How and where to start your cryptocurrency company?

18 May 2018

Starting a cryptocurrency company is a question increasingly gaining more curious sentiments among individuals and professionals looking at the success of the market leaders, such as Bitcoin and Ethereum. Trading tokens and cryptocurrencies developed and created by other people no longer suffices more challenging enthusiasts, as they want to make the papers or, at least, money on their own projects. Here are some considerations for starting a new digital currency business.

Technical fundamentals

Creation of a cryptocurrency requires technical expertise, at least, owned by third parties, which will be performing major part of work for your new business. There are special agencies and firms dealing with the development, design and commissioning of cryptocurrency projects, they will be discussed below.

The key idea here is that these firms are doing all the hard part of the technical job for you, and you enjoy a ready turn-key cryptocurrency project subject to reservation that you should necessarily have a clear idea of what you want and how your idea will look like. Experts say that the level of interest and commitment should be higher than an ‘idle curiosity’, or success will be questionable.

It should be kept in mind, however, that while the inception of a cryptocurrency project does not require technical skills and education, such experience will be critical for further stages of the project to keep to operating and developing with right dynamics. Cryptocurrencies are juicy contracts for hackers, who want to get access to personal data and, ultimately, to money for old rope. In this context technology experts in the team will be far more than pertinent, as they will ensure maintenance of the underlying system and privacy security.

Cryptocurrency development firms

There are dozens of companies offering their services in the area of cryptocurrency and digital asset exchange solutions development. Some of them include Bacancy Technology, Accelerate, OpenXcell, CoinFabrik and many others.

Bacancy Technology is an offshore web design company, providing solutions in development of the software and technologies for starting almost any fintech business, including mobile payments, ecommerce and cryptocurrency.

Accelerate is a website and application developing services provider based in Dubai. The firm helps businesses with the ICO launch and token development, as well as blockchain platforms design.

OpenXcell is specialized in development of customized cryptocurrency exchange platforms and security maintenance based reliable security codes.

CoinFabrik develops cryptocurrency software along with wallets and multisignature wallets featuring multifactor authentication and rule-based measures. CoinFabrik also specializes in smart contract development.

Best destinations

According to specialists in the industry, Mexico is one of the best places to start a cryptocurrency exchange this year, because there are just few digital currency exchanges operating at the moment in the country. Besides, the Mexican government has passed a relevant cryptocurrency regulation, but it has not been effected yet.

In the meantime, Mexican Central Bank made a statement that cryptocurrencies should not be viewed as currencies and as backed by the government or law. The statement, however, did not denounced cryptocurrencies as something illegal, and cryptocurrency exchanges are allowed to operate freely based on their self-regulation rules so far as the legislation is pending approval.

Another great country, where someone may start operating his/her own cryptocurrency business is Belize, because in this country cryptocurrency business is associated with the lowest costs.

A significant number of experts also recommend Estonia as a country favorable for launching a cryptocurrency startup. The cryptocurrency business operation implies low costs and the local government allows firms to obtain a license for conducting a digital currency activity.

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