National Digital Asset Exchange (NDAX)
Welcome to Canada’s first officially endorsed cryptocurrency exchange platform.
Project Overview
From the beginning of the 21st century until now, cryptoassets not only popped into existence and grew exponentially, but also became a legitimate part of the financial world. Some national economies have even incorporated the use of cryptocurrencies into their systems. However, a lot has to happen for that to successfully take place.
Project goals
NDAX wanted to engage with regulators and financial institutions to set the standard for the Canadian cryptocurrency industry. What prevented that from happening was the lack of a trustworthy platform, compliant with numerous governmental and legal requirements, that could be fully integrated into the banking system. But for Canadian owners of digital assets to actually use it, it also had to provide an easygoing and secure user experience.
SpaceDev’s contributions
Development of a Compliant Platform: SpaceDev designed and implemented a new frontend using Typescript, Angular 8, NodeJS + Express, and MongoDB, creating a trustworthy platform compliant with governmental and legal requirements, enabling full integration into the Canadian banking system.
Enhanced User Experience: Through the development of a React Native app, SpaceDev ensured that NDAX users have a secure and user-friendly experience for accessing their accounts, selling, trading, staking, and earning from digital assets, surpassing a mere mobile-friendly version of the platform.
Seamless Integration with AlphaPoint: SpaceDev facilitated problem-free interaction with AlphaPoint, the leading white label cryptocurrency exchange software, ensuring a solid connection between NDAX and Canada's banking institutions while accurately representing information exchange and saving user activities.
Additional information
Built on institutional-grade infrastructure, NDAX is Canada’s most advanced cryptocurrency trading platform, offering one of the country’s largest selections of digital currencies. With strong banking partnerships, NDAX ensures fast, simple, and secure deposits and withdrawals of Canadian dollars for all users across Canada.
Results
SpaceDev successfully developed a fully compliant platform that set a new standard for the Canadian cryptocurrency industry. By creating a secure and user-friendly experience, NDAX was able to meet governmental regulations and seamlessly integrate with the Canadian banking system. The partnership also ensured smooth communication with AlphaPoint, allowing NDAX users to easily manage, trade, and earn from their digital assets with confidence.
The project required
Team
2 Ssr Full-stack developers
1 PM
1 QA
1 UXUI designer
Time
MVP: 3 months | Product development and scalability: 2 years
The Bottom Line
After the new frontend was released, new user registration went from ~50 per month to ~200, while the new verification process had a validation increment from 50% of the registered users to 80%. And it makes sense, since the funds of NDAX’s clients are not sent offshore or to other jurisdictions, but remain in Canada in a segregated bank account, legally separate from the company’s operating capital. It doesn’t get more secure than this!
SpaceDev loves to tackle projects that bring the future closer to tech users and the public in general. Working intimately with NDAX and enriching Canada’s financial ecosystem was nothing short of an exciting and joyful ride.
