Cryptocurrency is one of the most exciting and innovative technologies to emerge in the last decade, with the potential to revolutionize the way we do business and think about money. However, despite its potential, many companies have been hesitant to adopt cryptocurrency due to the complex and expensive process of launching a crypto product. In fact, according to a recent survey, 66% of executives admit that the "complex regulatory process" of launching a new technology is holding them back from adoption. In this post, we'll explore the challenges of launching a crypto product, and introduce Cybrid - an embedded all-in-one solution that simplifies the process and reduces the associated costs.
Up until now, the first step in launching a crypto product is to find vendors that can provide the necessary infrastructure to support it. This may involve working with a payment gateway, a digital wallet provider, a crypto liquidity providers/exchanges, and a host of other service providers. Each of these vendors will have their own set of requirements and monthly minimums, which can make the integration process extremely complex and costly. At the same time, regulations and compliance will guide or dictate the integration and technology workflows - all very costly to determine.
In addition to the integration challenges, there are also licensing costs associated with launching a crypto product. This can include regulatory compliance costs, licensing fees, and other expenses related to ensuring that the product meets all legal requirements. These costs can be significant, particularly for smaller companies, and can make it difficult to justify the investment required to launch a crypto product.
However, there is a solution that can simplify the process of launching a crypto product and reduce the associated costs. Cybrid is an embedded finance all-in-one solution that lets companies launch crypto with a single vendor in just three simple steps: Embed, Brand, and Launch.
The first step in using Cybrid is to embed the crypto solution into your existing platform. This can be done quickly and easily, and it allows you to take advantage of all the features and capabilities of the Cybrid solution without having to worry about integrating with multiple vendors. Developers have a choice of API client programming language and platform SDK.
Once you have embedded the Cybrid solution, the next step is to brand it to match your company's branding and messaging. This can be done using the intuitive developer tools provided by Cybrid, which allow you to customize everything by downloading and copying from our Web & Mobile demo app and component libraries.
Finally, once you have embedded and branded the Cybrid solution, you can launch your crypto product with confidence. Cybrid provides all the necessary infrastructure to support your product, including payment processing, digital wallets, and liquidity integration. This means that you can focus on developing your product and growing your business, rather than worrying about the complexities of integration and licensing.
In conclusion, launching a crypto product can be a complex and expensive process due to the number of vendors required for integration and licensing associated costs. However, by using the Cybrid embedded finance all-in-one solution, companies can launch crypto with a single vendor in just three simple steps. This approach simplifies the process of launching a crypto product, reduces costs, and allows companies to focus on developing their product and growing their business. If you are looking to launch a crypto product, consider using Cybrid to make the process simpler, faster, and more cost-effective.