Cryptocurrency exchange platform development

Cryptocurrency exchange platform development

Itransition was engaged in cryptocurrency exchange platform development and delivered a solution that links the existing Bitcoin exchange accounts in one place to allow users trading from one web application.

Case study

Cryptocurrency exchange platform development

Challenge

Based in Texas, USA, our customer is a business incubation and venture capital investment firm fostering innovative business models based on blockchain, data analytics, and machine intelligence.

A project of theirs comprised the development of a universal web app integrating existing Bitcoin exchange accounts and empowering end users to trade from a single interface. Having a Play-based draft version, the customer approached Itransition for end-to-end cryptocurrency exchange platform development.

Solution

Itransition delivered a crypto exchange and trading platform that connects an unlimited number of cryptocurrency exchanges to offer traders the best exchange rates available. The platform also automates and facilitates the trading process by providing trade portfolio, risk management, market analytics, and reporting tools.

The solution supports 5+ major reputable Bitcoin exchanges, and their number is continually growing:

Major Bitcoin exchanges

Functionally, the platform comprises three loosely coupled subsystems implemented as microservices that are scaled and changed separately.

Functional modules

  1. Desktop. The core subsystem that enables end users to perform cross-currency transactions and connects to cryptocurrency exchanges directly or via the emulator.
  2. Emulator. Environment to run trading algorithms, plan and check investment strategies that reproduces realistic market reaction based on historical trading data.
  3. Collector. A data-mining module that collects and processes public financial information including market tickers, orders, and recent trades.

Trading automation

Interacting with several trading platforms simultaneously, the solution features automated order creation according to the traders’ preferences, acting like an agent that places bids and offers based on the submitted criteria. The criteria include precise entry, exit, and asset management rules, upon meeting which the solution automatically places trades.

Trading desk

Trading sandbox

Traders can plan and back-test their intraday trading algorithms and automation strategies using the emulator. Drawing on historical trading activity, the emulator reproduces realistic behavior and market reaction, providing complete freedom for experimentation with scalable virtual test wallets of diverse currencies.

Trading sandbox

Trading visibility

Itransition ensured transparency of trading experience by developing a collector for scheduled aggregation and processing of real-time financial statistics, order records, and market news from different exchanges. We integrated HighStock financial charting library that builds live asset allocation and yield curve charts, as well as price fluctuation and rate exchange visualizations.

Trading visibility

One-stop trading office

Itransition’s UI and UX experts designed a single user-friendly interface that enables traders to create simple orders on different Bitcoin exchanges. Despite every exchange offers specific features and UI, user experience is consistent.

One-stop trading office

Process

Itransition was the only technology partner responsible for all works from blockchain consulting, technical and graphical design to development, QA, continuous integration and delivery.

Proof of concept

The customer’s draft version of the solution comprised fragmented features on two exchanges and was based on the outdated documentation. It did not provide the view of the product, so our collaboration started with quick proof of concept development. Having developed and stabilized the basic functionality of the trading tool on Play, we got the look and feel of the solution and outlined the development pipeline.

Improvements

In the next months, Itransition performed a series of transformations.
 

From Play to Spring

As the customer plans to extend functionality and incorporate technology innovations, Itransition migrated the system from inflexible Play to a widespread and dynamically advancing Spring. By doing this, we made sure the development team could be scaled rapidly, and security and scalability improvements would be covered by the solution.

From monolith to microservices

Itransition decomposed the monolith system to separate loosely coupled nodes, dividing configurations of different exchanges. The implemented microservices architecture provides for quick scalability and clinch elimination in case of mass user influx.

From three exchanges to the infinity

A well-structured core of the system enables painless connection and configuration of new exchanges in compliance with the international standards for electronic exchanges. For interacting with Bitcoin exchanges, we used XChange API and set up specific libraries for every exchange. As a result, the entire process of new exchange configuration takes one person-day only.

Reinforced security

As long as trading platforms process sensitive transaction data, we implemented additional security measures for the client part of the app, including verification code generation powered by Google Authenticator, message encryption with PGP, and a number of Spring framework’s in-built security features.

DevOps introduction

Using TeamСity, Sonar, and Ansible, we established a continuous integration and delivery automation process. The source code updates are deployed to the AWS remote servers:

  • AWS stage server—draft updates of the desktop version
  • AWS stage sandbox server—draft updates of the emulator
  • AWS production server—final releases of all the system components

Infrastructure optimization

Itransition was continuously improving the project infrastructure, providing server configuration, project structure refactoring, integration optimization, caching setup, and automated infrastructure monitoring with WatchDog. Our team performed a complete infrastructure migration to AWS.

Results

Itransition delivered a one-stop crypto exchange and trading platform that enables end users to trade from a single interface on the best exchange rates. Pleased with Itransition’s skillset ranging from low‑level refactoring and documentation management to architecture design and product management, the customer outsourced the further extension of the Collector and Emulator functionality to our team.