Cryptocurrency e-Wallet Application Ecosystem for a Global FinTech Enterprise

Solution Overview

The solution comprises cloud-based mobile applications (for Android and iOS) and web applications that enable users to buy and sell cryptocurrency through both kiosks and the applications. Users can also monitor their account balances and make transactions. Additionally, the solution integrates with users’ bank accounts and connects seamlessly with the crypto-as-a-service platform.

Client Subsystem 

Upon installing the mobile app, users complete a simple registration process guided by the app. Once registered, they have access to the crypto wallet application, their gateway to managing cryptocurrency assets acquired through kiosks and other sources. To ensure compliance, the app requires users to undergo Know Your Client (KYC) verification. 

The app allows users to effortlessly buy or sell cryptocurrencies and monitor their account balances and transaction history. It integrates with users’ bank accounts for convenient deposits and withdrawals of cryptocurrencies and fiat currency (USD), using Plaid for seamless connections.

The app includes a kiosk locator to find nearby kiosks, enhancing user engagement.

With its comprehensive functionality, the crypto wallet application empowers users to navigate the digital asset:

• Open wallet accounts within the app.

• Complete Know Your Client (KYC) verification.

• Open multiple wallets for 50 different assets (ASTs). 

• Initiate buy and sell transactions for cryptocurrency.

• Check account balances and transaction history easily.

They also allow users to connect their bank accounts in USD via Plaid.

The registration process is seamless, providing users with easy account creation through the completion of KYC verification.

Admin Subsystem

In this subsystem, support can control the workflow of client wallets. They can monitor the following aspects:

– User details

– Client status

– KYC (Know Your Client) status

– Reasons for KYC rejection

– Transaction details

Project Challenges

The project faced significant challenges primarily related to the integration with the cryptocurrency platform. At the time, the provider had not completed the necessary integration with the company’s systems, leading to uncertainties that complicated the development process. Key issues included inconsistencies in their documentation, bugs present on their side, and repeated postponements of releases, as they were developing certain functionalities specifically for the project.

These integration delays had a notable impact on business goals. As a result of the setbacks, the team experienced prolonged idle periods, increasing the timeline for minimum viable product (MVP) production from three months to four. Moreover, delays in data provision from the provider led to inefficiencies among the engineering team, resulting in additional expenses that pushed the budget above initial forecasts.

Third-party integrations

ZeroHash is a financial technology company that provides cryptocurrency infrastructure solutions, enabling businesses to offer digital asset trading and custody services. They facilitate the integration of cryptocurrency buying, selling, and holding capabilities for companies, streamlining the process of connecting traditional finance with the cryptocurrency ecosystem. By delivering services such as crypto liquidity, compliance, and transaction processing, ZeroHash supports businesses looking to enter or expand in the digital asset space.

Iterable is a cross-channel marketing automation platform designed to help businesses create, manage, and optimize personalized marketing campaigns. It allows brands to engage their customers through various channels, including email, SMS, push notifications, and social media, while providing tools for segmentation, analytics, and performance tracking.

Google Maps API serves as a crucial tool for facilitating user engagement and improving the convenience of finding and accessing kiosks, access navigational directions, and view relevant location-based information.

Plaid allows payment processing, account verification, personal finance management, and investment tracking.

Twilio is a powerful cloud communications platform that simplifies building communication features into applications, enabling businesses to engage customers across multiple channels. Its programmability allows implementing a wide range of use cases.

Auth0 serves as a robust solution for businesses looking to implement secure and user-friendly authentication and authorization processes in their applications, streamlining user management while enhancing security.

Results & future plans

Within four months, Itexus’ cross-functional team of experts delivered MVP versions of two mobile applications and one web application. Currently, production is underway for the second stage, which is intended to launch in October of this year.