Kickstart A Lucrative Business By Launching A Cryptocurrency Exchange |
Posted: July 11, 2020 |
When Bitcoin made its entry in 2009, little would people have thought that it was just the tip of the iceberg for the crypto revolution. More than a decade has passed, and today, we have major implications and manifestations of the technology behind cryptocurrency – blockchain. Apart from the impact that the technology can bring in arenas like fintech and supply chain management, one of the most interesting and lucrative territories of impact has been crypt currency itself. Investing.com says that, as of this article being written, there are 2840 different types of cryptocurrency present. This growth rate only intensifies the need for flawless exchange between different cryptocurrencies. This brings us to think about the importance of cryptocurrency exchange software. What is a cryptocurrency exchange software? As the name implies, a cryptocurrency exchange software is a platform that facilitates the buying and selling of different cryptocurrencies or fiat currencies. Just like any other exchange, a cryptocurrency exchange presents a lucrative avenue for profit. The commission earned by crypto exchanges might contribute to a huge chunk of the profit, but there are other minor avenues like promotions and listing commissions. How to get into this business? The most straightforward way that anyone would suggest is to create your own cryptocurrency exchange software. Although it might sound simple on paper, it is quite complicated and cumbersome when it comes to execution. It involves extensive coding knowledge, understanding of the business landscape, and above all, the know-how of the regulatory requirements and the processes involved. Another way to create your crypto exchange business is to go for a white label crypto exchange. Crypto exchange development companies have already built the skeleton of the exchange, and all you need to do is get your exchange customized with your branding elements. With effective crypto exchange marketing, there is no question that your business will start pouring in profits. Marketing your crypto exchange The key to better profit lies in better marketing! There are a few features that should be incorporated right within your exchange to aid in the marketing efforts.
The external marketing methods In addition to the marketing features that you are exchanging, there are other marketing arenas that you can focus on. Social media is one of the most important platforms that should never be forgotten. Having interactive profiles on Facebook, Twitter and other social media sites help boost engagement and visibility through word of mouth. In addition to pages and profiles, you can also consider creating Facebook groups that can not only help in engagement but also in bringing people with similar interests together. You can also consider participating in pre-existing groups on Facebook and LinkedIn. Running a bounty program brings your crypto exchange platform to the attention of all bounty hunters. Even if they don't win a bounty, you will be able to see a lot of participation. Your crypto exchange platform should have an interactive and intuitive website that gives traders all the essential bits of information that they need to know. You can also consider a lot of classical marketing channels, like email marketing and paid ads. Conclusion White label cryptocurrency exchange platforms effectively solve the problem of creating a business ecosystem from scratch. However, it might not completely solve the problem of marketing. Crypto exchange marketing is of crucial importance in determining whether or not your business of cryptocurrency exchange will succeed. Having a robust marketing strategy and plan in place ensures that your profit and brand goes a long way, especially into the future that is all set to welcome the crypto revolution with an intensity seen like never before!
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