Income of $55,000 per month from owning a centralised exchange!
The client's name, company and project name are not disclosed
In March 2022 we were approached with a request to set up a centralised exchange. The client has his own real estate business in the Arab Emirates and that year decided to try something new. For many investors, a cryptocurrency exchange is the only way to enter the cryptocurrency world. Given the vital role exchanges play in the crypto ecosystem, it's important to understand their varieties. As the most popular type of cryptocurrency exchange, centralised exchanges are a good place to start.
To enter a new market with an exchange that has to offer something unique to European countries in 6 months.
How did we do it?
We had 5 video meetings with the customer before signing a mutual cooperation agreement. We identified the requirements, discussed the commercial proposal and a preliminary estimate.
Then Konomic.com team started to develop the necessary project documentation: Roadmap, PID, Product/System Requirements, (SRS), Architectural Documentation, Development Plan, Release Notes, etc.
This first step is necessary to initiate the project. Our team managed this in 3 weeks, as the scope of the project is quite large.
A special feature of this project was that we also needed help with legal support and marketing. Konomic.com has been working together since 2007 with Maria Agranovskaya and Vadim Kolosov, who are ranked by Chambers 2021 and Best Lawyers 2021, so this was no problem for our team.
Together with our partners, we obtained a cryptolicence in Estonia, as the clients had their office in that country. Due to renewed regulations concerning cryptocurrency, nowadays all necessary documents for cryptocurrency license have to be submitted either to notary office, or via website of Commercial register, review process has increased in two times and now is 120 days instead of 60 as it used to be before. As for having a physical office, it is now a requirement for obtaining a cryptolicence. In turn, having an office can improve the management and control of the company, as well as protect the assets and rights of the customers.
This stage is followed by the following:
- Software creation and refinement (3 months)
- Commissioning (1 month)
- Maintenance (up to now)