A cryptocurrency exchange is of three types – centralized exchange, decentralized exchange, and P2P crypto exchange. P2P crypto exchange development involves building a platform that connects buyers and sellers directly. In this blog, we will gather some more insights on a P2P crypto exchange and its benefits.
About P2P crypto exchange
A P2P crypto exchange is a software platform that matches buyers and sellers directly while eliminating any third-party involvement. However, if any dispute arises between the two parties involved in trading, then the third party comes into action to resolve the dispute.
The emergence of P2P crypto exchange platform
P2P exchange development made its way in 2014 when the number of scams in the crypto industry increased. While many countries started recognizing cryptocurrency as a means of payment and had a positive outlook toward cryptocurrency, the increasing number of scams was a concern. Thus, to bring trust to the cryptocurrency industry, P2P exchanges were introduced.
Salient features of a P2P crypto exchange
Powerful matching engine
Geography-based Instant KYC and AML verification
Smart-contract based escrow account
Robust admin panel
Preferred trader selection
Effective dispute management system
Benefits of a P2P crypto exchange platform
The following are the benefits offered by a P2P cryptocurrency exchange:
A P2P crypto exchange is backed by blockchain technology and the concept of decentralization. It offers full transparency and privacy in transactions. The adoption of KYC and AML verification processes further enhances security.
P2P crypto exchanges are not bounded by geographical limitations. Each resident of a country that permits crypto trading can trade on a P2P exchange. It is the fastest and most efficient way of trading, as it is available 24*7.
There is no middleman who works as an intermediary to process transactions on a P2P exchange. Therefore, the transaction fee is also minimal and does not burn a hole in traders’ pockets.
P2P crypto exchange development is a profitable business opportunity. We, at Antier Solutions, provide customized and white label P2P crypto exchange development services to steer your exchange development journey.