Our client is a FinTech company that helps customers digitalize their money by offering innovative IT solutions tailored to the audience’s needs. Their products contribute to creating secure and transparent financial processes and simplify the exchange and transfer of assets. As a result, the company’s clients spend little effort on tasks control and overview of expenses and transactions. 

Recently, our client received a proposal from investors to introduce a crypto exchange platform. The key requirements were a fixed budget and a deadline of two weeks. Having no development team, the company has faced the dilemma of finding experienced and skillful developers who could deliver quality solutions on time. 

That’s why the client came to Wetelo with the request to create a minimum viable product of the cryptocurrency exchange platform as soon as possible to attract investors and get the necessary funding for further product development. 

Wetelo’s approach to developing a fintech product

As our team was provided only with two weeks, we involved six backend and frontend developers and a UX/UI designer in building an MVP with enough features to test it.

To build our client’s fintech solution and decide on what features to add, we started with product discovery. During this phase, we brainstormed to define the product's core features to ensure that it responded to our client’s needs. 

Our objective was to create a secure, reliable, and efficient crypto-exchange platform with enough features for a quick release. That's why we broke down the development of MVP into several stages, starting with work on the platform’s functions.

A secure P2P crypto exchange with KYC and two-factor authentication

This crypto exchange platform should facilitate the exchange of cryptocurrency to dollars and serve as a secure and reliable means of exchanging currencies. 

So at the solution stage, we had to enable support for ETH, USDT, and USDC wallets to provide successful wallet management. 

To ensure the reliability and trustworthiness of the crypto exchange platform, we integrated a KYC solution as security was one of the client’s priorities. The value of this feature is that it is automated and does a good job in terms of ID verification and screening. As a result, KYC allows confirming the identity of a customer and prevents illegal financial activities. 

As security is a core feature of DeFi products, and our solution had decentralized elements, we also implemented two-factor authentication that required an email confirmation to access an account on the platform. 

Finally, to ensure access to manual payment processing, we provided extended functionality for admin access. The value of this function is that it allows better control of exchange operations. 

NestJS, React, and MySQL for quick release

To ensure the efficient work of the platform and its quick release, we needed to use technologies that would speed up product development and core features adding. 

For the backend, we used:

• Nest.js
• MySQL

Nest.js was an optimal choice because of its performance advantage in terms of handling multiple requests and its capacity to save time and money. MySQL has been chosen because of its easy-to-use, focus on security, and scalability on demand. 

For the frontend, we used the following technologies:

• React.js
• Redux toolkit
• Husky
• Prettier
• Material UI

To create an engaging user interface, we built the frontend using React.js and the Redux toolkit. Husky was used to ensure the building of a robust platform. Prettier was applied to code faster and ensure consistent formatting. Finally, Material-UI was involved to create a user interface and save time as developers didn’t need to write everything from scratch. 

Integrating REST API for creating transactions 

The choice of REST API was justified as it’s simple to use, developer-friendly, and doesn’t require any authorization. By integrating it, we managed to fully automate the transaction flow and ensure getting real-time insights on transfers and viewing information regarding exchanges. 

Cryptocurrency exchange platform: secure and attractive to investors 

After our work was done, the client received a secure and reliable cryptocurrency exchange platform with core features to present to investors. Our team managed to complete the fintech project in two weeks and operate within a fixed budget. What’s more, we met all client’s requirements not only in terms of time but product quality and security. 

As a result, the company successfully introduced the crypto exchange platform to their investors and got the necessary funding to continue the product development. 

All in all, our client is satisfied as we’ve delivered an attractive project. So right now, we are teaming up and working on the next version of the product.