Purpose of integrating ESCROW with the crypto exchange
Being an entrepreneur with a strong will to establish their identity in the newly emerged sector ~ Crypto Industry, the first thing they’d be likely to think of is to initiate a crypto exchange business of their own. Initiating it is well and good. But, gaining a handful of loyal customers is the most tricky part of the business. Likely, only by offering a seamless and a high-secure user experience among the crypto users will gain a huge trust in your crypto exchange, which automatically compounds the customer volume for your business in the upcoming time period. The P2P crypto exchange would be the better choice for this.
For offering this high-secure experience for your customers, adopting this ESCROW feature would be highly helpful for you. First, get to know what an ESCROW is and its effect while integrating it with your exchange.
ESCROW is one of the top-security features which shall be integrated with a P2P crypto exchange to enhance the security of that particular crypto exchange. Let me open up it for you in detail,
After completing the initial set-up process for trading/investing, the user will be all set for the purchase of the cryptocurrencies he/she would like to.
Initially, the user/buyer will be looking into the various advertisements listed on the exchange by the sellers and then the relevant advertisement would be pulling the users’ interest towards it.
If the advertisement of the user's requirement matches, the buyer would be proceeding further to make a successful purchase of the crypto.
The buyer makes the payment equivalent to the cryptocurrency he/she would like to buy, via various modes of payment that are available in the exchange.
After making a successful payment, the buyer would be intimating the seller with the alert notification, whereas the seller will be notified.
At this certain, the seller will be transacting the equivalent amount of cryptocurrency to the buyer. All this fiat money and cryptocurrency will be held under a medium. This is where the ESCROW comes in.
Only after these successful transactions, the exchange of the money to the seller and the crypto to the buyer will be executed by this ESCROW service. If any malfunction or any kind of error occurs in the middle of the transaction, the exchange of these crypto and fiat money will be held. And an issue will be raised and then the admin will be looking after it.
This is how this ESCROW contributes its major role to this P2P crypto exchange. Enabling this service will be highly beneficial for your business, attracting more users to your crypto exchange in terms of the security provided to your users. After getting to know this, with a great business plan in your mind, all you have to be aware of is how to develop a P2P crypto exchange effectively.
Being an entrepreneur, you would probably know that a crypto exchange script is the most effective way for initiating a crypto exchange. Likewise, having a wide knowledge of this P2P crypto exchange script and its role in your P2P crypto exchange development process will be an added advantage for you to run your crypto exchange business successfully.