Biggest Crypto Exchanges Push For Global Presence
Although cryptocurrency exchanges play an important role in driving adoption across the globe, even the largest operations have to overcome significant obstacles when expanding their services.
The introduction of Bitcoin as well as the subsequent development of and launch of many other cryptocurrencies has changed how people transact across the globe. People no longer need to rely on traditional banking systems. You can find companies like rampdefi, which provides a cross-chain liquidity transfers platform.
Blockchain networks, cryptocurrencies, and other financial technologies can bypass traditional financial systems. They allow users to transact directly without the need to go through a central institution.
Although peer-to-peer transactions would be ideal in a cryptographically secure world there are barriers that prevent users from doing so. Most people new to crypto use exchanges to convert their fiat currency to their preferred cryptocurrency. With the proliferation of international cryptocurrency exchanges, users will be spoilt for choice in 2020.
However, some of these exchanges are trying to rise above the rest and become truly global businesses. What are their key challenges and how did they build their empires?
Working across borders and continents is more difficult because many countries have their own laws and regulations regarding cryptocurrency use and fiat currency transfer. Jay Hao, CEO of OKEx, stated to Cointelegraph that there are many considerations that create a challenging business environment. He also said that most CEOs don't get enough sleep.
Growing a global cryptocurrency exchange is one of the most challenging businesses. Attracting and keeping the right talent, consolidating and expanding your user base, and offering attractive products are all challenges. It is also important to ensure that your exchange can handle large volumes of volume without any downtime and is secure.