LetsExchange: Celebrating Three Years of Success
LetsExchange is celebrating its third anniversary! It has been an exciting journey with ups and downs along the way. We look back on those three years of challenges and achievements. Please join us in remembering this story of success.
From Humble Beginnings
Launched in March 2021, LetsExchange emerged with a mission to democratize access to cryptocurrencies and provide a seamless trading experience for enthusiasts and seasoned investors alike.
Alex J., Chief Product Officer (CPO) at LetsExchange, recollects: “LetsExchange was initially created as a crypto-processing to enable the exchange of a wide range of cryptocurrencies inside non-custodial wallets. With the experience accumulated in previous years, development of this solution began in the second half of 2020. By the year's end, we had our MVP in hand, battle-tested and ready for action. However, having a powerful solution is one thing; showing the world what it can do is another challenge. That's when we had our lightbulb moment: why not create a platform where everyday users could experience the crypto exchange firsthand? And just like that, LetsExchange.io burst onto the scene in March 2021, paving the way for hassle-free crypto swaps for everyone.”
LetsExchange began its journey with just 210 cryptocurrencies. At the time, crypto swapping was the only functionality available on the platform. However, aiming to provide a convenient exchange tool for users worldwide, the website was available in nine languages.
Trezor, the manufacturer of the safest cold storage wallets worldwide, was the first industry leader to appreciate the benefits of the crypto swap functionality powered by LetsExchange and soon integrated it into its products. In light of this encouraging event, the development team aimed to forge more strategic partnerships with key players in the crypto space. Pursuing this goal, LetsExchange launched a comprehensive affiliate program and unveiled its crypto exchange widget for partners in October 2021.
The SafeMoon Splash
Despite its multiple early achievements, LetsExchange also had its share of setbacks. However, the LetsExchange team has always regarded every obstacle as an opportunity to learn and improve the platform, as was the case with the SafeMoon. The project and its incredibly active community shook up the LetsExchange platform after just one X (Twitter) post about a collaboration.
Alex J. tells the story: “In the spring of 2021, we teamed up with SafeMoon Protocol, unleashing their wildly popular SAFEMOON token on our platform. The response was electric: a single tweet from their team set off a frenzy of demand, flooding us with over 5,000 exchange requests in just ninety minutes. Our system buckled under the strain, forcing us to pause operations for several days. But we didn't stay down for long. And, of course, we fulfilled all the requests we received. Learning from the experience, we swiftly upgraded our capabilities and bounced back stronger than ever, ready to handle whatever the crypto world came our way.”
To further strengthen the position of LetsExchange, the team started developing the platform’s service in two main directions: the number of supported coins and functionality for both users and partners.
Diverse Offerings
Over the past three years, LetsExchange has expanded its offerings to cater to the evolving needs of its diverse user base. Whether users seek to trade Bitcoin, Ethereum, or the latest and hard-to-find altcoins, LetsExchange provides the tools and resources to buy, sell, and trade all possible cryptocurrencies.
Alex J. recalls: “In 2022, LetsExchange achieved substantial growth in cryptocurrency offerings, strategic partnerships, and platform enhancements. We expanded our coin selection from 350 at the end of 2021 to over 2,000 by the end of 2022 and over 4,200 by 2023. As we mark LetsExchange’s third anniversary, our list of supported cryptocurrencies is shy of 4,500.”
During 2022-2023, the LetsExchange development team launched a redesigned and more convenient exchange widget, introduced DEX mode, implemented cross-chain swaps for the same token existing on different blockchains, and featured a number of tools for users, affiliates, and partners.
“In the second half of 2023, LetsExchange opened the opportunity to buy/sell crypto for over 60 fiat currencies. Since then, we have expanded the list of supported currencies (crypto and fiat) and introduced more payment methods,” says Alex J.
In parallel, key partnerships were established with Exodus, Edge, SwapZone, SwapSpace, prominent exchanges like Binance, HTX, and Gate, and numerous coin teams, turning LetsExchange into one of the most prominent instant exchanges worldwide in 2022.
“Our efforts were rewarded with the nomination of LetsExchange for the ‘Crypto Exchange of the Year’ Award at AIBC 2022, along with Binance, Huobi, and Crypto.com. We knew we were moving in the right direction and continued to expand by forging strategic partnerships with key players. By mid-2023, our list of partners included ARK, XEC, Telos, NANO, Verse DEX (Bitcoin.com), FLOKI, PIVX, Houdini Swap, Metis, FIRO, Hacken, and Pitbull, to mention a few. Our platform was again nominated for the ‘Payment Provider of the Year’ Award at AIBC Eurasia 2023 and the ‘Crypto Payment Solution of the Year’ Award at the SiGMA CIS/Balkans Summit 2023,” recalls Nadine Jin, Business Development Officer at LetsExchange.
Innovation at Its Core
At the heart of LetsExchange's success lies its unwavering commitment to innovation. By leveraging cutting-edge technology and continuously refining its platform, LetsExchange quickly earned a reputation for reliability and trustworthiness.
“Over the years, LetsExchange has differentiated itself from other instant exchanges by being a simple and convenient tool for exchanging cryptocurrencies in plain sight for users. However, under the hood, it is a complex liquidity aggregator integrated with over twenty liquidity providers, supporting over 4,500 assets and 20 million trading pairs. Liquidity and currencies are aggregated from CEX, DEX, and fiat providers, which our users can access easily and seamlessly without unnecessary complications,” Alex J. explains.
Security as Priority
LetsExchange has always prioritized security along with user experience. Over the years, the platform has been subjected to occasional unsuccessful hacking attempts. Additionally, malicious actors have targeted LetsExchange several times with DDoS attacks, which were swiftly thwarted. That is why the development team focuses on constantly improving the platform’s security, including collaboration with white hat hackers to identify and fix all potential vulnerabilities.
“From the very beginning, security was our priority. We have never spared expenses to ensure our customers, partners, and affiliates trade crypto in a safe environment. That is why, in 2023, we integrated several more AML providers into our verification system to guarantee that only legitimate funds are available on LetsExchange. Also, we reinforced our ecosystem’s security through a strategic collaboration with HackenProof to identify vulnerabilities in LetsExchange’s services and products. We also continuously improve our infrastructure, which is much more robust than it was in the beginning. Our crypto processing capability can now easily handle more than 5,000 requests per hour,” Tom Shelby, Head of Development comments.
Community Engagement
Beyond its role as a trading platform, LetsExchange has cultivated a vibrant and engaged community of users and partners who share a passion for cryptocurrencies and decentralized finance.
“Our vision of the ideal user experience extends beyond crypto processing. We redesigned our blog last year to foster user engagement and are currently reforming our content approach. Ultimately, we aim to offer our users a professional media platform with the necessary information to make correct investment decisions. Additionally, users can access various quests on the Zealy platform or on QuestN to obtain multiple benefits, including promo codes. Likewise, we took significant steps forward in providing our partners with a wide range of B2B solutions for cryptocurrency exchange. We revamped the personal account, allowing partners and affiliates to create widgets and exchange buttons that fully align with their brands and meet all business requirements in just a few clicks,” explains Gina Moor, Head of Content and Communications at LetsExchange.
As part of the broader crypto ecosystem, in 2023, LetsExchange implemented a universal solution to provide aggregators and other crypto monitoring websites with the necessary information to rank this exchange. Also, in the last year, LetsExchange representatives have attended over a dozen crypto-related events, including Web Summit, ETHcc, Prague Blockchain Week, SiGMA summits, etc.
Looking Ahead
LetsExchange has gone a long way to become one of the leading crypto exchanges worldwide. What started as a team of nine passionate blockchain entrepreneurs has developed into a global platform with fifty employees from Indonesia to Mexico serving tens of thousands of users worldwide. Despite the many milestones reached in the last three years, the team remains committed to improving LetsExchange’s platform and products.
“Our ultimate goal is to offer the best trading experience to our customers and partners worldwide. So, 2024 will bring many more surprises: rebranding, website redesign, and some new activities for users. Also, we are gearing up for an expansion by launching a mobile application, a custodial platform allowing users to store crypto and make instant exchanges and payments, and the LetsExchange fiat gateway,” Alex J. concludes.