It is possible to profit from cryptocurrencies not only by trading them but by setting up your own exchange. To start your own business on the crypto market, it is important to understand the structure of the crypto exchange and the main sources of income and expenses associated with it.
Crypto Custody Services – Currency “Banks” Inside Exchanges
Today, a huge volume of deals with numerous cryptocurrencies are being performed on crypto exchanges. For this, it is important to facilitate secure access, quick transfers and correct accounting. Crypto Custody Services helps with all of this – it represents “banks” within exchanges. They can be linked both as third-party services and as completely integrated systems.
Nowadays, the market offers many suppliers of services to support hot and cold wallets to keep cryptocurrency for businesses. Among them, the most popular are:
These companies offer a modern and secure infrastructure for crypto exchanges which can be integrated in any payment, trading or cryptocurrency exchange system.
The Cost of Crypto Custody Services
The average monthly price of using CSS for a small project, excluding installation and setting up, is US$5000-10000. In addition to this, to use all the functionality of its services, in some cases you will need to keep permanent fund reserves of US$500 000 – 1 000 000.
It might take several years and multiples of CCS’s maintenance cost to develop a service like this on your own.
Ready-Made Crypto Business
There still exists a more affordable solution to set up a business in the crypto industry – a ready-made crypto broker. For this solution, you don’t need to use Crypto Custody Services, but at the same time it combines the functionality of crypto exchange and the simplicity of the internal infrastructure. The total expenses on everything, including the trading platform and web-services for clients, are just US$2000 a month.
UTIP offers an example of such solution that combines all the necessary functions to set up and develop a crypto business.
The company also offers consultations and helps clients in solving any issues related to crypto business, among its many other services.