A short intro to P2P Cryptocurrency Exchange Software
From big-name investors to normal crypto traders, use cryptocurrency exchange platforms these days. Many startups and crypto entrepreneurs are very interested in developing peer-to-peer cryptocurrency exchange software to kickstart their crypto business. Peer-to-Peer cryptocurrency exchange software is a decentralized exchange software that lets peers in the crypto market buy and sell directly with each other without any trusted third party holding their funds or processing their trades. The P2P cryptocurrency exchange software development business is one of the thriving businesses in the crypto space.
How does a P2P crypto exchange function?
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Step 1 - Users first register on a peer-to-peer crypto exchange.
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Step 2 - Then, they undergo the KYC verification process.
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Step 3 - Buyers place a buy order.
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Step 4 - A wallet address for the creator is initiated.
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Step 5 - Buyer gets connected with the right seller with a matching engine.
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Step 6 - Then, both seller and buyer confirm and agree on the trading terms.
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Step 7 - Smart-contract based escrow keeps the seller's crypto assets which have to be sold.
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Step 8 - Buyer makes the payment for assets to be purchased.
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Step 9 - Seller then verifies the payment.
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Step 10 - Escrow releases assets, transferring the same to the buyer's wallet address.
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Step 11 - Finally, the buyer transfers the assets to a cold wallet.
Features of Peer-to-Peer Cryptocurrency Exchange Software
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Powerful matching engine
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Top-notch security options
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Admin panel
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Multi-language support
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Escrow system
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Atomic swap
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Instant KYC and AML confirmation
Why do businesses express interest in creating P2P crypto exchange software?
Since Peer-to-Peer Cryptocurrency Exchange Software completely eradicates the presence of third parties during transactions, users relish security and privacy with this software. And this is considered the main reason businesses show their interest in developing a P2P cryptocurrency exchange software.
Why White Label Cryptocurrency Exchange Software Development is a better option?
A white label P2P cryptocurrency exchange software is an instant solution for quickly deploying your P2P cryptocurrency exchange software into the market. Creating a white label P2P crypto exchange seems to be cost-efficient when compared with the scratch method. It is mostly preferred by startups and entrepreneurs for its customization option, where one can include or exclude features and get a chance to improve the platform's security features.
Closing Thoughts
The cost and duration of developing a P2P cryptocurrency exchange software depend on various factors. One needs to connect with a leading P2P crypto-exchange software development company in the market to know the exact cost details. The firm's crypto exchange developers with years of experience in blockchain technology and cryptocurrency come up with the best exchange development solutions that give phenomenal results.
