Development and Evolution of a Cryptocurrency Platform

A Fintech Revolution with Crypto

Our client is a leading fintech company offering cryptocurrency solutions to businesses and individual users. Their platform enables the receipt, storage, and transfer of cryptocurrencies and supports bank transfers in euros and British pounds. Additionally, it provides businesses with the tools to accept cryptocurrency as a legitimate form of payment.

Singula Team, in collaboration with Evrone, has been instrumental in developing this platform for several years, working on every aspect of its evolution. One of the major breakthroughs was the development of the B2B module, which we helped launch and continuously refine. Due to a non-disclosure agreement (NDA), the client’s name cannot be disclosed, but below are the significant improvements made to the platform during our partnership.

No-Commission Transfers

Initially, the platform’s B2B and B2C functions were siloed into separate ecosystems. Recognizing the need to allow B2C customers to pay B2B invoices, we linked these systems via a brokerage service. This was implemented using Ruby and Elixir, with Elixir used as an experimental alternative to Ruby. Over time, Ruby’s limitations became apparent, especially when scaling the business and building microservices. As a result, Go emerged as the primary language for developing scalable services, offering the performance needed for the platform's growth.

Refund Procedures

Handling cryptocurrency transactions can be error-prone, with users often making mistakes such as sending incorrect amounts or at the wrong times. To improve user experience, we introduced a better refund system, allowing users to correct transactions themselves. The system automatically flags incorrect payments based on the invoice details and notifies users of a mismatch in timing or amount. The support team benefits from reduced manual intervention, while users appreciate the refund process.

B2B Services

• Our client’s corporate-focused services have been improved with several new features to better cater to business needs:
• Subscription Payments: A subscription feature was introduced, enabling recurring invoices to be sent automatically. Businesses can track payments on a schedule, simplifying managing regular transactions.
• Mass Payouts: This feature allows clients to upload lists of recipients and make bulk payments in a single click, facilitating the process for businesses dealing with multiple payees.
• Automated Payments: Merchants can now set up automatic transfers, whether sending a fixed amount on a schedule or triggering payments once a specific balance is reached.
• Payment Widgets: Businesses can create payment widgets for services, which they can share with counterparties. Once the payment is made, they receive instant notifications.
• Transaction Approval System: A multi-user approval process was introduced, allowing transactions to require approval from higher-level managers before execution. This provides businesses with additional security and oversight in their operations.

A Bright Future

With these innovations, the Singula Team has wrapped up its active development for this project, and our client is now prepared to take over the continued development of their cryptocurrency services. However, one of Evrone’s team leads will stay on as part of their internal team, ensuring continuity in the platform's growth.

If you’re seeking expert support in developing a cryptocurrency or fintech platform, Singula Team has the experience and expertise to help. Our portfolio includes cryptocurrency exchanges with P2P trading, fiat-to-crypto gateways, and blockchain projects. Reach out today to learn how we can bring your vision to life!