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Develop Cryptocurrency Exchange and Wallet Platform

rubyroidlabs.com

Financial services

Information technology

Telecommunications

Challenges

LetKnow faced challenges in developing a secure, low-commission, and high-liquidity cryptocurrency exchange and wallet platform with minimal time and budget. The need was to create a unified platform for money transfers, crypto exchange, and wallet management, integrating with existing and future platform components (LetKnow ID & App).

About the Client

LetKnow is a fintech company developing a comprehensive digital ecosystem focused on cryptocurrency management, financial transactions, communication, and marketing.

Objectives

Develop a secure and reliable cryptocurrency exchange and wallet platform.
Provide high liquidity for cryptocurrency trading.
Minimize cryptocurrency transfer commissions.
Offer a seamless user experience for buying, selling, and managing cryptocurrencies.
Integrate with existing and future LetKnow platform components.

Functional Requirements

Cryptocurrency and fiat currency exchange
Secure wallet creation and management
Order creation for cryptocurrency trading (buy/sell)
Crypto-to-fiat currency exchange
Chat functionality for user communication
User rating system
Built-in market analytics
Integration with ICO token emission
Fiat borrowing/lending functionality
Asset conversion technology

Technology Stack

Ruby on Rails

PostgreSQL

Redis

Sidekiq

React Native

BitGo (customized)

Ethereum Node

Integrations

BitGo API
Ethereum Blockchain
Payment gateways (for fiat currency transactions)

Non-Functional Requirements

High security and data protection
Scalability to handle a growing user base
High performance and low latency
Reliable transaction processing
Transparent and flexible architecture

Business Impact

Successful development of this platform will enable LetKnow to offer a comprehensive cryptocurrency ecosystem, attract a wider user base, reduce transaction costs, and increase revenue. The platform's focus on security and liquidity will build trust and confidence among users, positioning LetKnow as a leading player in the fintech space.