The cryptocurrency industry is in all regards a nascent industry. The first ever crypto, Bitcoin (BTC) only recently marked its 10th year anniversary, during which BTC had its ups and downs, as well as saw the birth of a ton of other cryptocurrencies in the crypto market.
Like any other industry, when an innovation is newly established, conventional solutions and methods are used for functionality. The crypto industry was the same, which used the conventional bonds and equity trading platforms to trade Bitcoin and other crypto currencies.
However, as this emerging market matured, the problem of the need for crypto-specific solutions became evident.
The Past Cryptocurrency Industry
The cryptocurrency industry has faced a couple of blows to its reputation in the past, 2018 was a very rough year in terms of hacks on exchanges. Today, over 10 years after BTC inception, the problems facing this industry is still on the rise.
However, hackers aren't the only problems faced in the cryptosphere, the digital asset exchange platform, DX Exchange which enables the tokenization of equities like Google or Apple stock saw a great start and rapid growth, but along the line the platforms technology became somewhat shoddy.
Customers of DX Exchange, in time, lost confidence in the exchange and major market shares were lost. Today, however the crypto exchange runs with not hitches but that reputation dent has already been made.
Investors and traders who use non crypto-specific platforms for their transactions sometimes find such sites more stable, but the transaction fees on these platforms can sometimes be quite high.
Needs In The Crypto Industry
In order for the this nascent crypto industry to grow in adoption and popularity, certain this must be faced head on, these include:
- Technical control
Although, as the cryptocurrency industry keeps growing, some exchange platforms have developed crypto-specific solution which have gained popularity among investors and traders.
Spotware for example, provides a plug-and-play crypto-specific solution to firms and developers who wish to create their own cryptocurrency exchange using their cXchange solution.
The cXchange solution uses Spotware's internal exchange resources to develop proprietary crypto exchanges.
With this solution, companies who wish to develop crypto exchange platforms are able to provide speedy and secure transactions to their customers, eliminating the huge costs of a standalone crypto exchange.
Spotware's cXchange solution is quite advanced and provides a platform which helps crypto exchange platforms startup easily with very affordable rates, lower entry barrier as well as some technical control.
Significant Crypto Industry Growth
Other platforms have come to light in the cryptosphere, creating crypto-specific solutions in crypto industry as the cryptocurrency market has grown significantly since the lows of 2018.
Bitcoin (BTC) ‘s value has grown over two times its value at the beginning of the year, which has caused investor confidence in BTC for hedge assets and investments to again show significant improvement.
Regardless of this massive growth in the crypto market, the looming issue of crypto-specific solutions is still a major problem that need addressing. More technically viable and crypto specific solutions like Spotware are needed for continued growth in this emerging marketplace.