The cryptocurrency market is surpassing expectations, breaking boundaries, and gradually establishing itself as a global game-changer in the finance industry. 2024’s bullish waves, followed by market corrections, keep investors glued to screens and busy making profits. This presents a lucrative opportunity for businesses to ride the buzz with a white label exchange platform.
According to crypto.com, the cryptocurrency owner base worldwide grew 34% in 2023. The figures for 2024 are yet to be revealed. They’ll be huge, as this year was characterized by spot crypto ETF approvals, Bitcoin halving, and other events that are assured to significantly enhance the user base.
The user base is no longer “a bunch of fools,” but large traditional financial institutions, huge investors from across industries, and much more. The conventional finance embodiments – “banks” must jump in as the market is ripe for mainstream adoption. White Label Crypto Exchange Software is an impressive tool that can assist banks in positioning themselves as pioneers in the rapidly expanding market.
In this blog, we will help you discover:
Without much ado, let’s dive in…
Let’s leave white label exchanges aside and take a moment to discuss why the cryptocurrency market is a lucrative space for banks to tap in.
It’s 2024 and cryptocurrency isn’t only a competitive advantage for traditional finance. The cryptocurrency market has come a long way and there seems to be a huge audience considering DeFi schemes and cryptocurrency exchanges as a better alternative to grow their money. If, at this point, banks don’t take the lead by integrating White Label Crypto Exchange Software or custom-made solutions into their digital applications, they can bear the tag of “slow and rigid” financial bodies.
There’s no doubt that the cryptocurrency market is not stagnant. Unlike any other traditional financial service, crypto changes hands when bullish and reaches its maximum when bullish. The soaring market values, triggering trading volumes, and the constantly moving nature of the market make it an irreplaceable financial service. Banks can take advantage of its skyrocketing growth and grow enormously with a white label exchange platform (the easiest gateway into the fiercely expanding market).
Those banks struggling with a limited user base or those looking to enhance their persisting brand value can integrate cryptocurrency exchanges as a valuable addition to their business. A few thousand dollar white label exchange integration can position them as a great example for other traditional financial bodies and significantly add to their customer base. More customers are likely to choose a bank that quickly adapts to changing customers’ needs and includes neoteric financial services.
With white label exchange platform integration, revenues are assured to soar as the market is already huge and surging. Guess what? The global cryptocurrency trading platform market was valued at US$36.5 billion in 2022 and is projected to reach US$135.7 billion in the forecast period (2022-2030). As the demand for reliable, innovative crypto trading software expands, the revenues of banks integrating white label crypto exchange software will increase.
Banks embracing cryptocurrency exchanges can become a game-changer for the cryptocurrency industry. The regulatory environment for the digital asset space is not clearly defined and if banks, the “legal embodiments of finance,” include the novel face of finance, it will be a win-win for both parties. The banks will become the legal face of the crypto industry and the whole cryptocurrency ecosystem will benefit from this collaboration as it will enhance customers’ trust in crypto.
Learn about more benefits>>> How can Banks Benefit from White Label Exchange Software Script Solutions?
Till now, we have discussed how cryptocurrency exchanges present a ruminative opportunity for banking businesses. Let’s now discuss how white label exchanges are the best development option for banks.
Also Read>>> White Label Exchange Software: What to Expect and How to Pick
Along with several benefits for banking institutions and the cryptocurrency ecosystem, this game-changer integration comes with a lot of challenges. Let’s discuss those challenges that must be addressed while putting together the two facets of finance in one platform:
While label exchange platforms are not always made scalable and secure. Security vulnerabilities and fragmented user journeys during high volumes can adversely affect their customer experience.
Solution: Reputable white label trading platform providers offer secure and scalable platforms that can adapt to growing user bases and trading volumes. Banks can leverage the provider’s expertise in security and compliance to ensure a safe and reliable experience for their customers.
Not all white label exchanges can be tailored to business needs. The level of customization is a matter of concern for banking businesses as they have to stick to their branding and offer a seamless customer experience through a simple yet intuitive user interface.
Solution: Despite being pre-built, white label crypto exchange software from reputable providers is extremely user-friendly and allows a high degree of customization. Banks can integrate their branding elements and add/eliminate features to align with their existing services and target audience.
Regulation is a major hurdle for banking institutions aspiring to enter the crypto space. Some white label exchange platforms might lack compliance features. Even after integrating those required features, banks can face difficulties in gaining various licenses and approvals from various regulatory bodies.
Solution: Even if navigating the complex web of cryptocurrency regulations is challenging, reliable white label trading platform providers can help the banks partner with pertinent legal services operating in the space. Partnering with a reputable white label exchange provider ensures adherence to relevant regulations, allowing banks to offer crypto services with greater peace of mind.
The digital currency trading infrastructure needs regular maintenance and updates to combat emerging security risks. A banking institution may have to hire an experienced staff to take care of the updates, maintenance, and further development of trading modules.
Solution: Top-notch white label crypto exchange software providers manage maintenance, security updates, and ongoing development, allowing banks to save on operational costs. Being the pioneers of digital finance and experienced in up-to-date trading platform projects, they know what to do to keep you relevant as per the industry norms.
As banks serve a huge customer base, they have to work hard on simplifying their crypto trading user interface to meet particular audiences’ needs. Many white label exchange platforms are rigid and cannot be customized to such an extent.
Solution: Banks must determine their target audience for crypto services. Are they catering to retail investors, institutional clients, or both? Tailoring the exchange’s features and functionalities accordingly is essential. By leveraging white label crypto exchange software with a higher level of customization or opting for custom development, banks can overcome this hurdle of aligning the user experience with suitable needs. They can also provide educational resources to help various customer bases understand and navigate the complex world of crypto.
Also Read>>>Exploring 2024’s Top 7 White Label Crypto Exchange Software Solutions: Reviewed
White label exchange integrated with banks’ efficient operational applications is one of the most needed convergences of the times. As discussed above, this strategic collaboration brings a win-win scenario for both parties. Banks gain a secure and efficient platform to break into the burgeoning digital asset space whereas the cryptocurrency sector gains prominence and trust as the traditional financial bodies embrace it.
Choosing the right white label crypto exchange software provider is however the decisive factor in deciding the prospects of this integration. Banks must partner with a trading platform provider with a proven track record and unwavering commitment to regulatory compliance and security. They can help navigate the challenges in the cryptocurrency sector and also facilitate seamless integration with their existing banking systems and applications.
At Antier, we are not just creating white label exchange platforms or web3 experiences but writing history harnessing the ink of our decentralization technology excellence. Leverage our 8+ years of exclusive blockchain experience to build your trading module for banking applications. And not just this, with our end-to-end subject matter expertise, you can conduct a complete service integration.
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