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Development of a Cryptocurrency Payment Platform for Small Business Transactions
  1. case
  2. Development of a Cryptocurrency Payment Platform for Small Business Transactions

Development of a Cryptocurrency Payment Platform for Small Business Transactions

ulam.io
Financial services
Business services

Challenges Faced by Small Businesses in Cryptocurrency Transactions

Small businesses and freelancers encounter difficulties in accepting crypto payments due to fragmented wallet management, lack of real-time portfolio monitoring, inefficient invoicing, and limited integration with existing accounting systems, hindering their ability to expand customer reach both locally and globally.

About the Client

A rapidly growing fintech startup focused on enabling small businesses and freelancers to accept and manage cryptocurrency payments seamlessly across multiple wallets and platforms.

Goals and Expected Outcomes for the Cryptocurrency Payment Platform

  • Enable real-time monitoring of cryptocurrency portfolios for businesses to track asset values efficiently.
  • Develop a unified wallet management system that consolidates multiple cryptocurrency addresses and wallets into an easily manageable interface.
  • Implement secure and streamlined crypto invoicing functionalities allowing quick generation and sending of crypto-to-crypto invoices.
  • Integrate with popular crypto wallets and platforms (e.g., MetaMask) for seamless transaction processing.
  • Facilitate quick, detailed reporting for accounting and compliance purposes.
  • Support global reach by providing a scalable, reliable platform capable of handling increasing transaction volumes.

Core Functional Specifications for the Crypto Payments Platform

  • Realtime Portfolio Overview: Provide live updates on asset values across all wallets.
  • Unified Wallet Management: Connect, group, and organize multiple crypto addresses from various ledgers into a single interface.
  • Contact Management: Add and organize transaction contacts for swift invoice creation and tracking.
  • One-click Reports: Generate and export detailed financial reports for accounting and compliance needs.
  • Crypto Invoicing: Create, send, and manage crypto-to-crypto invoices efficiently.
  • Wallet Integration: Seamless access to wallets such as MetaMask for executing and managing transactions.

Technologies and Architecture Preferences for Development

Python with Django for backend development
Containerization using Docker
Kubernetes for orchestration and deployment
Google Cloud Platform for cloud infrastructure

External System Integrations for Platform Functionality

  • MetaMask or similar crypto wallets for seamless wallet access and transaction execution
  • Cryptocurrency exchanges or price feeds for real-time asset valuation
  • Accounting and reporting tools for financial documentation

Critical Non-Functional System Requirements

  • System scalability to support increasing transaction volume with minimal latency
  • High security standards to protect wallet and transaction data, including encryption and access controls
  • Reliable uptime and availability with 99.9% SLA adherence
  • Performance optimization to ensure real-time updates and quick report generation

Projected Business Benefits of the Crypto Payments Platform

The implementation of this platform is expected to significantly enhance small business capabilities in cryptocurrency handling, leading to increased transaction efficiency, expanded customer reach globally, improved financial monitoring, and compliance readiness. This can potentially increase crypto transactions by up to 30% and reduce manual reporting time by 50%, fostering scalable growth and competitive advantage in the fintech market.

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