The cryptocurrency industry facing expansion all over the world for the past couple of years. Many cryptoprenuers are searching for business tie-ups as a startup. This is mainly because of the huge demand for cryptocurrencies in the crypto market. Crypto nerds believe that cryptocurrencies have hit the surface running and yield more investors than the previous years. So there are lots of cryptocurrency business ideas prevailing in the crypto industry.
The immense positive outcome of the market rise in 2020 has continued its momentum even in 2024. As a result, the crypto market adjusts to many changes adapting to the inclusion of new assets. The level of profit margin in a crypto business attracts many newly emerging entrepreneurs to show interest in the crypto business.
Many entrepreneurs search the high profit-yielding crypto businesses. In that regard, let us take a look at the profitable cryptocurrency business ideas with huge scope for the year 2024.
Cryptocurrency Business Ideas – Top 10 you need to know in 2024
Compiling the list of top crypto business ideas in 2024 would support newbie entrepreneurs. Because the list is compiled with proper data collection based on the benefits and revenue streams of the enterprise. So that, the newbie entrepreneurs could clear their doubts about their new cryptocurrency enterprises.
Let us discuss the top 10 crypto business ideas of 2024 one by one.
Cryptocurrency Exchange Platform
A cryptocurrency exchange is one of the best enterprise ideas in the crypto marketplace. It is a trading platform that allows you to buy and sell cryptocurrencies. The main function of crypto exchange is to match cryptocurrency buyers with sellers. Just like conventional banks, the user has to register in the crypto exchange before starting trading.
Well! The crypto exchange owner will get a fee for each time the user makes use of the crypto exchange. When it comes to generating revenue, there are several ways through which you can earn profits. They are,
- Fees for cryptocurrency deposit.
- Fees for crypto withdrawal.
- Trading commission fees.
- Listing fees
- Market-making fees
Aspiring entrepreneurs may choose the cryptocurrency business which helps them to achieve their industry goals easily. So considering the highest possibility of revenue making, Cryptocurrency Exchange Development is the first and foremost choice of aspiring startups.
Crypto Wallet Development
To buy, sell and handle virtual currencies, it is necessary to own a crypto wallet. A cryptocurrency wallet is software to store, send, and receive digital currencies. This crypto wallet not only stores the cryptocurrencies; but also keeps track of all their transaction records.
The crypto market has several types of wallets. They are generally classified as hot wallets and cold wallets. Speaking further, the profit margin will vary from wallet to wallet. A cryptocurrency wallet is always a one-time setup that is capable of bringing rewards consistently.
Some of the ways you can earn from a crypto wallet are,
- Transaction fees
- Fees for staking
- New token or coin launch fees
- Consultation fees
So budding business startups could engage in Crypto Wallet Development which could let you earn in passive ways.
Develop a Crypto Payment Gateway
Businesses across the globe now accept virtual currencies as payment as it is safe, secure, and inexpensive. Crypto Payment Gateway acts as a medium in assisting payment among business parties. The demand for a crypto payment gateway makes them one of the top cryptocurrency business ideas. Cryptocurrency payment gateway implements secure transactions and gets digital payments from clients across the globe.
When looking from a business perspective, it is one of the best progressions in the financial sector for facilitating payments for the customer. As a revenue stream, the owner can earn from every transaction the payment gateway has completed. So, Crypto Payment Gateway Development allows startups to earn a high-level passive income.
Some of the other profit-earning ways are,
- You can allow third parties to post advertisements on your platform.
- You can also monetize your payment gateway from Google Adsense.
Cryptocurrency Crowdfunding
One of the most useful and excellent cryptocurrency business ideas is cryptocurrency crowdfunding. It is a fundraising platform for gathering funds from various investors to initiate or develop a crypto enterprise. Nowadays many startup companies are created using the funds collected through crowdfunding strategies. If crowdfunding does not meet the demand of the business head, the collected funds will be given back to the investors.
There are multiple types of crowdfunding methods available in crypto crowdfunding. Some of the popular crowdfunding methods are,
- Initial Coin Offering (ICO)
- Security Token Offering (STO)
- Initial Exchange Offering (IEO)
- Initial DEX Offering (IDO)
Speaking about revenue generation, startups get rewarded by the business heads who approach crowdfunding platforms for their business. On the other hand, some crowdfunding providers earn a certain percentage of wholesome money collected by crowdfunding platforms.
Bitcoin Mining Business
Bitcoin mining is the process of creating new bitcoin tokens and coins. For that, you need an advanced mining tool, software, and hardware package. And a crypto wallet to store the crypto assets. This requires a lot of capital investment. If you are short of financial resources, you may join the mining pool.
When it comes to revenue generation, you are rewarded by the bitcoin network for each new block created. Besides that, you can earn transaction fees once the asset is moved from one crypto exchange to the wallet. So, the more you are mining will give you the earning more you. Thus Bitcoin mining business is being one of the high revenue-generating methods.
Crypto Lending and Borrowing platforms
Crypto lending and borrowing platforms are acting as a middleman between the lender and borrower. It allows borrowing as well as lending digital currencies for interest or a fee. If you have some amount of crypto assets, you can lend them out to earn interest. On the flip side, the user can seek loans accepting the platform to pay interest. The bank needs a guarantee when offering loans. The collateral serves the purpose here as a guarantee.
So, this process is more or less like a conventional financing business. But when it comes to profit, here, the profit margin is higher than in traditional finance like banks. However, the noteworthy thing is the interest that varies from platform to platform. Furthermore, the Cryptocurrency Lending and Borrowing platform could be developed in both centralized and decentralized operational modes.
Crypto Gaming Platforms
Gaming platforms are considered to be one of the popular revenue-generating models before the launch of crypto gaming platforms. But now, blockchain technology makes the crypto game platforms gain through P2E (Play to Earn) games. When playing crypto games, gamers are rewarded with Non-Fungible Tokens (NFTs). The gamer can keep it as an asset or trade the NFTs with any exchanges. Some of the famous crypto gaming platforms are,
- Decentraland
- World of Ether
- OpenSea
- Dapper Labs
- Mythical Games
When it comes to earning through the crypto gaming platforms, you can post ads in the games. Making gamers pay for subscriptions or the game components could let you earn.
Start NFT Marketplace business
NFT marketplace is a well-known platform where we can store, display, trade, and even mint Non-Fungible Tokens. As I stated earlier, the growth of this marketplace opens a lot of possibilities in the crypto world like NFT games. Furthermore, the owner of the marketplace will get benefits from every single display and trading can be done with the digital tokens.
Hence, the NFT marketplace is getting the attention of many startup businesses. The possible ways of earning with the NFT marketplace are Listing fees, Minting fees, and Sales fees. In addition, you can earn through advertising, token sales, and promotions. So providing multiple ways of revenue generation keeps the NFT marketplace as a popular cryptocurrency business.
Defi Exchange platforms
DeFi exchange is the platform allowing users to buy, sell and trade crypto assets without the need for intermediaries or middlemen. With the support of Decentralization, crypto nerds take part in trading practices with a lower transaction fee. In addition, these exchanges are working with smart contracts – A self-executing mechanism that takes care of the successful transaction.
For entrepreneurs, fees are the primary way you can earn from the DeFi exchange platform. Furthermore, the DeFi exchange needs liquidity for its smooth operations. When your users lock their crypto asset in a liquidity pool for providing liquidity to the exchange, you can get some percentage of the transaction fee as your earnings. Therefore, budding startups could enjoy the benefits of multiple profit-making when they involve in DeFi Exchange Development.
DeFi Wallet
A DeFi Wallet is the perfect place that allows users to securely store, manage, and transact with their crypto assets. By working nature, DeFi wallets are faster due to their decentralized nature. DeFi wallets can be integrated with DeFi protocols and decentralized exchanges. This is how they can allow users to participate in DeFi services and trade crypto assets.
Defi is a non-custodial wallet that gives the user full access to their crypto assets. Therefore, the user can send and receive money from any of the users by paying fees. So as an aspiring entrepreneur, DeFi Wallet Development could let you can earn largely from the network fees.
DeFi Token
DeFi tokens are like rewards given to the users for doing transactions with the DeFi platform. It conveys values and are classified as utility tokens or asset tokens. Utility tokens allow users to get access to crypto assets. However, the asset token represents a digital asset.
When it comes to revenue generation, Token staking is the primary way of earning from DeFi tokens. You can stake your token for a certain period and earn from interest. Other than that, you can create and sell your DeFi tokens to earn.
Create DApps
Decentralized apps or dApps are open-source platforms developed as a part of supporting Decentralisation. Ethereum blockchain is a popular blockchain, the most of the decentralized apps are developed. DApps are decentralized in nature and are known for their transparency and accountability. So as an entrepreneur, you can generate high revenue from dApps through transaction fees. Other than that, you can earn from
- Advertisement posting,
- in-app purchases
- support to affiliate marketing
- Subscriptions.
- Supplying digital goods
So, dApps are considered to be one of the visionary money-making cryptocurrency businesses in terms of profit-gaining methods and global market reach.
Final thoughts
So far we have seen the top 10 cryptocurrency business ideas that are attracting startup businesses. Since the beginning of cryptocurrencies, the financial sectors facing a lot of changes.
With the rise of numerous business opportunities surfacing courtesy of cryptocurrencies, there is an increase in demand for quality services. In that regard, if you are thinking of creating any crypto-related services, it is necessary to approach the best Blockchain Development Company.
We, at ZAB technologies, have the best and most technically equipped developers who provide you with a well-functionating crypto-related development service. Our services and track record speak for themselves along with some stellar conduct from our clients all over the globe.
