How to Build a Crypto Bank in 2024

The relatively new sphere of crypto banking is developing in leaps today. What used to be a market of only $545 million in 2021 is expected to cross the $2 billion mark by 2030. Such speedy growth is explained first of all by the quick adoption of cryptocurrencies, with more users joining in every day. User penetration has exceeded 10% by 2024, and the 2028 predictions suggest a user base of over 992 million active crypto users around the globe.

That’s why the business niche of crypto bank development is gaining momentum today. Crypto founders, investors, and enthusiasts are all able to reap the benefits of this quickly growing industry. Yet, the most important aspect of crypto bank setup is a systematic approach. Such a project is not a one-time project that can be visualized and built in one go. Instead, it’s a multi-stage process in which you will have to consider various features and balance various stakeholder needs to arrive at a winning crypto bank design.

Here are the main unavoidable steps your crypto bank project will have to go through from inception to launch.

• Analysis of target market and customer needs. It is essential to start any crypto bank project with extensive market analysis. You should assess the competitors’ products to single out the unmet needs.
• UVP development. Once the market gap and unmet needs of target customers are identified, it is possible to develop a UVP — your uniquely tailored business offer of value for end-users.
• Research on crypto banking regulations. The cryptocurrency market is still vaguely regulated, but the sphere is developing really fast. Thus, you should check all relevant laws and regulations in your jurisdiction to avoid penalties and litigation.
• Blockchain partner selection. Next, you need to choose a reliable blockchain development team that will create your crypto bank with a commitment to quality and technical superiority.
• KYC/AML setup. The anti-money laundering and terrorism regulations are universal for all spheres involving digital transactions, and crypto banking is no exception. Therefore, your platform should have robust KYC/AML procedures in place for its operation.
• Search for funding. As a crypto bank platform is usually a costly project, you may need to attract additional funding for its implementation. Make a detailed and appealing whitepaper to send to potential investors and arouse their interest in your business idea.
• Marketing and branding. Launch a marketing campaign that will expand your project’s visibility and outreach, thus preparing it for successful deployment.
• Product launch. After a series of QA tests, your platform is ready for deployment. Open its doors to interested users, but don’t forget about regular updates and feature additions to keep your users satisfied.

Wishing to learn more about crypto banks and how they work? Read an in-depth research article with a comprehensive introduction to the crypto bank concept and mechanisms of work.