Development of the Coinmate Cryptocurrency Exchange
SUMMARY
- Client
- Coinmate
- Tech stack
- MyBatis, Java, Oracle, Spring, AWS, Jenkins
Between 2014–2023 we delivered a complete solution for Coinmate, one of the largest cryptocurrency exchanges in Central Europe. After six months of iterative development, the exchange went live in October 2014. From 2015–2023, Profinit consultants worked with the internal team on extensions and integrations – client onboarding, trading, and marketing. Key challenges included designing and developing the trading kernel for buy/sell order entry and matching, and integrating each cryptocurrency’s blockchain to enable deposits and withdrawals.
Results
Project Background
One of the largest cryptocurrency exchanges in Central Europe, Coinmate, turned to several major software companies with a request to develop a cryptocurrency exchange. The goal was to build the exchange to banking standards. It was an ambitious, complex greenfield project at a time when no company on the Czech market had experience developing a cryptocurrency exchange.
Challenge
A major challenge was to design and develop the trading engine responsible for placing buy and sell orders and matching them.
A specific task was also to understand how individual cryptocurrencies work and integrate with their blockchains so users could make deposits and withdrawals.
Business Needs
The required solution had to meet the following specifications:
- Fully design, build, and launch a cryptocurrency exchange.
- Integrate with Czech banks and ensure bank-grade security.
- Serve both high-volume traders and users making small transactions seamlessly.
- Provide third-party integration by delivering an API for trading bots.
- Enable a dollar-cost averaging investment strategy or services offered by business partners.
Solution & Results
Development followed banking standards, using Java and Oracle Database. The technical solution enables the exchange to meet required regulatory norms (e.g., the EU Markets in Crypto-Assets Regulation—MiCA, and the EU Digital Operational Resilience Act—DORA).
The robust solution serves tens of thousands of users and can process dozens of exchange orders per second.
In addition to delivering a turnkey solution, Profinit implemented software development processes.
HEAR FROM THE CLIENT
Profinit’s team of experts created a cryptocurrency exchange for us based on our requirements from the ground up. They designed a comprehensive solution, which we successfully implemented, and helped us develop it further. Thanks to their experience in the banking environment, we were assured of the high security of the exchange. We also see Profinit’s consultants as important partners who helped us make key decisions to further develop our trading platform.
