SMART VALOR: Digital asset exchange

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Top 10 Most Exciting Technology SMBs in Europe

Thomson Reuters Incubator grads

Сhosen by Swiss Innovation Agency for Government Grant

HIGHLIGHTS

Industry: FinTech, Digital assets exchange / Crypto / Blockchain
Location: Switzerland, Liechtenstein, Germany
Employees: Over 50
Duration: 9 months and ongoing

SMART VALOR is the first crypto exchange to debut in Liechtenstein in 2019 and the first to gain regulator approval for custody and exchange

ABOUT CLIENT

Smart Valor is a Swiss company operating a full-service digital asset exchange for trading, custody, staking and issuance which serves the European, Asian, and South American markets. Founded in 2017 out of Thomson Reuters incubator, the company is backed by leading institutional investors such as Venture Incubator funded by global Swiss brands such as Credit Suisse and Nestle. Smart Valor is supported by the Swiss government through the Innosuise innovation program. The Smart Valor exchange is registered and governed by the laws of Liechtenstein

BUSINESS CONTEXT

Сryptotokens is taking over the digital world. The digital and physical worlds have been existing in separate realms for a long time. The base concept our client is working on is to create a link between the digital and physical worlds, making assets digital and liquid and democratizing investor access in the process.

SMART VALOR was one of the first companies to adopt tokenization and decentralized finance (DeFi) when it was founded in the Swiss Crypto Valley in 2017. Forbes named SMART VALOR as one of Europe’s 10 Most Exciting Technology SMEs, and the company is currently leading the way with its 100% regulations-compliant cryptocurrency exchange and digital asset marketplace.

PARTNERSHIP STORY

Aterise has introduced a strategic plan for product and project team development. We have performed an insightful discovery phase that allowed for a highly effective project kick-off. This also included a well-structured team setup and ambitious ramp-up plan to productively realize the envisioned concepts and solutions by a committed team of engineers. Thanks to Aterise’s vast experience in the Fintech space and knowledge of the industry supported with a highly proactive discovery, we earned the trust of the customer and were selected in a challenging competition among multiple IT companies from all over Europe.

CHALLENGE

Aterise was tasked to develop and implement new features and services, enrich the existing UI, and increase productivity of the rapidly evolving software product taking into account regulatory requirements (FINMA in Switzerland and FMA in Liechtenstein) during implementation of a highly scalable solution.

Another big chunk of the scope was to automate the Client’s internal business processes in order to optimize employee performance.

One of the major challenges of the engagement was the very high technological complexity of the product, which required from any vendor a top level of architectural and technical maturity.

The mission we have been focusing on from the early beginning is refining and building high-priority features that generate core business value — brokerage mechanics and cryptocurrency exchange. This focus required a constant attention to a multiple jobs and factors:

  • Enhancing software architecture without interrupting the operations
  • Ensuring high security and great performance
  • Continuously improving user experience

To accomplish the objective, Aterise successfully took over a number of important project tasks:

  • Got a clear understanding of the current project’s structure, as well as challenges of a smooth end-user lifecycle
  • Ensured that our team is fully integrated into the current process supporting different Agile models
  • Quickly transferred and adopted the knowledge
  • Pro-actively shared the knowledge of Blockchain and Fintech industries across the involved teams

SOLUTION

Following the strategic product roadmap and the prioritized backlog, Aterise allocated a dedicated team of skilled software engineers who are currently working full-time on the project. The team is evolving and expanding to meet the CPO and CTO demands and the company’s objectives.

  • We chose an efficient delivery organisation made up of Agile methodologies for feature development, maintenance and support as an effective model of work and communication within the project, which enabled us to deliver results on time and increase customer satisfaction
  • Aterise assembled a solid team of specialists that covers an end-to-end product development: planning and management, backend and frontend development, quality assurance, deployment and CI/CD procedures, product maintenance, Business Ownership, development and Operation (e.g. Customer Support)
  • Our team team heavily contributed to the architectural solutions, utilizing the cutting-edge architectural patterns, leveraging the microservices, and other cloud architecture approaches
RESULT

Upon successful integration of the Aterise team and its solutions into the Smart Valor processes, a number of bottlenecks were resolved and the development process was streamlined significantly, which allowed for accelerated feature implementation.

  • Our team provided a quick, flexible way of launching new products/assets making them available for secondary market and custody. That has allowed the platform to handle the related operations internally enhancing thereby market adaptation speed, transaction velocity and security
  • In order to speed up the internal procedures as much as possible, Aterise team automated token deposit and withdrawal, as well as reduced manual work and offload manual work from operations, which gave them an option to focus on other tasks and speed up company process
  • Aterise has improved security by the latest technologies in the Fintech field. We have implemented two-factor authentication, MFA/2FA confirmations and anti-phishing code in email notifications supporting a secure governance of financial operations
  • We’ve implemented a fraud-detection mechanism to the platform, both for classical financial operations as well as realtime blockchain based operations. The Aterise team has coded the fraud-filtering logic based on multi-factor analysis, including credit cards usage statistics, account owner behavior, and tracking the acquiring bank’s errors

We are proud Aterise’s services and development efforts became of high value for Smart Valor and it’s clients. The platform has been able to acquire new users more efficiently and demonstrated substantial growth over the 3 months after the features had been implemented and as a result significantly offloaded effort from organisation operations. Currently, we are working proactively on further product improvements in close collaboration with our customer’s product management team.


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