A smart contract-based escrow system will be established by a p2p cryptocurrency exchange development company for the users to deal in digital assets.
The common process followed in a p2p cryptocurrency exchange
1. The buyers and sellers have to register themselves on the platform.
2. The buyer will place a buy order for a specific amount of crypto.
3. The matching engine automatically matches the buyer’s requirement with the right seller.
4. The buyer and seller will agree on the terms and conditions of the trade after negotiating it.
5. The smart contract-supported escrow will hold the seller’s crypto assets.
6. The buyer will make the payment to the seller.
7. Once the seller confirms the receipt of the payment from the buyer, the escrow will release the crypto-assets directly to the buyer’s wallet address.
8. The buyer can transfer his crypto assets to the cold wallet to ensure more safety.
9. The trading deal gets concluded.
The step by step procedure implemented by a p2p cryptocurrency exchange development company
1. Gathering all the business requirements of the firm.
2. Developing a trading application in line with their organizational objectives.
3. Incorporating the blockchain technology and the smart contract into the P2P solution.
4. Listing the needed coins/tokens on the exchange.
5. Rigorously testing the platform and removing all the technical glitches.
6. Implementing the P2P solution on the network.
7. Adding necessary software changes post the deployment of the platform after a certain period.
Engage with a leading p2p cryptocurrency exchange development company and experience the benefits of institutional-grade security, fast processing of transactions, huge scalability, and quicker time to market.