Despite the ongoing bear market in cryptocurrency, digital assets are becoming increasingly popular. The number of crypto users is expected to grow by 250% in the next few years, hitting the 1 billion mark by 2030.
What do these numbers mean for any IT business? First, the companies that embrace digital currencies today are seizing an opportunity to increase their user base and revenue — which is especially relevant as the crypto bull market approaches. Second, as cryptocurrency gains mainstream adoption, providing the possibility to pay with crypto, exchange, and withdraw it may become just as basic and necessary as the operations with traditional currencies.
With white label crypto solutions, you can save years and millions on development and get revenue-generating crypto functionality within just a few weeks.
Why embrace crypto today?
The number of crypto users is growing across all generations. According to research, 46% of millennials in major countries such as the United States, Japan, China, and Germany own digital assets. This is arguably the most economically active (and, in the meantime, solvent) cohort that comprises the biggest share of most IT or crypto platform’s audience. For Gen Z — a crypto-native generation soon to become the backbone of the world economy — digital assets are already the most common investment.
Many users today decide whether to use a product or not based on the presence of the crypto features in its arsenal. Such functionality is still not as common today and helps build an innovative image to any company that implements it. This is a great way to stand out from the competition — because soon, providing operations with cryptocurrency may become a must. Fintech businesses that don’t support digital assets risk becoming obsolete.
This applies not only to small and medium-sized enterprises: some of the largest traditional financial institutions are already on their way to embracing crypto. While Raiffeisen Bank and Deutsche Bank are getting their crypto licenses, neobanks and payment services such as Revolut and PayPal are already allowing their customers to buy, store, and exchange crypto.
As fintech mastodons are entering the crypto market, the rest of the industry is likely to follow. Today is still a great opportunity to jump on the bandwagon to outrun the competitors.
What crypto features can enhance an IT business?
The most common way to make your business crypto-friendly is by enabling your customers to buy, sell, store, and exchange digital currencies. These are some basic crypto exchange functionalities that many digital businesses implement.
Such features open your service to clients who are moderately or well-skilled in crypto — but there is also a way to embrace a much broader audience. Many people see digital assets exclusively as an investment tool, and they prefer using crypto in familiar banking interfaces with a tight integration into traditional finance.
Crypto banking operations cater to this rapidly growing audience. These ensure easy conversion between crypto and national currencies, an opportunity to withdraw to fiat or buy crypto from a credit card, spend digital assets directly from a plastic VISA card, get a crypto loan, or even open a crypto savings account.
Crypto banking features provide a crypto-to-fiat gateway convenient for the mass audience, offering fast revenue growth to any business that implements them.
How much does it cost to launch crypto operations — and how to pay less?
One platform offering all the crypto banking features described above, Choise.com, has invested $60M over 6 years on the development and getting appropriate licensing. Luckily, no business needs to spend that much to provide the same functionality.
Implementing crypto features without developing them from scratch is possible with white label solutions — ready-made software that you can deploy in your business via API. The white label provider shares its infrastructure and ensures full-cycle technical and customer support based on the revenue share model.
How to Get your digital bank app in days
Vault offers a unique opportunity to create your own cryptocurrency banking application or seamlessly integrate its features into an existing platform. This approach drastically reduces the development timeline from years to months, or even weeks, resulting in substantial cost savings by avoiding the need to construct the infrastructure independently. Additionally, its efficient operation translates into a swift path to achieving a positive net profit, often within a few months, with an expected payback period of less than a year.
Vault provides an array of tools to let your customers generate passive income on their assets. Alongside a pre-built cryptocurrency exchange and wallet, it incorporates KYC/AML compliance, IBAN support, multiple deposit options, and a VISA card. It also offers integration with top crypto exchanges and collaborates with global card acquirers.
With the white label solution, your crypto bank will launch under your branding and design. Vault team will help your developers deploy and fine-tune the software. It will be available to customers in 100+ countries, as Vault’s licenses cover most of the planet.
Contact us via email at partnerships@vault.ist to find out what crypto features can complement your business best and start bringing an extra profit over the next few months.
