In the DeFi world, crypto swapping refers to exchanging one cryptocurrency for another. Although it sounds simple, it is quite a hassle to find a willing counterparty to swap your currencies and come to an agreement with the terms and conditions. As a result, crypto-swap platforms emerged, which simplified the process of swapping tokens and made the process easy. Many white-label crypto swap platforms also evolved, witnessing the demand in the market. Through this article, let us find the significance of white-label crypto-swap platforms.
What is a crypto swap?
Crypto swapping is exchanging or swapping one crypto token instantly for another token without needing a crypto-to-fiat exchange. People swap their cryptocurrencies for several reasons, such as to utilize the price differences among different cryptocurrencies, diversify one’s cryptocurrency portfolio, or shift funds from one blockchain network to another. Unlike a decentralized exchange, crypto swapping helps in saving time and pay fewer fees with little to no hassle.
How to swap crypto?
Crypto swapping can be done in two ways: through direct trade or via a swapping platform. In the direct trade method, the person wanting to swap crypto should find a willing counterpart and settle trade directly. For instance, if you want to exchange your Ethereum for Bitcoin, you can find someone willing to trade their Bitcoin to buy Ethereum. Both traders can negotiate the terms and conditions, like the exchange rate, to swap directly.
Using a crypto swap platform seamlessly facilitates the swapping process without finding a suitable counterparty and negotiating with them to agree to the conditions. In place of a willing user, the platform acts as an intermediary and executes the trade.
For crypto swap platforms to work, you typically need a wallet supporting the crypto you want to exchange. The platform will then provide you with a wallet address, and you will need to specify which cryptocurrency you wish to receive in return. The platform will send the new cryptocurrency to your wallet as soon as the trade is executed.
White-label crypto swap platform
White-label crypto swap platforms allow third parties to rebrand and use and brand the platform under their own names. Businesses or organizations that want to offer crypto swapping services but do not want to build their own platforms can find this an attractive option.
White-label crypto swapping platforms have a few advantages. It allows businesses to easily enter the crypto market without investing in developing custom platforms. This service can be particularly useful for businesses looking to add crypto swapping to their existing services or as a side business.
A white-label crypto swap platform can also save time and resources by having a ready-made user interface, saving time and resources on design and development. Additionally, this can help businesses offer their customers a consistent user experience.
What to look for in a white-label crypto swap platform?
White-label crypto swap platforms are often reinforced with industry-leading features and institutional-grade security that enables rapid time to market. While looking to launch a white-label solution, you must ensure that the platform should possess the following key features:
- Limitless swaps – This ensures that no upper limit exists to how much crypto can be swapped.
- Fast transactions – The white-label solution should have a faster transaction feature to enable swapping within exchange pairs in less than a few minutes.
- Fixed or floating rates – This feature allows users to select a floating or fixed rate.
- Cross-chain swaps – Make sure that the crypto solution permits cross-chain swaps for all prominent cryptocurrencies.
- Non-custodial – Ensure that the platform is non-custodial to retain user privacy and promises security via not controlling funds.
- Integration – Make sure the platform is integrable with different kinds of wallets, trading platforms and DeFi exchanges.
To conclude, crypto swapping is an easy way to exchange one cryptocurrency for another, no matter whether you’re diversifying your portfolio, leveraging price differences, or moving funds between blockchains. Those looking to offer crypto swapping services but unwilling to invest resources and time in developing their own platforms can benefit from white-label crypto swapping platforms. It saves time, energy, and money on building a platform from scratch while offering premium quality features.