How to start a crypto business in 2024?

Published 05 January 2024
How to start a crypto business in 2024?


More than 425 million people own cryptocurrency. However, only slightly more than 88,400 have more than a million dollars in cryptocurrency. It is difficult to achieve such results if you exclusively engage in trading or prefer the “buy and hold” strategy or HODLing. To make a big profit, it is necessary to look for new approaches and business strategies, monitor market trends, and find unique ways to provide valuable services and products in the industry. Launching your own crypto business in this area may require considerable effort, but it can be a very profitable and promising business with the right approach. This article will help you identify the key steps to start your own business and provide some ideas on how to proceed.

What is a crypto business?

Before discussing crypto business ideas, let’s first understand what a crypto business is.

Cryptocurrency businesses arecompanies or organizations that operate in the cryptocurrency and blockchain ecosystem. These companies are typically involved in various aspects of the cryptocurrency and blockchain industry, and their primary purpose is to provide products or services related to digital currencies and decentralized ledger technology.

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Opportunities and challenges of starting a crypto business today

Along with the limitless possibilities of blockchain technology and a qualitatively new view of the economy, it is also essential to understand that certain risks are associated with how to start a cryptocurrency business process.

Opportunities in the cryptocurrency industry

  • Massive implementation of blockchain technology 

Blockchain technology has the potential to revolutionize the financial industry by making transactions faster, cheaper, and more secure. Cryptocurrencies offer a new way to conduct transactions without intermediaries.

  • Decentralized financing (DeFi)

DeFi has become a significant growth area in the cryptocurrency industry. Businesses can participate in DeFi protocols by providing liquidity, developing DeFi applications, or providing financial services in a decentralized manner.

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  • NFT

NFT tokens have gained immense popularity due to their use in digital art, collectibles, and gaming. However, NFT technologies can also be integrated into other products and services. For example, in personal data management, medical information storage, and real estate sales both in the virtual and real world. NFTs are also used as assets, technological solutions, and marketing tools” for the financial community.

  • Cryptocurrency payments

Accepting cryptocurrencies as a form of payment can attract a global customer base. Businesses can use cryptocurrency payment gateways to expand their audience and provide a secure, borderless payment method.

  • Blockchain integration services 

There is a growing demand for blockchain consulting and development services for other businesses and organizations looking to integrate blockchain technology into their operations. These companies can provide industry-specific solutions.

Options and ideas for starting a cryptocurrency business

Launching a cryptocurrency exchange

Launching your cryptocurrency exchange is not easy, but with the proper knowledge and resources, it is possible. The process includes not only technical implementation, but also legal preparation, business planning, liquidity provision, as well as marketing and promotion. A successful exchange launch requires a deep understanding of financial mechanisms, technological aspects, and legal and regulatory nuances. Despite the challenges, setting up your crypto exchange business can be a profitable investment that will bring significant dividends in the future, especially in the context of the mass adoption of cryptocurrencies.

Types of cryptocurrency exchanges:

  • Decentralized exchanges
  • Centralized exchanges
  • Hybrid exchanges
  • Binary options exchanges
  • Crypto exchanges based on clone scripts
  • Ad-based exchanges
  • Book-based exchanges
  • White Label cryptocurrency exchanges

Key factors contributing to the success of a cryptocurrency exchange include:

  • Innovation: Opening opportunities to introduce innovative technologies and develop unique trading instruments.
  • Flexibility: Adapting to changing market conditions and rapidly implementing new features and services.
  • Asset diversification: The ability to trade in various cryptocurrencies provides a wide range of investment opportunities.
  • Global accessibility: The ability to serve customers from all over the world, regardless of geographic location.
  • Transparency: The use of blockchain technologies ensures transparency and security of transactions.
  • Autonomy: The ability to automate most processes, reducing maintenance costs.
  • Customization: The ability to provide personalized services for different categories of users, from retail investors to institutional investors.
  • Community: Creating a strong user community that contributes to developing the exchange’s ecosystem and increases its influence in the market.

These factors together form not only a trading platform but also a developed ecosystem offering a wide range of services for market participants.

For example, the centralized crypto exchange WhiteBIT offers a wide range of tools for institutions in addition to crypto trading business on the Spot, Margin, and Futures markets. We provide liquidity provision and a flexible API that allows you to create your project based on our platform. The essence of liquidity provision is that the client creates a user interface on his platform, which users have the impression that they are using, but in fact, they are automatically duplicated on WhiteBIT thanks to our API. Thus, the client’s platform serves only as an interface, while all trades occur on WhiteBIT. The client’s platform makes a profit from the increased commission and spread.

Launch a cryptocurrency payment gateway

A cryptocurrency payment gateway is a specific type of service that allows businesses to accept cryptocurrency payments from their customers. This can be extremely useful for companies looking to expand their audience and attract customers who prefer digital currencies.

The essence of the liquidity provision process is as follows: the client develops its own user interface on its platform. This interface gives the impression of directly using the client’s platform for users. However, in reality, all user actions are automatically synchronized with WhiteBIT via our API. In this way, the client’s platform acts as a user-friendly interface, while the actual trading operations take place on WhiteBIT.

The main functions of a cryptocurrency gateway:

  • Transaction automation: The gateway automates the payment acceptance process by verifying and transferring funds in real-time.
  • Currency conversion: The gateway can automatically convert accepted cryptocurrency payments into local currency, reducing the risks associated with cryptocurrency volatility.
  • Security and privacy: It ensures the security of transactions by using advanced cryptographic protocols.

Launching a cryptocurrency payment gateway can be crucial for businesses seeking innovation and global growth, providing them a competitive edge in the market.

For example, WhiteBIT offers the Wallet to the service for B2B clients, which allows them to implement a crypto-acquiring service using the API.

Thus, institutional clients who pass the KYB verification procedure at WhiteBIT can withdraw funds and replenish their balance without limits using SEPA.

Cryptocurrency asset management services

Cryptocurrency asset management is becoming increasingly popular among investors looking to maximize their profits from digital currencies. Accordingly, this can become a profitable cryptocurrency business for you. Here are some types of services that can be provided in this sector:

  • Consulting services
  1. Strategic planning: Development of individual investment strategies based on risks and potential returns.
  2. Market analysis: Providing analytical data and forecasts on cryptocurrency price movements.
  3. Portfolio investment: Assistance in creating and optimizing a cryptocurrency portfolio.
  • Asset management
  1. Automated management: Using robotic systems to automatically buy/sell assets.
  2. Active management: Regular monitoring and adaptation of the portfolio to maximize returns.
  3. Passive management: Creating and maintaining a diversified portfolio with minimal changes.
  • Storage and security
  1. Hot storage: Online storage of assets for quick access and easy liquidity.
  2. Cold storage: Storing assets offline for added security.
  3. Multi-signature wallets: Using multiple signatures to ensure the security of transactions.
  • Regulatory support and compliance
  1. Tax planning: Assistance in optimizing tax liabilities from cryptocurrency transactions.
  2. Legal support: Advice on regulatory and licensing matters.
  3. Compliance: Assistance in meeting regulatory requirements and standards.
  • Educational services
  1. Training programs: Courses and webinars to improve financial literacy in cryptocurrencies.
  2. Analytical reports: Regular reports and market analysis to keep clients informed.
  3. Consultations: Customized consultations to address specific issues and challenges.

For example, WhiteBIT Crypto Exchange is a reliable platform for storing digital assets, as it stores 96% of assets on cold wallets and uses Web Application Firewall (WAF) to detect and block hacker attacks. Thus, depending on the Crypto deposit plan, customers can earn up to 18.64% on their deposit. And with the help of the Crypto Loan tool, funds can hedge their risks.

Crypto processing service

Crypto processing covers a set of services that allow users to use cryptocurrencies as traditional means of payment and as tools for entertainment, investment, and education. Here are some types of services in this category:

  • Cryptocurrency exchanges
  1. Trading platforms: Places where users can buy, sell, and exchange cryptocurrencies.
  2. Margin trading: Services that allow users to trade with leverage.
  • Gamified platforms
  1. Play-to-Earn games: Games where players can earn cryptocurrency by completing specific tasks or winning competitions.
  2. Virtual worlds: Digital environments where users can interact, play, and conduct economic transactions with virtual assets, including cryptocurrencies.
  • Decentralized financial services (DeFi)
  1. Borrow: Platforms that allow users to take and give loans in cryptocurrency.
  2. Staking: Services that allow users to earn interest in freezing their coins.
  • NFT platforms
  1. Marketplaces: Platforms for buying, selling, and auctioning NFTs.
  2. Mining: Services that allow users to create their NFTs.

Each type of crypto processing service has its characteristics and can meet different user needs, from trading and investment to entertainment and education.

Crypto Analytical platform

Crypto analytical platforms are crucial in providing important information to traders, investors, and cryptocurrency enthusiasts. The services include detailed analysis, forecasts, and other tools for effectively managing cryptocurrency assets. In addition, such platforms often allow trade on different exchanges simultaneously, having built-in bots to automate processes. It is important to note that for such services, WhiteBIT offers a brokerage program, within which the service can receive up to 40% of the total trading commission made by users of this platform.

Cryptocurrency mining platform

A cryptocurrency mining platform is not just a tool for mining digital coins. It is a comprehensive solution that helps miners optimize, control, and maximize the efficiency of their mining operations.

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Types of mining platforms:

  • Cloud platforms

These platforms allow users to rent mining power online, avoiding the need to purchase and maintain their own hardware. Cloud mining provides easy access to cryptocurrency mining without significant costs and technical knowledge.

  • Local platforms

These platforms require installing and configuring specialized software on your own computers or servers. They provide more control over the mining process and equipment, but also require technical knowledge and regular maintenance.

  • Mining pools

Mining pools are groups of miners who pool their computing power to increase their chances of receiving mining rewards. Pool platforms provide tools for collaborative mining and reward distribution.

NFT marketplaces and their types

An NFT marketplace is an online platform where you can buy, sell, exchange, or auction non-fungible tokens (NFTs). These tokens represent unique digital or physical assets that are verified by the blockchain.

Types of NFT marketplaces:

  • Art galleries (OpenSea)

These platforms focus on creative works such as painting, graphics, music, video, and other art forms. Artists can put their works up for sale and collectors can buy them.

  • Gaming platforms (Axie Marketplace)

NFTs in the gambling industry represent unique gaming assets such as characters, weapons, accessories, etc. Players can buy, sell, or exchange these assets on specialized marketplaces.

  • Collection platforms (Rarible)

These marketplaces focus on collectible NFTs such as digital images, virtual land plots, collectible maps, and other unique items.

Each type of NFT marketplace has its own specifics, providing a platform for different types of NFT assets that can be bought, sold, and exchanged in a secure and transparent environment.

Key steps to launch a crypto business

  1. Understanding the cryptocurrency landscape

Understanding the cryptocurrency landscape encompasses learning the basic concepts, technologies, and terminology related to cryptocurrencies. It also means analyzing market trends, key players in the market, as well as potential opportunities and challenges. An assessment of the regulatory environment and its impact on the crypto business is an important part of this process.

  1. Identify a niche and business model

Defining a niche and business model helps to select a specific market segment or niche that matches competencies and interests. Developing a business model that defines monetization methods, target audiences, and competitive edge is key.

  1. Developing a reliable crypto business plan

This step involves defining business goals, strategies for achieving them, and an action plan. Forecasting financial performance, resource requirements, and expected results is an important part of developing a cryptocurrency business plan, which should include the following points:

  • Business description
  • Business goals
  • Market and target audience overview
  • Competitive analysis
  • Team structure and personnel development plan
  • Description of products/services
  • Development and innovation strategy.
  • Marketing strategy
  • Sales strategy
  • Operational processes and technological needs
  • Income and expense forecast
  • Budget
  • Profitability analysis
  • Identification of risks
  • Risk minimization strategies
  • Legal documents
  1. Building technical infrastructure

Selection and development of technological solutions for the creation, storage, and processing of cryptocurrencies. Ensuring security, privacy, and scalability of the technical platform are important aspects of this step.

  1. Financing of crypto business

Search for investors, partners or other sources of funding. Developing and implementing a strategy for raising capital to finance the business.

The recent launch of the Launchpad on WhiteBIT allows you to raise funds for the project and place it on the exchange with all the additional benefits!

  1. Legal compliance and security

Studying and complying with the legal regulations governing crypto business. Developing mechanisms to ensure the security of assets and customer data.

  1. Marketing and branding

Developing a marketing strategy to promote the business and attract customers. Creating a brand that reflects the company’s values and mission.

  1. Launching and scaling a cryptocurrency business

Implementation of the business plan and launch of products and services.

WhiteBIT has a quick token listing option. Listing on a platform with more than 4 million users will give the project a great chance to grow.

9.Risk management and crisis response

Identifying potential risks and developing plans to minimize them. Developing crisis response strategies to ensure business sustainability and protect stakeholder interests.


The cryptocurrency industry continues to expand, offering unique and innovative paths for entrepreneurs. From the launch of cryptocurrency exchanges to the development of NFT marketplaces, each area has its own specific requirements, challenges, and opportunities. However, the success of a cryptocurrency business requires not only technical knowledge but also a deep understanding of the market, regulatory environment, and consumer needs. Individual approach, innovation and flexibility are key factors that will help entrepreneurs not only enter the market but also become its leaders.

When starting a crypto business, it is important to focus on creating value for consumers, ensuring security and transparency of operations, as well as continuous improvement and adaptation to changing market conditions. This will guarantee sustainable growth and development of the business in crypto a highly competitive and unpredictable cryptocurrency market.


No, it's not too late. The cryptocurrency market is constantly evolving and presenting new opportunities. Although competition is growing, numerous niches and market segments can still be explored and developed. It is important to conduct an in-depth market analysis, identify your niche, and develop an effective business model.

In-depth technical knowledge can be helpful, but is not required. You can hire specialists or use ready-made platforms and tools. It is important to have a basic understanding of blockchain and cryptocurrency technologies and to be willing to learn and adapt.

There are several ways to secure funding: your own savings, investments from business angels or venture capital funds, crowdfunding, and others. It is important to develop a convincing business plan that demonstrates the potential and profitability of your project.

Yes, it is possible. Choosing the right niche, effective budget planning, and innovative strategies can help minimize costs. You can also consider partnering or collaborating with other companies.

Sources of income can vary depending on the type of business. They may include transaction fees, trading, mining, consulting, blockchain solution development, and investments.

Managing a crypto business requires strategic planning, efficient resource management, knowledge of laws and regulations, and the ability to adapt to rapidly changing market conditions. It is also important to focus on security, transparency, and customer service.