Cryptocurrency Trading Made Easy for UK Customers

Cryptocurrency Trading Made Easy for UK Customers

Problem Statement

Context

In 2018, buying cryptocurrencies was difficult and expensive due to several factors. There existed many barriers of entry for new investors who were unfamiliar with the complex and technical nature of the cryptocurrency market. As a result, many potential investors were deterred from entering the market, limiting the growth potential of cryptocurrencies as an alternative investment asset class. Our client wanted to build a platform for buying, selling, and storing cryptocurrencies as well as traditional fiat currencies, that could address these challenges.

Challenges
  • There was a lack of a user-friendly platform that simplified buying and trading cryptocurrencies for new users.
  • The fees associated with buying and selling cryptocurrencies were often high, making it an expensive investment option for many people.
  • A limited number of exchanges were available, resulting in a lack of competition and high fees.

Solution

Our client needed a clear and simple process to address the challenges faced by the potential investors, and we split the task into three parts

1Simplify onboarding journey
2Smoothen trading steps
3Gain investors

User-centric design and journey mapping

Each aspect of the platform was built with the foundational tenet of simplifying the user journey. We created processes and designs that brought end-to-end clarity and transparency. This made the buying, selling, and storing cryptocurrencies easily understandable and more importantly actionable for new users as well.

Technologies

Coinbase
Go
Googlecloud

Impact

  1. Our client became the fastest-growing platform for buying, selling, and storing cryptocurrencies, as well as traditional fiat currencies.
  2. By March 2021, our client had surpassed 50,000 customers and was valued at £100 million ($137 million).
  3. In May 2021, an American Financial Services company that rolled out a cryptocurrency wallet to more than 2million users, had considered acquiring our client for around $170 million. However, the deal fell through as confidence in the cryptocurrency market began to erode following a series of high-profile incidents and the deal was called off. Despite this setback, our client continues to operate and grow its customer base.

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