National Digital Asset Exchange (NDAX)

Canada’s first officially-backed crypto exchange system.

Background

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.

The Goal

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.

The Journey

In the context of an inspiring partnership with NDAX, we immediately set out to work on a new frontend using Typescript, Angular 8, NodeJS + Express and MongoDB. This allowed us to implement an elegant and practical UI, one that best represented NDAX’s image and organically integrated an extra layer of functionalities, such as: user-to-user transfers, uploading a KYC ID, chart/graph maker and saving activities as a PDF file.

NDAX users had to be able to feel safe and eager wherever they chose to access their accounts. Via React Native, we developed an app that wasn’t just a mobile-friendly version of the platform – it actually enhances the experience of selling, trading, staking and earning more from digital assets.

A problem-free interaction with AlphaPoint, the world-renowned white label cryptocurrency exchange software, was crucial to provide a solid link between NDAX and Canada’s banking institutions. AlphaPoint provides customer legitimacy, exchange via crypto wallet and many other solutions for digital asset liquidity. Both the website and the mobile app had to accurately represent the information exchange with AlphaPoint and save the user’s activities in the backend.

Results

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.

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This project is developed using:

The mobile application: React Native.

CI/CD with Jenkins and hosted on GCP.

3th party integrations: AlphaPoint.

Awards
FINTRAC

FINTRAC

NDAX

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