We are approaching the end of the last quarter of 2023 and the outstanding performance of various cryptocurrencies so far signals that crypto winters are finally over. In these bright, sunny days in the crypto world, people are already reaping the profits and recovering from losses.
Over the past few years, the crypto market has exponentially grown and so has the frenzy around crypto exchange app development. The global cryptocurrency market was worth USD 2,191.25 in 2022. It is evident from the rising popularity of cryptocurrencies, NFTs, and mobile phones that the market will expand at a CAGR of 11.6% over the forecast period 2019-2032.
As cryptocurrency moves towards becoming mainstream, there is an ever-evolving demand for reliable and secure crypto exchanges. Crypto exchange development has unlocked exciting frontiers for businesses looking to generate huge ROI on their decent investments. In this blog, we will delve into the following to educate upcoming cryptopreneurs on things they must know before building a crypto trading app.
Types of Crypto Exchange App Development
Crypto exchanges or trading apps are the platforms that facilitate the buying and selling of cryptocurrencies over smartphones or desktops. Broadly speaking, crypto exchange app development can be classified into five types:
- Mobile Crypto Trading Application Development:
Exchange applications that run on iOS or Android to facilitate the buying and selling of crypto are known as mobile crypto trading applications.
- Web Trading Application Development:
Web applications that enable users to trade digital currencies are known as web exchange applications.
- Centralized Crypto Exchange App Development:
Exchange applications run by a third-party administrator who oversees and involves himself in transactions to ensure seamless transactions are known as centralized exchanges or CEXs. In these exchanges, buyers and sellers trade with the administrators.
- Decentralized Crypto Exchange App Development:
Decentralized crypto exchange applications allow users to trade directly with each other without intermediaries. They are secure and are mostly integrated with a smart contract-based escrow system to ensure that parties don’t commit default transactions.
- Hybrid Crypto Exchange Application Development:
The exchange platforms bringing together the fast speed and liquidity of CEXs and the privacy and security of decentralized exchanges or DEXs, are known as hybrid crypto exchanges.
Business Benefits of Investing in a User-Oriented Crypto Exchange App Development
As per a recent survey conducted, around 85.74% of people in the world own a smartphone. Another survey from 2020, coming straight from the world of crypto, reveals that experienced traders prefer web applications.
As newer batches of crypto users keep entering the burgeoning sector and new cryptocurrency exchange software development projects keep springing up, upcoming leading exchanges have to be omnipresent to serve customers where they are. Therefore, compatibility with desktops, Androids, iOS, etc. is quintessential to staying ahead of the cutthroat competition in the crypto industry.
Read More:-
https://www.antiersolutions.com/crypto-exchange-app-development-in-2024-an-ultimate-guide/