Transforming a cryptocurrency exchange platform into a secure mobile app for a wider audience reach
How we turned a cryptocurrency exchange platform into a secure mobile app to target more audiences
Our client is a FinTech company for whom we recently built a cryptocurrency exchange platform. This platform helps investors to buy and sell in digital currencies. This solution has its audience and assists businesses with financial transactions.
But every day more and more similar platforms are emerging, creating intense rivalry and provoking the need for changes. So our client decided to reach a wider audience by improving its product and adding more features to stand out from the crowd. That’s why, the company came to Wetelo again with the request for product discovery services.
Our approach to the client’s challenge
To understand how to assist the company with extending its customer base, we analyzed the target audience and their needs and made the next conclusions.
First, the majority of users use smartphones and mobile devices. So they couldn’t use the web platform and looked for similar mobile apps like alternatives. Second, we revealed that many users needed updates on cryptocurrency prices and charts in real time.
So we suggested our client change a cryptocurrency exchange platform into a secure mobile app and add more features to make it more personalized.
To develop a high-quality mobile app, we started with product discovery. This stage was needed to understand end-users needs and brainstorm on core features. What’s more, at this phase, we decided on a tech stack. Once our client agreed to our suggestions, we started the mobile development process.
After our product discovery was done, we suggested the following steps:
Opt for React Native
Opt for React Native to guarantee cross-platform compatibility
Use Sockets to ensure real-time updates on cryptocurrency prices and news
Integrate KYC for private accounts and KYB for corporate ones to enhance security
Improve an admin panel to customize app data
React Native and Sockets for real-time updates on cryptocurrency prices
As our client was strongly interested in a fast development process and real-time updates on cryptocurrency prices, we used the following technologies.
For the mobile app development, we chose React Native. This decision was driven by its unique capability to facilitate the creation of a cross-platform mobile application that seamlessly runs on both iOS and Android.
To maximize the app’s performance and customization we wrote everything from scratch. This allowed us to tailor every aspect of the app to our specific needs. Finally, we selected React Native because of the constraints of time and budget. And this framework reduced development time and effort by enabling a faster time-to-market.
To ensure real-time updates, we opted for Sockets. These streams provide the latest pricing information when it changes on the exchange. Additionally, Sockets ensure an instant sending of the latest trade data if there are any changes. The result is amazing as this is the fastest way to excess market data from exchanges.
Integrating REST API for automating crypto transactions
To automate the transaction flow, get real-time insights on crypto transfers, and view information regarding exchanges, we integrated REST API. We opted for this API because of its simplicity, user-friendly design, and straightforward integration process. What’s more, its flexibility allows us to deal with different data formats and ensure smooth and efficient operations.
Boosting DeFi solution’s security with KYC, KYB, and two-factor authentication
As security was a top priority of our client, our goal was to ensure the mobile app’s security protection and make it a reliable and trustworthy environment for crypto operations.
First, we integrated a KYC solution for personal accounts to confirm the identity of a customer and prevent fraud and illegal financial operations. The value of KYC is that it is automated and does a good job in terms of ID verification and screening.
Second, we integrated KYB for corporate accounts to establish the identity and authenticity of potential business customers and optimize verifications. KYB is important because it allows to obtain essential information about companies and ensure that every onboarded business conducts only legal operations.
Third, we reinforced our security with multi-factor authentication, giving users the freedom to opt for SMS, email, and Google Authenticator as their preferred methods. They can easily make a choice in their profile settings.
Additionally, we introduced several user-friendly options, such as the possibility to put authentication on/off, perform secure crypto transfers, manage transaction amounts, and facilitate both crypto and fiat withdrawals. All these operations can be carried out with the highest level of security.
Enhancing an admin panel for improved data customization and management
To tailor data for a user and ensure its efficient management, we enhanced an admin panel to provide superior customization options for cryptocurrencies and crypto wallets while also facilitating transactional operations.
The revamped admin panel offers a high degree of customization. For example, administrators can fine-tune the panel’s settings to add specific cryptocurrencies for each user according to their preferences, making the user experience more tailored and user-friendly.
Cryptocurrency exchange mobile app: secure, live streaming, and customized
After our work was done, the client got a secure, live-streaming, and customized mobile app to use for the market extension. Our team succeeded in transforming the web platform into a mobile app by enhancing the security degree and improving the overall user experience.
We’re still teaming up with this client as they have many innovative ideas to share and we have enough resources to put them into practice.