Launching a Crypto Business: What to do after you have a crypto idea and want to launch it?

Before launching your crypto business you must be aware of the basics to sail your boat:

What is cryptocurrency?

Blockchain technology has given birth to a digital currency: cryptocurrency.

The most well-known in the world is Bitcoin, though there are hundreds of other crypto currencies developed by the business working within.

Being a toddler in the race of crypto business you can still mark the first move in the space. Cryptocurrency is the bandwagon everyone is obsessed with whether news, blogs, or big-time financial authorities are admitting the power of cryptocurrency.

There are abundant ideas showing potential in the crypto business, from where you can make money in crypto for the foreseeable future.

Before launching your coin in the crypto world you must be aware of the basics:

What is an ICO?

ICO stands for “initial coin offering,” which is a popular method of fundraising capital at early-stage of your cryptocurrency projects.

If a company tendering to raise money to create a new coin, service or app can launch ICO as a way to raise funds for their projects. An ICO is equivalent to an initial public offering (IPO).

What’s in a coin?

cryptocurrencies or digital cash are a part of blockchain where they derive utility-based coins that are designed not to replace traditional forms of currency that exist on a distributed and decentralized ledger called a blockchain.

A coin is used as a medium of exchange or store of value within a digital economic network.

Major blockchains work as a decentralized, distributed ledger that tracks and verifies each transaction, and their original coins can only be transferred between participants of this particular network.

How to execute your crypto exchange:

  • 1. Legal Counselling to ensure the requirements for licensing: Proper licensing is crucial to be obtained in all jurisdictions in which the company will lead its operations. Before your plan is ready to launch you should seek legal counsel to know about the regulatory demands regarding your new business.
    Every country has there own regulations framed by the government, like in the US bitcoin operators must be licensed Money Transmitter businesses and must follow SEC and CFTC rules and regulations among others. The rules in the US have been placed since 2002 as a result of the Patriot Act. Regulations vary from country to country so be sure to consult with an attorney who is familiar with the industry.
  • 2. Evaluate the cost involved in the execution of a new venture Before starting the project you must analyze the approximate costs involved Considering the factors of the cost of technology, hosting, some initial legal counsel, government registration, and initial advertising. While all of the funds are not required on the first go but for a smooth run you must ensure the venture has access to capital. Researchers claim the major issue by startups is that they fail to plan for the upcoming future requirements,
  • 3. Find a technology solution provider. Research for the providers who help you add value to your project and have great experience in developing stock exchanges, including backend technology used by some of the largest stock exchanges in the world. Figure out the technology that works effectively for your project.
  • 4. Connect your exchange with others for added liquidity. To be successful in any exchange you must add liquidity as being a new venture potential customers will not trust initially to overcome the issue you need to simulate activity via dummy accounts within the new exchange, you can connect your exchange to a network of existing exchanges, enhancing its liquidity. Remember, the larger the network of exchanges, the less liquidity will be an issue for your new exchange.
  • 5. Pantene a Payment Processor Look out for the lowest transaction rate to be competitive with other exchanges. Additionally, some processors build hidden fees into their contracts, so be sure you understand the contract you're signing. Not all payment processors are equal check the Fee structures, among other things, and compare them
  • 6. Enforce the best security practices. Figure out the most secured technology for exchange including utilizing offline cold storage wallets, two-factor authentication, and encrypted databases. Cryptocurrencies have become an emerging target for cybercrime and hacking, leaving exchanges scrambling to differentiate based on security so keep a check and ensure the technologies which safeguard your project.
  • 7. Before going live always prefer beta testing. Now your exchange has been built, already you have set up a contract with a payment processing firm. And after taking all the measures and working hard you ensure your exchange is following all rules and regulations. Ensuring that your venture is protected from cybercrime you can launch your exchange and test its full range of capabilities in beta.
  • 8. Market your Project After the launch of the exchange, it is time to connect with crypto marketing agencies as it is adequately important t plan your marketing activities.
  • 9. Focus on customer support The last step in the making of a successful cryptocurrency exchange is customer support. Be responsive to your consumers fixing up their issues
  • 10. Maintain a legal team for ongoing compliance. To keep your exchange legal in all geographies where you will conduct business, you must have ongoing legal compliance.