Exchange: How To Approach

Reading Time: < 1 minute ;  Published: 1 year ago on May 26, 2020

First, legal clarity on the operation of a physical exchange would be sought to ensure that there was no legal roadblock.

TotalCrypto recommends that both the local exchange and incubator are located in the same local office. This means that the necessary space and layout considerations are required when shortlisting possible local offices to rent. The rental of the local office and exchange setup would be overseen by a gatekeeper and the following steps are required to make the exchange operational:

  • A working internet connection.
  • Deployment of exchange security measures.
  • Setup of an exchange counter and perspex dividers for exchange employees to work behind.
  • The setup of an identification procedure to process exchange transactions for locals (it’s unlikely all locals will have documentation like passports or birth certificates).
  • Procurement of exchange equipment.
  • Hiring and training of locals to help operate the exchange.
  • Deployment of exchange processes to minimise risk.

It is envisioned that the gatekeeper would collaborate with the participating cryptocurrency project team to execute the deployment and operation of the local exchange. It is also recommended that the exchange is monitored off-site for both the protection of exchange inventory and local exchange employees.

It is proposed that locals will be gifted their free crypto after watching a cryptocurrency educational video which will explain the value of cryptocurrency and how to use it. It’s recommended that a second separate educational video is created for local entrepreneurs, which shows them the benefits of accepting crypto as a payment method.

Next Section – Exchange: Key Questions