange
A Transparent Cryptocurrency Exchange Perfect for Both Newcomers and Seasoned Traders
PROJECT SUMMARY
Brief description
Client Overview
Project Team
Mission and Objectives
The client reached out to us about the need for process automation. As their platform grew, they had to dedicate increasing amounts of resources to complete a large number of similar tasks, which adversely impacted their market competitiveness. Our overriding mission was to streamline their operations by introducing automation tools and processes in order to reduce manual effort and increase overall efficiency.
We also focused on ensuring seamless user-oriented service while maintaining the high level of security measures up to standards. We really wanted traders to experience maximum transparency in their crypto trading journey.
Finally, we have put a lot of effort into expanding the range of features in order to take the service level of exchange to the next level.
CHALLENGES
While discussions are ongoing about the potential direction of cryptocurrency development and its implications for various aspects of our future world order, technical experts around the world are already shaping this future with their innovative ideas.
Regardless of the fact that digital currencies have already carved out a niche in the rapidly evolving landscape of DeFi, there’s no doubt that staying ahead requires constant creative flow and our team is always ready to meet the challenges head-on. The main challenge we faced was to improve the duration of the KYC process: it used to be manual so verification took excessively much time. Thus customer onboarding delays were inevitable which were causing customer loss and general frustration.
After careful analysis we concluded that the introduction of additional tools was necessary. We decided that the key was to integrate with Jumio for KYC automation and document verification. And it goes without saying that the solution was implemented in accordance with GP, SOC 2 TYPE 2, and ISO 27001 standards.
Another challenge was to expand the functionality of the platform by introducing new competitive financial instruments such as Copy Trading, Staking and Marginal Trading. These features were designed to attract a broader audience and provide more opportunities for users to maximize their investment potential. This expansion required meticulous planning and preparation to ensure the best possible user experience.
SOLUTION
KYC and AML
Being crucial for compliance with AML regulations KYC and CDD implementation ensures that the platform remains secure and trustworthy for all users.
Taking into account that KYC is an essential feature of any cryptocurrency exchange mutually beneficial for all the stakeholders, we’ve managed to develop an automated system that prevents inaccuracies in face verification which can be caused by numerous factors (lack of lighting, accessories that complicate face recognition, etc.). This advanced system leverages AI to enhance accuracy and efficiency in identity verification processes.
Copy Trading
Under the project we have added a new module: the possibility of copy trading became available to users. By allowing users to emulate the trades of experienced investors, copy trading tools can significantly expand the audience of users by attracting newcomers who may lack the expertise or confidence to make independent trading decisions. This is a highly relevant way of finance management, which less than 30% of cryptocurrency platforms can offer.
Staking
The exchange platform allows users to customize their passive income plan by locking their cryptocurrencies, providing a flexible approach to earning rewards. This feature has been widely appreciated by the community for its ease of use and potential for generating steady income.
Margin Trading
Another module we have added is Margin Trading which allows platform users to boost their purchasing power by accessing borrowed funds. Our team has developed a user-friendly interface with an intuitive design that makes navigation and market analysis easier, enhancing trading convenience.
DEVELOPMENT PROCESS
Discovery Phase
Our team collaborated closely with the client's team to review the project requirements and specifications. According to the review, we began exploring the needs and experiences of end-users of similar systems.
Design Phase
Our software engineers and design specialists collaborated to draft software architecture documents, create database layouts, and design the user interfaces for the platform. Their aim was to craft a scalable and secure infrastructure capable of supporting expanding data and user growth.
Launch and Post-launch assistance
Our engineers completed the final rounds of exhaustive testing and resolved the remaining issues. Then they turned to project deployment in the production environment and its go-live. They ensured that real-time support was available to swiftly address any post-launch challenges, keeping in close contact with the client and their team throughout.
Development
Sidekick’s developers initiated the construction of the application architecture, focusing on robust testing methods to maintain code quality. They crafted features for both backend and frontend systems. The team also enhanced the infrastructure by incorporating CI/CD pipelines to facilitate seamless development and deployment. Additionally they implemented systems for issue monitoring (such as Sentry), logging and monitoring (e.g., Datadog, New Relic), and transactional messaging. Furthermore, they set up analytics tracking tools, integrated marketing platforms, and applied such tools as SonarQube and CodeClimate for code quality analysis.
PROJECT RESULTS
01
Impact on the Customer and End-Users
The project has significantly enhanced the customer's ability to provide high-quality crypto exchange services to its users. The platform’s value has been markedly increased for both novice and experienced traders. The platform provides a learning opportunity for beginners to learn from experienced experts, while also offering advanced trading tools for more experienced exchange users. Now, users can access a wide range of tools to support their trading strategies, eliminating any doubts about the safety and security of the platform.
02
Project Outcomes and Achievements
As the result of collaboration with our developers, the platform has gained its unique and organic look. As planned, by improving the KYC processes, we were able to significantly reduce the time it takes for identity authentication, which has certainly improved the overall efficiency of the platform. The integration has also enabled us to implement advanced security measures, ensuring that user data is protected at all times. Now the platform ensures a smooth and efficient trading experience, contributing to a more user-friendly and reliable service.
