5 step crypto business competitive checklist

5 Step Checklist: Is Your Crypto Business Competitive?

By: Prime Trust
Published On: September 14th, 2021

Does your crypto business have what it takes for fast, easy, and compliant trading?

Since the start of 2021, cryptocurrency businesses have seen volumes “surge to levels more than five times greater than previous years, [and] this has generated massive profits for exchanges,” says crypto market data provider Kaiko in their June 2021 market report. The report also notes that average trade sizes are near all time highs. Are you getting a share of this trading activity?

The speed and reliability of your markets makes the difference for high volume traders -- does your business compete? Use this checklist to find out. 

1. Do you offer crypto-to-fiat trading pairs and stablecoins?

Give your users: 

  • The ability to buy crypto easily and smoothly using USD

  • A reliable on- and off-ramp for moving from fiat-to-crypto and crypto-to-fiat

  • Stablecoins for non-volatile crypto alternatives

2. Do you have deep trading liquidity? 

Not all liquidity is equal. Make sure you offer users access to:

  • Quickly and reliably buy and sell assets

  • A deep pool of liquidity across a number of leading market makers

  • 24x7 coverage via multiple liquidity sources

3. Is your risk mitigated by a trusted partner? 

Make sure your partner has the following:

  • Qualified custody

  • FDIC-insured accounts via banking partners

  • Reduced counterparty risk 

  • ISO 27001 certification in information management

  • Chartered as a regulated financial institution

  • An infrastructure platform with built in redundancy for reliability

  • Trusted banking relationships for undisrupted service

4. Can you stay compliant while scaling?

Your platform should support:

  • Quick onboarding with scalable know-your-customer (KYC) and know-your-business (KYB) checks  

  • Rules-based, automated verification and compliance exception review process

  • Compliance with Bank Secrecy Act requirements (CIP/KYC/AML)

  • Frictionless screening to keep traders safe and happy

5. Can users trade directly from a qualified custody account?

Give your users custodial security and options with: 

  • State and federally regulated qualified custody

  • FDIC-insured cash accounts 

  • A variety of account options: custodial, retirement, and trust accounts, to meet trader risk profiles and needs

  • Instant settlement of assets: T+0

  • Hot and cold wallet structure to balance security and ease of access

  • Visible USD balance gives new traders and investors confidence

Ready to start building your crypto business? Get in touch with Prime Trust to reduce your time to market, onboard users easily and compliantly, and ensure platform scalability. 

About Prime Trust

At Prime Trust, we provide the financial infrastructure to support your crypto business with everything required to build and scale. We offer payment rails, compliance, custody, liquidity, settlement, debit cards, and indemnity services all available via API. 

With straightforward integrations, clear documentation, and the ongoing support of the Prime Trust team, integrators can compliantly and effortlessly offer cryptocurrencies and digital assets to their suite of services. Innovate quickly, securely, and reliably with Prime Trust’s financial infrastructure APIs.

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