The team of blockbank had a great vision towards how their app would look from UI/UX perspective and user flow. But in order to quickly launch the app and acquire users they needed particular standard features which require lots of time and effort to implement.
As an alternative to building from scratch, blockbank approached Bitlocus for the following:
- crypto wallet and transfers infrastructure (Fireblocks and some direct chain integrations)
- fiat on- and off- ramps for users to deposit/withdraw fiat currencies (EUR, GBP, USD etc)
- KYC/AML services
- listing of major markets, liquidity and matching engine
- staff members backing crypto exchange and app business (compliance, tech/developers, account managers)
This was done by integrating a single Bitlocus API, without overheads, multiple tools and managing multiple suppliers. The process is so simple that even a junior developer can set the whole platform up.
Time to launch
With Bitlocus, blockbank was able to cut down their product development roadmap to 2 months instead of the usual 6-9 months. Short launch time is crucial to test and implement the business idea as quickly as possible in the current ever-changing environment.
Integrating many providers, hiring additional staff members and getting the license with the help of paid consultants usually mean the expenses go out-of-control too fast too soon. Paying only one monthly bundled fee for Crypto-as-a-Service is both cheaper and easier to control.
The monthly fee covers:
- Technical support and 2nd level support
- Crypto wallet infrastructure costs
- Crypto wallet security and a custodial insurance of up to $30mn
- Banking infrastructure fees
- Compliance officer
- IT infrastructure costs
- KYC/AML services
- Legally required on-demand and regular checks
Cost-efficiency: Building crypto-related products from scratch can be a costly and time-consuming process. By using a CaaS provider, you can save money on development costs and focus on growing your business.
Time-saving: A CaaS provider can help you get up and running faster, as they already have a fully functional platform in place that you can customize to your needs. This allows you to generate revenue more quickly.
Expertise: A CaaS provider has a team of experts who have extensive knowledge and experience in building and maintaining cryptocurrency exchanges. This can help ensure that your exchange is built to industry standards and is secure and reliable.
Compliance: A CaaS provider can help you navigate the complex regulatory landscape around crypto-related products. They may have a compliance officer on staff or offer assistance with compliance-related issues.
Customization: A CaaS provider can offer a high degree of customization, allowing you to tailor your platform to your specific needs and branding.
Scalability: As your business grows, a CaaS provider can help you scale your platform to meet increased demand.
Support: A CaaS provider will typically offer ongoing support to help you maintain and troubleshoot your exchange platform. This can be especially valuable if you do not have in-house technical expertise.