For anyone with dreams of getting rich through cryptocurrency, this is the time to start your digital asset exchange! Just put together a website with great User Interface and lobby for investor funds and start pulling the crowds into your biz! Jeez, I said all that!
Guys like Brian Armstrong and Jesse Powell came into the business with that simple approach and now they are making a kill. Yet I’ll admit that the success of a digital asset exchange is down to more factors, power factors like ethics, grit, networking, and faith.
I don’t have the figures, but I would not be surprised in that, more exchanges have failed than succeeded. For the ones that have succeeded, what has been their strategy? Let’s look at the important factors of creating a profitable exchange.
- Impressive portal
A great website is easy to move around. Simplicity must integrate with your design. You want to make it easy for the customer to sign up and start trading. Having a user interface that impresses a customer goes toward eliminating any psychological walls the customer may have. It becomes easier to sell.
- Attract hedge fund managers
If Brian Armstrong attracted venture capitalists, anyone else can too. Exchanges are expensive animals, and you’ll need lots of startup capital. Unless your mom is a billionaire, there’s no other way to get funding besides attracting investors. Banks wouldn’t touch you.
- Strong marketing campaign
Don’t just sit around tweeting to your college friends (most of them who wouldn’t give a shit) about you company. Put in place a strong marketing team to create awareness of your exchange, and long after the company is established, keep on marketing. Steve Jobs genius was not even tied to his technical skills (he couldn’t code) but rather his marketing skills.
- Customer support
Take care of your customers. Don’t underestimate the damage that a few miffed customers would cause your company. Customer satisfaction leads to repeat customers. And then referrals. And more referrals. And the business starts dominating its niche.
- Be innovative
My favorite PC maker is not even apple. It’s Dell! I mean, those guys know how to make unique products, and keep them coming. As apple obsesses about making the slimmest possible PC, we have the badass dell notebooks, thick machines, which wouldn’t crack against a rock and can be used in outer space as well.
Starting and running an exchange is doable, but if you intend to start, do it now, before the current exchanges monopolize the market and make it hard for new entrants.