Why build a whitelabel cryptocurrency exchange

 Cryptocurrency quickly rose to popularity and became an asset class in a short time. Recently, the total value of the cryptocurrency market reached an astounding two trillion and showed no signs of stopping. More people embracing cryptocurrency means that there is a growing requirement for robust online decentralized exchanges.

Capitalizing on this trending industry means building an efficient cryptocurrency exchange and meets the market requirements. This article covers the essentials of building an exchange and the benefits of building a Whitelabel cryptocurrency exchange.

What is a crypto exchange?

A cryptocurrency exchange or a crypto exchange is where users actively trade in various cryptocurrencies. The platform operates like a stock exchange, but users trade crypto assets instead of stocks here. Some sites enable traders to do fiat-to-crypto cryptocurrency transactions alongside regular transactions.

The transactions on a cryptocurrency exchange take place on a blockchain network and utilize smart contracts. These operations occur without the need for a third-party intermediary. The lack of external involvement to manage transactions and monitor the exchange rates is why the cryptocurrency exchange is so popular.

Types of cryptocurrency exchanges

Every cryptocurrency exchange comes under three categories. They are,

Centralized exchanges

This cryptocurrency exchange site operates under the management of a centralized entity. The entity retains total control over every transaction occurring on the site. One example of a centralized exchange platform is Binance.

Decentralized exchange

This type of online platform is an alternative to the typically centralized exchanges. Here, transactions take place through an automated process and not a central authority. No third-party involvement has any control in the DEX, and the site works on a P2P model. The best example of a decentralized exchange is Binance DEX.

Hybrid exchanges

This exchange takes features from centralized and decentralized exchanges and puts them together on a single platform. A hybrid exchange boasts the low latency and fast transaction speeds of a centralized exchange. However, it conducts these processes without a central entity like that in decentralized exchange. The rising surge in the number of cryptocurrency users led to an increase in additional exchanges.

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