How do enterprises build their own blockchain?
With the popularity of various currency transactions, it has promoted the development of the exchange industry. As a small white who wants to cross industries, how to set up a blockchain exchange development company? Chain soft network summarizes the following points for you.
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1. Determine the business scope of the Exchange Development Company.
It is very important to determine the business scope of the company, which is related to whether the company has the possibility of making profits. Every day, the relevant laws and regulations in your area are different, so the first step is to understand the local laws and regulations. You need to obtain the necessary permission and approval to open a bitcoin exchange according to your business scope, so as not to violate the local laws and regulations and bring unnecessary trouble.
2. Check the national regulations and compliance requirements.
Almost all governments require entities engaged in currency exchange business to comply with the "Know Your Customer" (KYC) specification. KYC is a process for enterprises to verify the identity of customers through government-issued ID cards or passports. The main purpose here is to prevent money laundering. Please ensure that you comply with the KYC specifications of your country/region and integrate the appropriate customer verification procedures in your exchange.
3. Cooperation with banks or payment processors
You need to cooperate with the bank or payment provider to handle the payment in legal tender. You can choose a trustworthy bank with a lot of online facilities.
4. Create liquidity in your exchange.
Any exchange needs liquidity to operate successfully. Unless you see the complete order and transaction activities, customers will not place orders easily or even deposit funds. New transactions will naturally encounter liquidity problems.
5. Ensure the high security of transactions and customer data.
Any exchange development company needs first-class security to ensure that the funds of exchange operators and traders remain safe. This should also apply to your customers' personal data, including their KYC details and bank account information. The Gox vulnerability that was neglected for many years led to the theft of nearly 1% of the total bitcoin in circulation at that time. According to statistics of Chain Software, from 2009 to 20 19, all one-third of all bitcoin transactions were hacked. Therefore, in your transaction, safety must be the first.
6. Establish customer support channels
Finally, customer support is another important part of a successful exchange. Employees are needed to approve KYC requests, answer customer complaints, handle deposits and withdraw legal tender. The fast customer support mechanism can ensure that your customers start trading from the signing date and generate income for your exchange.
I hope it will help you solve related problems. For more details, please feel free to consult and discuss!