How We Developed the Kurdcoin Cryptocurrency Exchange

Description

Kurdcoin is a reliable platform for buying and selling cryptocurrency in Iraq and Kurdistan. The exchange is focused on both experienced traders and beginners, as it has simple and convenient functionality. Users can safely trade different types of cryptocurrency (USDT, Bitcoin, etc.) and use popular payment methods.

Tech stack

Backend:Node.js, Postgres, Redis, TRC20
Frontend:React.js, React Hooks, Redux, TypeScript, React Query
Mobile:React Native

Our role

Web & Mobile Development, UX/UI Design, QA, DevOps, Support
iOS/Android app
Web app

The challenge

The key goal of the company's request to us was to build a digital fintech business. The client wanted to create a platform where everyone could trade cryptocurrencies profitably (with minimal or no commissions), locally and through cash. We undertook all tasks related to the exchange's development and its adaptation to the market of Iraq and Kurdistan.
It was important for the client to make the user experience as convenient and clear as possible for all traders (individuals and companies), regardless of their experience. Also, every user must be confident in the reliability of transactions. This presented us with another challenge — ensuring the platform's security and compliance.

Project management

Since the project was planned to be large, a big team of specialists with industry experience was involved: a business analyst, UI/UX designers, developers (backend, frontend, mobile), QA engineers, and a DevOps master.
We chose the Agile methodology to manage the project, which brought the communication between the team members and directly with the client to a new level. This, in turn, allowed us to respond faster to changes in requests and adapt to altering requirements.

Pivot 1

The work began with an in-depth study of businesses targeting individuals and legal entities in the target markets. Understanding the target market's needs made it easier to prototype and design and later implement the functionality.

Completed tasks:

  • immersion in a fintech project to collect data that served as the basis for development decisions;
  • building the framework of the cryptocurrency exchange and coordinating all the visual nuances with the customer;
  • creation of the interface design, which demonstrates the appearance of the platform for traders and admins;
  • development of static and dynamic pages for different devices and operating systems based on the approved design.

Pivot 2

When we moved to the functionality creation stage, the complexity of the tasks increased. This was because the client decided to expand the list of features, in particular, add gamification to attract new users.

Completed tasks:

  • prioritization of functions both for trading digital assets and for process administration;
  • development of a trading engine responsible for the core functionality of the crypto-exchange;
  • implementation of basic functions related to registration, authorization, and account opening for each user;
  • creation of an admin panel to monitor the actual situation (traffic, number of deals) and control actions;
  • adding analytical tools for traders to help evaluate the current state of the market;
  • setting up the system of push notifications to keep in touch with the users;
  • building a loyalty program based on game mechanics, when a user gets bonuses and discounts for certain actions.

Pivot 3

The platform, due to its specifics, required a strong technological foundation. Our team, as well as the client itself, understood this at the start. However, some technical nuances became even more important during the work process. The main emphasis was on building transactional processes, their control, and security.

Completed tasks:

  • Node.js-based server-side programming (JavaScript) and database design (PostgreSQL, Redis);
  • optimization of content management and transaction control through the admin panel and customization of user roles;
  • automation of order book creation, exchange, order closing, and adding to transaction history;
  • integration with the FastPay payment system and Zain Cash electronic mobile payment service;
  • addition of Hawalla (Asia Hawalla) informal settlement system for fast money transfer;
  • implementation of transactional processes via USDT-TRC20 and USDC-TRC20 to process over 1,500 transactions per minute;
  • implementation of KYC standards to identify the user's identity before performing a financial transaction;
  • achieving AML compliance by tracking suspicious transactions and preparing SARs;
  • testing at various stages of operations, including target users.

Key features

Buy/sell cryptocurrency

You need to register and add your wallet information in order to access the trade. We have provided for non-cash and cash payments. In the first case, a payment system is used. In the second, the user transfers money to the cash desk and receives cryptocurrency to their account (sends cryptocurrency to a specially created account and receives money in the cash desk).

Individual sales account

An individual account is created for each user in the system. If money is deposited to it, the administrator understands to whom to issue fiat currency. This ensures the traceability of transactions (what user has sent cryptocurrency for sale) and increases control.

Payment via FastPay

We integrated with the FastPay payment system. This increased the speed of financial transactions and ensured minimal commissions. The user can save their account inside the app (phone number) and select it for the transaction if necessary.

Transaction administration

The system is connected to payments and user funds, so it was important to strengthen the verification process. Any action adds a verification process by the system administrator. When a user is created, the data is verified; when a new crypto-address is added / a transaction is created, verification is performed.

Phone number verification

To provide additional protection of user data, we added phone number verification for both registration and login. We also restricted sending a repeated confirmation code only after one minute. If you send the code five times, it will be blocked for 24 hours.

Gamification

We've created a system of bonuses and discounts to attract attention to the app. Each user gets additional funds for completing their profile and for inviting friends. These funds can then be used to pay transaction fees or to buy crypto.

Numbers

#1

crypto exchange in Iraq and Kurdistan.

1,500+

transactions per minute.

3-5

minutes for transactions.

100+

kinds of cryptocurrencies.

Results

Developed cryptocurrency exchange from scratch in 4.5 months, considering adaptation to changing requirements.
Implemented basic and advanced functionality for experienced and novice traders.
Users can create a personal account, add wallet data, and select payment methods.
Created a design in accordance with the corporate style of the fintech company and user requirements.
Added an administrative panel to effectively manage all processes, operations, and users.
Integrated game mechanics into the loyalty program to interest new users.
Build a strong technological foundation for transaction execution and ensure compliance with KYC and AML standards.
Achieved correct operation of the platform on different devices and operating systems, localization for target regions.

Tell us what you have in mind

If you'd like to get in touch with us you can email us at info@rocketech.it, call us on +65 3159 3765, send us a message via our online form, or get answers in real time by simple briefing @RocketechHelloBot.
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