P2P Cryptocurrency Exchange - XB Software

P2P Cryptocurrency Exchange

A global P2P trading platform that allows users to buy and sell Bitcoins directly from each other. The crypto platform does not hold users’ funds, minimizing the risk of theft and reducing transaction times.

Business Challenge

There is a growing trend among businesses and individuals embracing Bitcoin and other cryptocurrencies as viable payment options. Unfortunately, cryptocurrency users often face various challenges. For example, they depend on centralized cryptocurrency exchanges that rely on rigorous and often convoluted Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. Following them, users can compromise privacy, as they are forced to disclose personal information. Also, the necessity to entrust third parties with their cryptocurrency holdings exposes users to potential risks and loss of funds.

To address these issues, our client asked us to develop a secure real-time Bitcoin exchange platform that facilitates online buying and selling of digital cryptocurrencies for individuals. This platform had to be designed as an interactive and globally oriented solution, enabling seamless transactions worldwide. The primary goals were user-friendliness, lowest fees, and security, ensuring users have complete control over their funds and transactions.

The client required us to maintain users’ anonymity in cryptocurrency transactions and keep the app free from intrusive KYC and AML requirements. Minimizing dependence on centralized exchanges was essential to bolster the security of cryptocurrency holdings and reduce the risk of loss of funds and leakage of personal information. Another requirement was simplifying buying and selling cryptocurrency by delivering a user-friendly, intuitive, and efficient platform.

Solution

Our solution serves cryptocurrency enthusiasts and traders seeking a secure, cost-effective, and user-friendly platform for buying and selling Bitcoins directly from other platform traders. It’s built for individuals who value privacy, lower trading fees, and enhanced security in cryptocurrency transactions.

The platform allows users to create and customize Bitcoin trade offers based on their preferences. Intuitive matching algorithms ensure quick and efficient pairing of buyers and sellers, optimizing the trading experience.

We utilize Multisignature Contracts to facilitate secure fund escrow during transactions. This system ensures that both parties fulfill their obligations before the transaction is completed, reducing the risk of fraud.

Every user has a personalized workspace as their control center for managing trades, viewing transaction history, and accessing essential account settings.

Effective communication is crucial in any trading environment. Our integrated live chat allows buyers and sellers to communicate in real time. Users can discuss transaction details, negotiate terms, and seek clarification, which increases transparency and trust in the trading process. The notification system ensures that users receive instant updates on new trade matches, messages from counterparties, and essential platform announcements, keeping them informed and engaged.

The implemented algorithm for resolving disputes with the involvement of platform managers made it possible to solve problems arising during transactions on favorable terms for each of the parties in the shortest possible time.

Personal dashboards for admins and super admins enable easy access to detailed platform information, including:

  • Current number of users online;
  • Amount of Bitcoins in escrow;
  • Total number of active and completed/canceled contracts over a given period;
  • Types of currently available offers;
  • A list of all users with limited information for quick response in case of fraud;
  • A dashboard with details on all unresolved disputes, allowing to find quick and fair resolution.

To create a platform that meets our customers’ needs, we extensively researched the crypto platform market. Our research helped us identify the most useful features for our customer to succeed in the crypto world.

We developed advanced functionalities that exceed the initial expectations and requirements for the early version of the platform. Our system enhances user efficiency and optimizes time management with cutting-edge features:

  • Efficient Transactions. Users can swiftly execute cryptocurrency transactions directly with each other without any intermediaries, reducing transaction times;
  • Enhanced Security. The platform uses multisig (P2SH) contracts, doesn’t rely on third-party custody or centralized exchanges to minimize security risks, avoid funds loss, and enhance users trust;
  • Privacy. Our solution allows users to trade without intrusive KYC and AML requirements, catering to privacy-conscious traders;
  • Built-in exchanger. Users can instantly buy, sell, and exchange digital currency if necessary, for example, to conduct a transaction in another currency (other than the one the user has right now) or purchase a small amount of digital money to complete a profitable transaction on the platform.

We used Node.js and React to create a robust web application with a user-friendly, adaptive, and responsive design. Despite budget constraints, we completed the project within the specified budget by offering possible cost-saving solutions. We also efficiently addressed unexpected challenges (problems with third-party services, deployment issues) and BTC network challenges (crypto dust and dynamic fees for longtime transactions within the network).

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Project in Figures

1,5+
Years
Duration
8000+
Estimated
man-hours
P2P Cryptocurrency Exchange

Applied Technologies

reactjs
nodejs
highcharts
postgresql
tolgee
P2P Cryptocurrency Exchange

Result

Our team successfully developed and launched a global P2P crypto trading platform that addresses cryptocurrency users’ challenges. The solution is focused on privacy, cost-efficiency, and security concerns. The platform offers the following features:

  • Anonymity in cryptocurrency transactions
  • Multisig (P2SH) contracts for secure fund escrow
  • User-friendly interface
  • Streamlined buying and selling processes
  • No third-party custody of funds
  • Intuitive offers creation and matching

High-level cooperation with 100% connection. Reliable development partner.
The assigned tasks have been solved.

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