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Crypto Exchanges Flourish When Powered By 'Plug and Play' Technology

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Decrypt

Wed, Jan 05, 2022

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With new tokens and stablecoins ruling Twitter headlines in 2021, trading venues and the crypto exchange market are now growing at a breakneck pace and competition is fierce.

Both centralized and decentralized exchanges need to scale as quickly as possible—and with the talent shortage that already exists in crypto, developers have little time to focus on creating their own trading utilities, like charts, order tickets, portfolio management or other data visualizations.

The real value comes down to great marketing, and each exchange's unique features—elements that are predominantly found in backend and middleware development, said Pierce Crosby, general manager of TradingView.

Matching engines, multi-chain trading systems, vibrant communities, connecting crypto wallets and liquidity pools—it’s the proprietary things like this that make one exchange actually distinct from another.” License to innovate With speed in mind, several years ago TradingView began open-sourcing its frontend development tools to crypto exchanges and industry publications.

Today, more than 500 trading venues, exchanges, and brokerages—including DEXTools, Bitpanda, Kraken, Blockchain.com, Crypto.com, FTX, BitMEX and Bitstamp, as well as aggregators like CoinMarketCap and CoinGeck—use plug-and-play solutions to integrate TradingView's utility functions into their applications.

Typically, building a decentralized exchange (DEX) from scratch could take anywhere from three to six months, Crosby said.

But exchanges that license TradingView’s software can cut development time down to less than a month.

“But if we can help exchanges get their product to market as fast as possible, there’s a lot of value there.” Users win But it’s not just about speed to market and scooping up market share.

While plug-and-play tech like TradingView has been a great enabler of growth in the overall crypto industry, it’s also helped boost competition between new exchange platforms.

“And we do that by building these things so that exchanges don’t have to.” FTX—one of the largest crypto exchanges in the world—is a prime example of TradingView’s plug-and-play technology in action.

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