Why White Label Crypto Exchange Is Better Than Developing From Scratch?
Since the days when Bitcoin had little value, the necessity for cryptocurrency exchanges was enormous. The need intensified when multiple cryptocurrencies became popular, and people needed to exchange coins with one another as businesses in those days accepted only a single medium of tender. As the blockchain world grew further, cryptocurrency exchanges evolved too, and aspiring entrepreneurs saw these platforms as ideal business models for quick success. Indeed, crypto exchanges are great business options, and this blog gives models based on which cryptocurrency exchange development can be done and which of them is better.
Cryptocurrency Exchange Development From Scratch
Cryptocurrency exchange development from scratch is the normal model of building the platform from the ground up. This mode of development gives you the freedom to integrate all the features you require for your cryptocurrency exchange platform. Making decisions for even the most trivial of the things involved in developing a cryptocurrency exchange lies on your shoulders. Every facet of the crypto exchange platform, such as technological stacks involved, analyses on business, markets, and competitors, native tokens, supportable cryptocurrencies, and more, should be decided by you. Moreover, this type of cryptocurrency exchange development takes more time and monetary resources, which are considered paramount as far as businesses are concerned.
Cryptocurrency exchange development from scratch also needs you to implement all the steps required in a typical software development project. Such a process needs you to hire developers, designers, and testers with the necessary expertise in blockchains to develop the crypto exchange platform. Employing such experienced professionals is a tough task in recent times, and even if you opt to outsource the project to an external development firm, it would need a lot of discussions and proposals to move forward.
White Label Crypto Exchange Development
White label crypto exchange development is the process of launching your cryptocurrency exchange from a ready-to-launch solution. The development process includes customizing the plain platform to fit all your requirements. A White label crypto exchange platform is pre-built and extensively tested for defects, which means the valuable time spent on resolving tiny errors is saved. Most Whitelabel solutions of today offer extensive customization options in almost every facet, and options are available to integrate additional modules too. You can gain a competitive edge ahead of others by launching your crypto exchange in a short time while costing less. White label crypto exchanges are the ideal choice for a newbie entrepreneur looking to utilize the crypto climate.
Whitelabel cryptocurrency exchanges can be of two types — normal Whitelabel platform and solution similar to popular exchanges such as PancakeSwap. Both of them can be customized to suit your needs, even though the latter allows less customization than the former. The source code of a normal Whitelabel platform is created by development firms that offer Blockchain-as-a-Service (BaaS). A solution similar to popular crypto exchanges is developed by such firms by decoding the code behind the actual platform.
How Does a White Label Crypto Exchange Outsmart a Platform Developed From Scratch?
There are a lot of points that make us understand that a White label crypto exchange is better than one developed from scratch. Even though cryptocurrency exchange development from scratch gives you the liberty to choose every tiny feature of the platform from end to end, the pressure associated with the process is immense. This factor particularly tenses a business owner when they are not very sure about the whole technology and have to believe some external consultant, which would not be beneficial in the long run.
On the other hand, even though a Whitelabel solution is developed by a third-party provider, you can trust them as the experts behind the platform can explain the dynamics of the platform clearly. In contrast to the popular belief that the source code of a Whitelabel solution could be hacked or compromised, there are legendary blockchain application development firms that have been upgrading their solutions as the virtual world evolves. This is enough to say that your business platform will be safe from any hack attempts. Additional security modules can help a lot, in contrast to some statements that ignore the instances where such modules had saved businesses.
Some Ending Thoughts
Therefore, we can say that a White label crypto exchange is far better than a solution developed from scratch, even though the customizability on offer is lesser. The time and costs incurred also make the Whitelabel platform an ideal option for first-time crypto entrepreneurs looking to optimize the crypto climate quickly before the space gets too crowded for businesses to sustain. If you are one of those aspiring startup enthusiasts, your go-to-stop should be a blockchain application development firm that specializes in launching ventures from White label crypto exchange platforms.
