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Crypto is a treasure trove of opportunities for you to capitalize on for your next business!
Whether you’ve come from a conventional business or just trying out something new in crypto, there are a ton of endless opportunities for businesses!
As such, I’ve compiled a quick list of some crypto business ideas that work that are worth considering!
Read on for more information:
What Are The Best Crypto Business Ideas?
1. Start a Crypto Exchange Platform
If you’re looking to get into crypto, one of the best crypto business ideas is a crypto exchange platform.
A crypto exchange is a centralized place that allows crypto traders to buy and sell cryptocurrencies, as well as trade crypto pairs.
A crypto exchange is a platform that allows users to buy and sell cryptocurrencies. If you have the technical know-how, starting your own crypto exchange can be a great business idea.
There are a few things you need to consider when starting a cryptocurrency exchange, such as which countries you want to operate in, what fiat currencies you want to support, and which cryptocurrencies you want to list.
Another thing to consider is the fees you will charge users. You can charge a flat fee per trade or a percentage of the trade value.
You can also consider doing your own crypto charting software embedded within your crypto exchange, taking inspiration from others already out there.
Finally, you need to think about security. When handling other people’s money, security is of the utmost importance.
There are many benefits to starting your own cryptocurrency exchange.
(a) Control Crypto Pair Trading Fees
For one, you’ll be able to control the fees charged to users as well as the types of crypto pairs that are traded on your exchange.
(b) Promote Crypto-Related Products and Services
Another benefit is that you’ll have a platform to promote other crypto-related products and services. For example, you could list Initial Coin Offerings (ICOs) on your exchange or offer consulting services to help businesses launch their own ICOs.
2. Create a Crypto-Based Marketplace
Another great crypto business idea is to create a crypto-based marketplace. This could be an online marketplace where people can buy and sell goods and services using cryptocurrency.
Or you could also start a physical marketplace/store where people can use crypto to buy and sell goods and services in person.
Some examples of things that could be sold in a crypto marketplace/store include:
- Cryptocurrency mining equipment
- Cloud mining contracts
- Crypto wallets
- Tutoring services
As you’ll be selling the tools of the trade, there is less security risk, but more inventory risk.
- Low barrier to entry – all you need is a website or physical space to set up shop
- No need for traditional financial infrastructure – crypto can be used as a payments method
- Access to a global market – with crypto, you can sell to anyone in the world with an internet connection
3. Offer Crypto Consulting Services
If you have experience in the crypto world, another crypto business idea is to offer crypto consulting services.
This could involve helping crypto businesses launch their own digital currency such as ICOs, getting listed on exchanges, or providing general advice on cryptocurrency investing.
- Can be done remotely – all you need is an internet connection
- High demand – with the crypto industry still in its early stages, there is a lot of demand for crypto consulting services
- Can be profitable – crypto consulting fees can be quite high
4. Create a Crypto Hedge Fund
If you have experience in the financial world, another superb crypto business idea is to start a crypto hedge fund. A crypto hedge fund is a type of investment fund that invests in cryptocurrency.
- Can be done with relatively little capital – compared to traditional hedge funds, crypto hedge funds can be started with less capital
- Potentially high returns – due to the volatile nature of crypto, crypto hedge funds have the potential to generate high returns
- Access to a new asset class – for investors looking to diversify their portfolios, crypto hedge funds offer access to a new asset class
5. Mine Cryptocurrencies
Cryptocurrency mining is the process of verifying transactions on the blockchain and earning rewards in cryptocurrency.
It’s actually one of the best cryptocurrency business ideas simply because of it’s lower security risks.
To do this, you’ll need to invest in crypto mining equipment, such as GPUs or ASICs. You’ll also need to set up a crypto mining rig, which is a computer that is specifically designed for mining crypto.
However, to begin doing this, you’ll need lots of technical knowledge on blockchain technology, and the hardware required to mine proof-of-work blockchains like Bitcoin.
- Can be done with relatively little capital – compared to traditional mining, crypto mining can be done with less capital
- Potentially high returns – due to the volatile nature of crypto, crypto mining has the potential to generate high returns
- Access to a new asset class – for investors looking to diversify their portfolios, crypto mining offers access to a new asset class
- A relatively steady stream of income – you just need to manage the inventory and equipment well
- Lower risk than other DeFi, GameFi, Metaverse, or crypto businesses
6. Develop Crypto-Based Applications
Developing crypto-based applications is one of the best crypto business ideas you can attempt.
These could be applications that help people manage their cryptocurrency portfolios or that allow businesses to accept crypto payments.
If you’re into DeFi, you can attempt to build your own Decentralized Applications (dApps) on a browser or on apps.
Examples can be NFT portfolio trackers, crypto portfolio trackers, NFT marketplaces, Crypto wallets, a crypto payment gateway, and more.
- Can be very lucrative if there are users using it constantly
- dApp development in the crypto space doesn’t have any clear winners yet
- Can be profitable – crypto-based application fees can be quite high
7. Create A Smart Contract Auditing Company
A smart contract is a piece of code that is stored on the blockchain. Smart contracts are used to automate transactions.
As cyber security becomes more important, this is will become one of the best cryptocurrency business ideas you can take a shot at.
This crypto business idea is not what new entrepreneurs will attempt.
This is because smart contracts can be complex, and there is a need to ensure that they are secure and error-free.
As such, conducting security audits for smart contracts in an auditing company can be a really lucrative crypto business idea.
- Can be done remotely – you can build a global team of talented employees
- High demand – with the crypto industry being relatively prone to hacks and security concerns, there is a lot of demand for smart contract auditing services
- Can be profitable – smart contract auditing fees can be quite high or each project
- Consistent income – projects need to get their code constantly get audited so they can be trusted by investors
With this business model, there is a potential to become the go-to smart contract auditing company globally.
The crypto smart contract auditing industry is still in its early stages and has the potential for startups to join the current big players.
8. Create A Crypto Marketing Agency
This business idea is perfect for those of you who are new to entrepreneurship and have some experience in the crypto world.
If you already know the crypto market well and you have marketing skills in SEO, content creation, have connections with popular NFT influencers, and YouTubers, it will make a lot of sense to start a crypto marketing agency.
A crypto marketing agency is a specialized marketing agency that helps crypto and blockchain businesses to market their products and services.
As Crypto investors are of a certain archetype that requires a different marketing strategy from other companies, many marketing agencies have yet to get it right in promoting hype in the right way for their clients.
There is a real need for a crypto marketing agency that can stand out from its competition, as such, it’s one of the best cryptocurrency business ideas.
- Great if you already know the world of marketing. Marketing Web 2.0 is similar to Web 3.0.
- High demand – with the crypto industry being relatively new, there is a lot of demand for crypto marketing agencies
- Not many prominent competitors as of now
9. Provide Crypto-Based Invoicing and Accounting Services
As crypto and blockchain become more popular, there is a need for crypto businesses to be able to invoice and account for their crypto transactions.
This is where you come in. You can provide crypto-based invoicing and accounting services. This way, crypto businesses will be able to keep track of their crypto transactions easily.
Since many crypto businesses struggle with doing up their taxes, they need people who have professional credentials in accountancy and knowledge in managing cryptocurrencies and digital assets.
This crypto business will thrive regardless of the volatility of digital currencies in the crypto market.
- Accounting services are always needed by crypto-related companies due to the tax requirement in the US
- There is high demand for accounting services because not many businesses know how to handle it
There you have it, the best crypto business ideas for your next project.
The crypto space is still in its early stages and there are lots of opportunities for crypto businesses to grow. So if you are thinking of starting a crypto-related business, now is the time to do it!
I hope you find a business idea that is suitable for you
Wishing you all the best in your business endeavors in this complicated but exciting world of crypto!
Thanks for reading!
Justin is the founder and author of Justjooz. He is a Nanyang Technological University (NTU) alumni and a former data analyst.
Now, Justin runs the Justjooz blog full-time, hoping to share his deep knowledge of business, tech, web3, and analytics with others.
To unwind, Justin enjoys gaming and reading.