Key Features of the Crypto Bank in 2024

The crypto banking niche is quickly maturing, as millions of new users are flocking to this alternative financial market in search of decentralized, confidential transaction solutions. The niche is growing at a CAGR of 6.8%, which is sure to accelerate with massive cryptocurrency adoption and improved regulation.

Thus, the field of crypto banking offers many lucrative opportunities for business owners. If you’re willing to respond to this market trend and consider crypto bank development, it’s time to get clear about the features it should include. Our pros have singled out the following mandatory minimum that will set your product apart in the market and secure its stable competitive advantage.

• Authorization. Users need to be able to register an account and log in to their profiles to use your platform. Thus, creating a user-friendly, intuitive sign-up/log-in interface should be your top priority.
• User profile. The user dashboard should be informative and comprehensive, with a 360-degree view of user data, assets, and history of activities. Make sure the information is neatly visualized and organized in the layout to simplify making sense of the user’s activity on the platform.
• KYC/AML. These measures are at the heart of making your platform legal and safe. So, you should incorporate the user identity verification process into the registration process; for instance, you can allow access to basic features without a KYC/AML pass and open the full functionality only to verified users.
• Admin dashboard. The administrator’s dashboard should also provide all data about the platform’s operations, organized in visuals and coming with smart analytical reports. This way, you will keep the platform under robust control, configuring settings or managing user access without friction.
• Multi currency support. Modern users want flexibility in the use of crypto banking products, so you may benefit from adding multi currency support to your platform. As a result, users will enjoy plenty of opportunities to exchange crypto and fiat currencies inside your bank.
• Multi-factor authentication. Security is key in the 21st century, so you should take proper care of multi-step authentication procedures to ensure your user assets are intact. This may be done with a mobile verification code, biometric authentication, and many other fancy features that will improve the system’s security and increase user trust.
• Cryptocurrency transactions. Users should enjoy a variety of possibilities to store, send, and receive cryptocurrency, which is the basic functionality of any banking product.
• Access to trading features. Besides sending and receiving crypto assets, users should be able to buy them on a secure platform or exchange one cryptocurrency for another one at a predictable, fair exchange rate without slippage risks. To ensure this, you should link the crypto bank to a reliable crypto exchange or trading platform that would enable such operations.
• Virtual cards. Banks often issue cards to let their users pay for services and products directly from their accounts. It’s not necessary to issue physical cards; virtual card options are also a highly convenient feature of a modern crypto bank.

With these features, your project will surely look functional and reliable, attracting interested users and creating a steady revenue stream for you. Wishing to learn more about the nuances of creating and running a crypto bank? Feel free to visit our extensive analytical article about crypto banks.