Cryptocurrency Business

How Much Does It Cost To Start A Cryptocurrency Business? (In 2024)

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Updated: October 5th, 2024

Looking to start a cryptocurrency business?

But curious about:

how much it costs to start a cryptocurrency business?
what are the typical cryptocurrency business startup costs?
or the actual cost of starting cryptocurrency businesses?

Well, we have the data to prove it, supported by real cryptocurrency businesses and how much they actually cost to start.

Let's go over it.

What is the average cost of starting a cryptocurrency business?

Based on our data reported by actual cryptocurrency business founders, the average cost of starting a cryptocurrency business is between $2,000 and $700,000.

Additionally, our data shows that the the median startup costs for a cryptocurrency business are around $120K.

Remember, though, not all cryptocurrency businesses are the same - and neither are people's budgets. It's important to distinguish between different levels or types of cryptocurrency businesses

Real World Examples: How much does it cost to start a cryptocurrency business?

We asked real cryptocurrency business founders and business owners how much it actually cost to get started?

Here is what they said:

Eivind Semb

Founder of Coinpanda ($35K/month)

"The total cost for the first version of the final application ended up being roughly four times what I had initially budgeted for."

Eivind Semb is the founder of Coinpanda, a cryptocurrency portfolio tracker and tax solution business that helps users report their cryptocurrency taxes across over 100 exchanges, blockchains, and services.

Read this case study

Read by 7,236 founders

Punit Thakker

Founder of Finvault ($220K/month)

"Although this has meant we have been met with fairly hefty setup costs, we wholeheartedly believe in the importance of legality and fully support and champion the need for high regulation in the financial services industry, as it ultimately benefits our users and ensures their safety."

Punit Thakker is the CEO and co-founder of Finvault, a digital wallet and fintech business aiming to financially connect the world.

Read this case study

Read by 3,021 founders

Dominik Weil

Founder of BitcoinVN ($25K/month)

"Our starting budget was about $5,000 - personal credit card debt."

Dominik is the founder of BitcoinVN, a Bitcoin exchange business in Vietnam that has grown to include a variety of services such as a crypto remittance platform and a high-volume OTC desk.

Read this case study

Read by 3,551 founders

Shaan Puri

Founder of The Milk Road ($125K/month)

"Milk Road started as a Google Doc that the co-founders emailed to friends. They created a simple logo of a milk bottle on Canva and acquired the domain for $2000."

Shaan Puri is the co-founder of Milk Road, a daily crypto newsletter and website that provides tools, analysis, and news to help readers stay updated on cryptocurrency.

Read this case study

Read by 3,158 founders

Carl Gärdsell

Founder of Divly ($10K/month)

"At this point, there were only two of us working on the business. I had survived off my savings, and my co-founder was building the platform whilst studying at university at the same time. We realized that the concept was working and that we could likely build a functioning business around it. So we raised a small angel round to help us along the way. This allowed us to hire three key employees/contractors and even take out a small salary ourselves."

Carl is the co-founder of Divly, a cryptocurrency tax calculation and reporting business that helps customers manage their crypto tax obligations efficiently.

Read this case study

Read by 3,194 founders

SimpleSwap

Founder of SimpleSwap.io ($50K/month)

"The main resource we spent was our time and our own savings, it took us only a week to launch the MVP."

The SimpleSwap team started SimpleSwap, a cryptocurrency exchange service that now boasts over 200,000 monthly active users.

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Read by 5,882 founders

Adrian Pollard

Founder of HollaEx ($35K/month)

"The MVP took just 2 weeks to build and cost only $400. I registered the domain and it cost $12.99. It really didn't cost much."

Adrian is the co-founder of HollaEx, an open-source crypto software startup, which allows businesses to start their own crypto exchange.

Read this case study

Read by 5,615 founders

Vamshi Vangapally

Founder of BearTax ($3.7K/month)

"Minimal start-up costs. Infrastructure Credits from YC startup school has helped us get to the state where we can cover a few months and the revenue generated in those months gave us enough runway to stay bootstrapped and work on the next steps."

Vamshi Vangapally is the founder of BearTax, a cryptocurrency tax software platform that helps traders and accountants consolidate trades and calculate taxes efficiently.

Read this case study

Read by 9,757 founders

Auston Bunsen

Founder of CBlocks.io ($32K/month)

"Once we realized we had demand for the product, we ordered custom USBs. We spent all of our weeknights, literally 8PM-5AM, writing custom software that encrypted our customer's private keys, automating wallet generation, building a nice user interface, and getting the CBlock USBs shipped out. We have been iterating on the software and we have some really awesome stuff planned for the hardware side of it as well! All in all, the process took us about 80 man hours over about one week working every night."

Auston Bunsen is one of the founders of CBlocks.io, a business that makes it easy for people to acquire and learn about cryptocurrency.

Read this case study

Read by 14,115 founders

Enjoyed reading these real world examples?

Our platform is full of case studies of successful cryptocurrency businesses that you can learn from.

Starting a cryptocurrency business - what you should know:

Starting a cryptocurrency business involves various costs and considerations that can significantly impact your budget and planning.

Legal and Regulatory Compliance

One of the primary costs in starting a cryptocurrency business comes from ensuring compliance with local and international regulations. Legal fees can range from $10,000 to $100,000, depending on the complexity of your operations and the jurisdictions you plan to operate in. Additionally, obtaining necessary licenses can add another $50,000 to $200,000 to your initial costs.

Technology and Infrastructure

Setting up the technological backbone of your cryptocurrency business can be a major expense. Essential components like blockchain development and application servers can cost between $50,000 and $400,000. If you're planning on building a secure custom wallet and exchange platform, this might push your technology costs higher, up to $1 million.

Marketing and Customer Acquisition

Marketing is another significant cost. Initial marketing campaigns to attract users and build a brand can run from $20,000 to $200,000. Keep in mind that ongoing customer acquisition costs are essential to maintain a competitive edge and can reach up to $500,000 annually, especially if you're targeting a global audience.

Security Measures

Security is crucial in the cryptocurrency space, given the high risk of hacks and fraud. Investing in robust security measures such as encryption, security audits, and insurance can cost from $10,000 to $150,000 initially. Ongoing security maintenance can add another $5,000 to $50,000 per year, depending on the size and complexity of your operations.

Operational Costs

Finally, consider the operational costs, including salaries for your team, office space, and utilities. Depending on the size of your team, these costs can amount to anywhere from $100,000 to $500,000 annually. If you opt for a remote team, this can reduce office space costs but may add to communication and management expenses.

Understanding and planning for these cost factors can help you better prepare for the financial requirements of starting a successful cryptocurrency business.

Potential Costs of Starting a Cryptocurrency Business

Starting a cryptocurrency business involves multiple expenses ranging from infrastructure to compliance, each of which can vary widely based on the business model and geographic location. Below is a detailed breakdown of the potential costs:

Cost Category	Specific Costs	Estimated Range (USD)	Notes
Legal and Compliance
Legal Consultation	Attorney fees	$200 - $500 per hour	Cost depends on the complexity of legal requirements in your jurisdiction.
Licensing	Regulatory filings	$5,000 - $50,000	Dependent on the region and type of licenses required.
Compliance Software	AML/KYC software	$1,000 - $5,000 annually	Necessary for ensuring regulatory compliance.

Technology Infrastructure
Web Hosting	Server costs	$100 - $500 per month	Includes cloud services (e.g., AWS, Google Cloud).
Blockchain Development	Blockchain platform development	$10,000 - $200,000	Cost varies significantly based on blockchain complexity and features.
Wallet Development	Crypto wallet development	$20,000 - $50,000	Essential for storing and managing cryptocurrencies.
Security	Cybersecurity measures	$10,000 - $50,000	Includes audits, penetration testing, and security software.

Operational Costs
Office Space	Rent and utilities	$500 - $5,000 per month	Depending on location and size of the office.
Staff Salaries	Developers, marketing, and admin	$50,000 - $150,000 annually per person	Varies based on experience and regional salary standards.
Marketing	Advertising and promotions	$10,000 - $50,000 annually	Essential for reaching potential customers and investors.
Customer Support	Support team salaries	$30,000 - $60,000 annually per person	Cost depends on the level of support offered.

Miscellaneous Costs
Education and Training	Courses and certifications	$500 - $5,000 annually	For keeping the team up-to-date with the latest technologies and regulations.
Hardware	Computers, servers, and other devices	$5,000 - $20,000	Initial setup costs for necessary hardware.
Legal and Accounting	Ongoing accounting and legal fees	$5,000 - $20,000 annually	Required for financial and legal compliance.

This table outlines a comprehensive view of the diverse costs involved in launching and sustaining a cryptocurrency business. The actual costs may vary based on specific business needs and market conditions.

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Starting A Cryptocurrency Business: Everything You Need To Know

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