In case you haven’t heard, we are excited to share with you that Scalable Solutions participated at the Forex Expo 2022 in Dubai. We were delighted to meet the conference attendees and present on how forex companies can dramatically grow their revenues by 100-300% by integrating crypto trading platforms into their trading venues. During the conference, many of the questions from interested companies centered around the same thing: What is the process of setting up an exchange? How does Scalable help clients succeed?
We know how essential it is for an entrepreneur to know the product and all the processes involved from the inside out before investing in them. We are happy to share our workflow, because we are 100% sure in our expertise and the structure of our processes. Note that this workflow is flexible and can be customized according to our client’s needs.
Step 1. Define the product concept
A big project like an exchange starts with an idea and thorough planning. That’s why the first step is to define the product concept, including what markets it will target, what is the investment size, what features it will include and what monetization tactics will be adopted.
Step 2. Create a high-level solution architecture
The second step is more complex and aims to define the future product’s structure. It answers questions such as: what additional features will the platform have, what cryptocurrencies and pairs of instruments will it require, what APIs are needed and what kind of (Websocket, REST or FIX), and whether a mobile version is needed. Also, during this step, we discuss the UI/UX design of the future platform.
The other subpoint of this step is to decide on KYC, KYT and AML providers for the future platform. We have a variety of partners to choose from. This list includes market leaders such as Chainalysis, SumSub, Elliptic and others.
Finally, the last subpoint requires clients to choose an on/off-ramp provider for the platform. In this respect, we also have reliable partners that have been serving the current market leaders for years; these include Moonpay, Banxa, Simplex, among others.
Step 3. Build a release plan
Yes, already! This plan will determine what small technical releases are planned, what tasks each of them include and what are the deadlines for each.
Step 4. Form a technical backlog for early release
After the plan is completed, we form a dedicated technical team of brilliant minds who will take care of the development of this service.
Step 5. Create and maintain the development plan
Success is achieved through consistency. During the next step, we develop the product according to the plan, while regularly being in touch with our client, and making changes if necessary.
Step 6. Scalable Solutions University Program
Wonder what this is? It is our educational program for exchange operators. We get all your operational team acquainted with the internal systems and teach you how it works. We won’t finish the program until each team member perfectly understands the processes involved and is qualified to operate the platform.
Step 7. Soft-launch for bigger traders
The product is ready for a preview release for bigger traders. This step will solve multiple issues. Firstly, we will be able to gain the first feedback from advanced players who are well versed in trading, and introduce some amendments to the product based on their feedback, if it’s necessary. Secondly, by doing this, your newly launched trading platform will start to gain a good reputation even prior to going public; chances are that if advanced traders like the platform, they will stick to it and recommend it to others. Thirdly, bigger players add liquidity to the pool when trading, which is good for traders and draws attention to the platform.
Step 8. Go live
The most long-awaited and exciting step – public release! Your full-fledged platform enters the market and welcomes new users. From now on, your team duties are to maintain the platform, optimize marketing processes, maintain positive contact with the end-users and grow as a business.
Conclusion
This workflow that we have with our clients has been tested with dozens of clients and over a decade of experience. It ensures the most effective way of establishing an exchange business and the fastest time-to-market. Depending on each business, this plan can be customized; so if you’re wondering what the plan will look like for you, get in touch with our team – they will be happy to answer your questions.
Want to know how we helped our client to develop an exchange that sustains $930 million 24h trading volume in this bear market? Check our case study.
