Office No. 1406 The Exchange Tower Business Bay, Dubai
215 East 78th Street - Suite 200 Bloomington, Minnesota USA
A responsive Web-based application developed as a secure, scalable, high-performing social platform to buy, sell & exchange cryptocurrency.
In a discussion with the customer, it was required to implement a responsive website and hybrid mobile application for Android and iOS, using which users can securely trade (buy and sell) cryptocurrencies. The users (buyers and sellers) have a secure wallet address with private keys to transfer tokens, eventually transforming into the sale/purchase of cryptocurrency with fiat money. The backend admin can perform as an efficient escrow agent to authenticate transactions and control fraud.
Major challenges while developing the solution:
This application developed as a social trading exchange for cryptocurrency transactions, where users can register and buy/sell cryptocurrencies in two major Fiat money- USD and GBP. The users can register and have been provided access to their wallet address with a secure private key. The backend admin plays the role of the escrow agent and makes sure the completion of a genuine transaction. The admin also does the KYC for users. The users first receive tokens issued by an online exchange platform against fiat money spent by them. The tokens are stored in a secure wallet address and access to these tokens was with a secure private key. The buyer requested the seller to purchase cryptocurrency. The seller transfers the cryptocurrency to the buyer and in return buyer transfers the tokens to the seller.
The seller first notifies the admin, an escrow agent, about the sale of cryptocurrency with desired documents. Upon completion of the transfer of cryptocurrency, the seller can convert the tokens into Fiat money from this platform. The transaction of transfer of cryptocurrency and tokens has been highly secured cryptographic (AES 256) transactions.
The secure wallet has been developed to provide users with unique access for their cryptocurrency exchange-related transactions. The users can access tokens allocated by the system against their purchase in Fiat currencies. The tokens generated as per ER -20 standards.
Both crypto and Fiat currencies payment gateways were integrated. We integrated CoinGate for as cryptocurrency payment gateway and Stripe as a Fiat currency payment gateway.
Two exchanges were integrated to get real-time prices for cryptocurrency. Beatrix and Binnacle have been integrated as a cryptocurrency exchange.
The admin has been provided the capability to work as an escrow agent. This way, admin has control over buying/selling of cryptocurrency making sure both buyer and seller have been transacted genuinely and there must not be any fraudulent transactions.