This is a project to develop a crypto exchange platform that allows users to buy and sell cryptocurrencies with full functionality such as Auto-KYC, Deposit/Withdrawal of FIAT and Crypto, Trading with a Matching Engine, and Liquidity Provider integration. Additionally, the project needs to meet the challenging security and functional standards set by the Securities and Exchange Commission (SEC) to ensure legal protection for users.
Client name: Private
Web & Mobile
The project team encountered no technical challenges, including achieving the system’s functional criteria as specified by the SEC, based on prior experience working on other exchange systems. However, the project has to face challenges due to the Cryptocurrency downtrend:
Financial Impact of Cryptocurrency Downtrend
Risk of Uncertain Market Conditions
Balancing Project Quality and operational Cost
Managing Stakeholder Expectations
Ensure legal protection for users set by the Securities and Exchange Commission (SEC)
To build a satisfactory Crypto Exchange application that meets SEC requirements and minimizes costs while ensuring the committed release timeline to investors, SparkMinds has implemented the following strategies:
Building the system based on previous experience.
Maximizing the utilization of third-party service providers for integration (based on experience to determine the optimal third-party provider).
Harnessing the power of AI.
Deploying experienced experts to accompany clients, advising and supporting the approach and solutions.
The way we save cost and optimize quality for this project:
With the current capabilities of AI in assisting various tasks, applying AI to tasks such as UI design, testcase review, and source code review has helped the project team save a significant amount of time and effort.
Using SonarQube for automated code review helps save costs associated with manual code review and ensures the quality of the source code.
Each project involves both experienced and new team members. Although all team members receive training before joining the project, it is not possible to cover the entire system comprehensively. Therefore, to accelerate project progress and ensure the highest quality, it is essential to assign experienced individuals to tasks that require expertise in a specific domain. For example, when developing a Mobile App, experienced individuals can handle API integration for screens with complex logic, while newcomers can focus on UI development, requiring little or no experience in Crypto Exchange.
It may seem difficult to persuade, but usingthird-party services can save more money than handling a service internally. For instance, by using a third-party service for Slider Captcha (a service provided by a dedicated team), the project can save costs compared to implementing and maintaining a separate service. Based on the company's experience and project team's expertise, they have identified third-party providers with the best cost-effectiveness, stable service quality, and sustainability.
Each error results in a series of related actions, such as logging bugs, fixing and retesting, reporting, and capturing evidence. By ensuring strict quality processes within the company, the project team has minimized the occurrence of errors, reduced rework time and saving costs.
With their own experience and a team of experienced consultants, the project's technical and business implementations are streamlined and accurate, minimizing costs, time, and resources. For a large-scale project, even a single incorrect business or technical approach can lead to a cascade of issues. By forecasting and providing appropriate solutions based on previous project experiences, this project ensures the highest quality while maintaining reasonable and cost-effective measures.
SparkMinds has assisted its partners in realizing and successfully operating a Crypto Exchange platform with incredibly low expenses, ensuring profitability from the early stages and luring new investors to the business. This has been made possible by improved automation/AI methods and using existing experience.
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