Product Design, eCommerce, integration, UX/UI, Dashboard
React, Node JS, Angular
Taurex approached Newpath in 2018 to help it design & develop a crypto exchange, where people could trade cryptocurrency such as Ether & Bitcoin. Hot & Cold Wallets were also included, where the hot wallet stores frequently used keys and is connected to the Internet, whereas the cold wallet stores infrequently used keys and is kept offline.
Not all crypto exchanges are the same. Some exchanges simply let users trade, and others, via their order book, provide open and transparent trading data within the exchange. The latter offer more advanced functionality, for instance, users can set a specific price for their orders. There’s a lot to consider when building an exchange and understanding how you want to engage with clients on the platform and the functionality to offer them.
The team at Taurex worked closely with our Business Analysis team throughout discovery to build an exchange rich with features and functionality, where all options were considered, and either baked into the initial build or saved for phase two of the project as the business matured and gained traction.
The exchange included the following user based features:
Taurex would become a customizable cryptocurrency exchange solution, enabling easy connection to KYC/AML, authentication, ETL/reporting, and other services.
In addition, KYC Verification was added to meet banking supervisory standards and comply with Customer Due Diligence (CDD) requirements, along with Entering Market, Limit, & Stop Orders functionality.
A range of live features were built into the solution such as:
Plus, the Taurex Exchange uses price improvement to settle orders. This often results in a higher bid price if you are selling digital currency, or a lower ask price if you are buying digital currency. Orders are matched against the existing order book at the price of the order on the book, not at the price of the buyer’s order.
The proof of concept/phase 1 build for Taurex allows their management team to showcase the platform to a closed small group of users, alongside working with prospective venture capital and private equity companies to discuss funding for the future phases of the project.