From Bitcoins to thousands of new crypto assets: that's how cryptocurrency has vigorously emerged in recent years.
More entrepreneurs have been thinking about investing or entering the market. If you're one of them, you must know it's possible, but you have to brace yourself for a tedious process.
You need to understand tons of things to start a cryptocurrency company. And this article will only provide you with some of them. So, if you need a start-up guide, then keep reading.
First: Differentiating Coins And Tokens
There are two currency categories in crypto: coins and tokens. And if you're planning to venture into the blockchain markets, you have to familiarize yourself with their differences and purpose.
Coins operate on a separate platform, each with blockchains like Bitcoin, Binance Coin, and Litecoin. So, you have to build your blockchain if coins are your interest.
Meanwhile, tokens are made on top of existing blockchains. They're used to secure transactions and raise capital by releasing them as part of the initial coin offering.
The key differences between coins and tokens are that coins have a wide purpose while tokens are only limited to specific projects. You can also buy tokens using coins, but you can't do it the other way around.
Process To Start Your Crypto Company
An article from Modulus explained the 10 detailed steps to start your own cryptocurrency exchange business.
Among the steps on the list are the common things you do when you start a normal business. For instance, obtaining a license, funding, customer support, legal team for compliance, and marketing.
However, on more technical stuff, you must include the task of finding an exchange software provider on your to-do list. It would help if you also had partner companies for payment processing and going live for beta testing.
Last is security. You might think it's the least priority since it's digital, but remember that fraud and scams are also digital nowadays. It's best to be protected.
While including crypto in your business can provide limitless possibilities and opportunities, it also comes with risk. Countless cyberattacks are recorded on the platform, such as fraud, account takeovers, scams, and crypto-jacking.
Indeed, starting this all-digital business is an investment. So you'd want to protect it by equipping it with necessary insurance protection.
At Black And Associates Insurance, Inc., we do our best to make sure that our clients are well-protected with affordable and comprehensive policies. We will go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (509) 464-0058 or Click Here to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!
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