The number of cryptocurrency users is growing, and crypto-friendly businesses are getting ahead of their competitors in revenue. Entrepreneurs can add selected crypto features to their products or make them fully crypto-oriented; starting a new crypto business from scratch is also possible. This promises to be especially lucrative when the anticipated bull run begins, surging the interest in digital coins.
However, developing cryptocurrency infrastructure is nothing but easy. It may take years and millions of dollars to build it and obtain a license from regulators. Luckily, there are white label solutions – pre-built software developed by one company and made available to others, enabling them to utilize and promote the product under their own brand.
White label platforms can save you an immense amount of money and time if you want to launch your crypto business or provide your product with cryptocurrency features. These ready-made solutions will quickly start generating revenue that you will share with the white label provider.
Iuliia Goncharova, Growth Product Manager at Choise.com, states that launching your business using third-party solutions is a must-have for startups today:
“During the first six months of any project, the business model and the product undergo multiple changes. Investing in developing your own solutions from scratch during this stage is an impractical idea.
Early on, it is more important to test multiple hypotheses with the least expensive means possible. That's why white labels are an excellent way to save time and money, preserving investments for testing new hypotheses and marketing. Furthermore, by acquiring a white label, you can increase your chances of attracting investments. With an MVP and initial clients already in place, all within just 30 days from idea to market readiness, you can save costs on development and quickly approach investors.”
Why Expand to the Crypto Market Today?
According to Boston Consulting Group, the cryptocurrency market will reach 1 billion users by 2030. The crypto audience is growing across all generations, and many non-crypto businesses (neobanks, exchanges, brokerage firms, e-money platforms, and others) enable cryptocurrency features to acquire a broader range of customers.
For many users, the presence of crypto functionality has become a factor of choice in whether or not to use the product. Those businesses that implement it become more accessible to this category of users and build an innovator’s image. Today is a perfect time to outrun the competitors before cryptocurrency buying, selling, and exchanging features become mainstream. According to research, hundreds of thousands of businesses will embrace digital currencies by 2028, shaping a $400B market.
One of the most promising branches of white label solutions is crypto banking. Platforms ensuring easy conversion between crypto and fiat assets enjoy great profits. The majority of people keep their money in fiat currencies, and it is crucial for them to access a seamless way to withdraw to fiat or buy crypto from a credit card. A cryptocurrency bank offers crypto-to-fiat gateways convenient for the mass audience.
How Do White Label Solutions Work?
The most important point here is: white label solutions save you hundreds of thousands of dollars (or maybe even millions) and years of time.
Let’s say your budget for implementing crypto functionality in your business is a few dozen thousand dollars, and you want to have it working before the bull run begins (expected after the Bitcoin halving in 2024). Staying within this budget while building everything from scratch is impossible.
Instead, you can leverage a white label crypto wallet, exchange, or a bank. The service provider will be responsible for core functionalities and infrastructure that have already been built and tested. They will explain how to embed this infrastructure into your code; a good white label provider also constantly works at improving their service. Meanwhile, you can focus on things that increase your customer base – branding, customization, and marketing.
White label is a safe sandbox where you can launch a product and promote it without investing huge money into development. If your experience proves successful, you can start building your in-house infrastructure later when you feel like investing more in your crypto branch.
White Label Crypto Bank: Save Years and Millions on Development
There are multiple white label solutions that allow for building cryptocurrency wallets and exchanges. However, there are not too many for crypto banks – these are complex and require particularly large investment and a long-lasting licensing procedure. Meanwhile, crypto banks are in great demand and they can be implemented relatively fast through white labels.
For example, Vault is a full-cycle white label crypto bank that allows users to buy, sell, and swap crypto (basic features of any crypto exchange) and enjoy a seamless fiat-crypto bridge with crypto-powered cards and interest accounts.
This is a type of white label that lets you make money with relatively low operational expenses. It starts bringing a positive net profit one quarter after launch and pays off completely within less than a year. Implementing a white label crypto bank means spending months instead of years on development and a few dozen thousand dollars instead of millions. Even a modest growth of the user base recoups the investment.
Every white label solution delivers the best of what a crypto business has been building for years. This is especially relevant when it comes to licensing – it takes years to obtain an explicit approval from the authorities in the EU, UK, and the USA. Vault offers a ready-made license in these and other 170+ countries to any business that decides to leverage crypto banking. This white label solution is powered by Choise.com – a crypto bank that has processed over $1B of transactions since the launch.
Adding crypto functionality to your fintech products will take you one step ahead of your competitors in the long run. Consider implementing a white label crypto solution to save huge resources and profit from others’ expertise and technical advancements.
To get a white label app, contact us via email cryptobanking@choise.com.
