Creating a cryptocurrency exchange or swap service is a complex process involving team selection, regulatory collaboration, and the development of software (SW) solutions for wallets, trading engines, and KYC services.
The technical setup can be simplified using ready-made white-label (WL) solutions. With Vice President of Estonian company Eqwali Veaceslav Hascevoi, we explore how to integrate digital payments into a business and quickly launch a crypto service.
Requirements for Launching a Crypto Exchange Typically, a cryptocurrency exchange includes the following modules:
- Frontend: A graphical interface that provides users with information and tools for platform interaction and exchange operations.
- Trading Platform Core: This module monitors transactions and configures cryptocurrency, fiat rates, fees, and exchange directions, storing customer identification data.
- Crypto Wallets: Internal or external wallets for receiving, storing, and transferring cryptocurrencies.
- Fiat Gateways: External payment systems, banks, and payment organizations for fiat deposits and withdrawals via bank transfer, card, or e-wallet.
- Liquidity Provider: Integration with a larger exchange for cryptocurrency purchase and hedging positions.
- Remote Verification Solution: KYC service integration for legal compliance.
- Fraud/AML Monitoring: Provides customer screening using PEP and sanctions lists, with rules and limits for automatic or manual transaction checks.
- Reporting Module: Provides data needed for customer, accounting, regulatory, and audit documents.
- API Module: Allows integration with SMS providers and other services through the application programming interface (API).
Ready-Made Solution According to Veaceslav Hascevoi, developing the described infrastructure requires significant time and resources. Ready-made WL solutions are popular with new players and established businesses adding cryptocurrency support.
Two models are available: Software-as-a-Service (SaaS) and deployment on the customer’s infrastructure.
“With a SaaS launch, all infrastructure is hosted on Eqwali servers and branded for the customer, making it faster and cheaper. Self-hosted solutions grant full control and autonomy over the project’s development but require a high initial investment.
Launching an operational project can take three weeks to several months, depending on the chosen solution, integrations, and specific requirements,” explains Hascevoi.
Clients who want complete control over crypto assets can deploy autonomous wallet management solutions, which require sufficient server investment and skilled specialists.
Eqwali’s solution supports Bitcoin (BTC), Ethereum (ETH), USDT (TRC-20 and ERC-20), Tron (TRX), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), and Dash (DASH).
“However, an exchange service’s value often depends more on fiat currency deposit and withdrawal methods tailored to the targeted markets,” Hascevoi emphasizes.
Eqwali Integrations In 2024, the company provided WL solutions for Bpay and PayWRX:
- Bpay (Moldova): Users can create wallets, buy/sell crypto for Moldovan leu, and transfer it externally. Citizens access a single application for banking card issuance, cryptocurrency exchange, and storage. “This unique solution allowed us to embed a cryptocurrency exchange service within the infrastructure of an e-wallet while accommodating local regulations. Moldovan citizens can obtain a bank card, exchange, and store cryptocurrency in one app. The implementation took a little over four months,” comments Eqwali’s Vice President.
- PayWRX (Canada): A SaaS solution supporting KYC and SMS providers, Visa/Mastercard, SEPA, internal crypto wallets, and fiat accounts. “Eqwali is an IT company that has proven itself not only in project launch but also in ongoing product support, adapting it to our specific requirements,” says Alexei Telepna, President of PayWRX. “The project has been operational for five months and targets businesses needing cryptocurrency services.”
Conclusion To integrate digital payments and launch a cryptocurrency exchange, you need complex software comprising various interconnected components. Eqwali’s WL solution simplifies and accelerates crypto service setup, minimizing errors that could lead to losses or client asset loss.
