Fiat-to-crypto
Cryptocurrencies have gained popularity in recent years, and many people are looking to invest or trade digital assets but need to know how. That's why fiat-to-crypto exchanges allow users to convert traditional currencies, such as USD, EUR, or GBP, into cryptocurrencies. Using a fiat-to-crypto exchange, you can buy, sell, or trade cryptocurrencies based on the exchange rates and market conditions. These exchanges act as intermediaries, facilitating the exchange of fiat currencies for cryptocurrencies and vice versa.
Crypto exchanges OKX and Okcoin are merging, and OKX will open new legal entities when licenses become available for different parts of the world. One critical step is introducing a scalable solution for the unified fiat payment experience - which includes buy, sell, deposit, and withdraw - to existing Okcoin retail/ corporate users and new users in general.
People want to use fiat to buy crypto
Fiat-to-crypto exchanges operate like traditional brokerage platforms, yet their distinctive attributes set them apart in the world of cryptocurrency. Instead of navigating through intermediaries, users can acquire crypto directly from these exchange platforms. Okcoin is one of them, and as OKX gears up for its merger with Okcoin, it becomes ever more compelling for OKX to adopt these features.
In the PRD written by Product Managers, the problem was
"Create a brand new scalable solution for fiat deposit and withdraw for OKX leveraging off of what was done in Okcoin"
I've rewrote this statement to include pain points from businesses and users:
Create a scalable solution for fiat deposit and withdraw on OKX that
i) Complies with multiple new countries
ii) Allows users to migrate from Okcoin to OKX smoothly
iii) Sets OKX as a real competitor in the market, containing all the main features big players do:
• Support multiple fiat currencies as well as various payment methods
• Small fees
• Robust security measures
iv) Is a part of a unified fiat payment experience
Some of the initial internal challenges were
• No fiat payment services currently on OKX (Engineering, Design)
• Centralise all user journeys in one place by designing and developing a modularized template that attends to local requirements (Engineering, Design)
• The KYC module will validate the user by IP address or KYC country. After the user clicks on the currency, what payment channels they can do will be determined by their legal entity (Compliance)
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Initial user requirements: As a user, I want to...
• Check what currencies are available so I can choose the most rentable one
• Connect my bank account to my OKX account so I can transfer the balance to or from it
• Receive proper guidance when depositing money into my OKX account, so I don't lose money
Using Figma's Variables to scale
For this project to be scalabe I've studied how Variables, Figma's new feature, works. In the course of two weeks I was able to implement Variables to
i) Automatically swap content to attend multiple currencies and countries
ii) Design 04 breakpoints for responsive web
Metrics & ROI
Frequency of return (Engagement)
Average number of sessions per user (Engagement)
Returning users (Retention)
Repeat purchases (Retention)
Completion rate (Task Effectiveness & Efficiency)
Help tickets & support contact (Task Effectiveness & Efficiency)
Average time on task (Task Effectiveness & Efficiency)
# of purchases x buy fee = new revenue
# of purchases x sell fee = new revenue
Success rate x withdraw fee = new revenue
CS ticket reduction x cost/ ticket = costs savings
... And more
As the lead designer for Deposit I worked closely with three other product designers, my product managers (based in the US and Singapore), and a large engineering team (based in Singapore, Hong Kong, and across the US).
This is an ongoing project with phase 1 due to be released September(ish) 2023.
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Complete case study available upon interview request
Nothing great is built alone
If you have an idea in mind or just want to make a new friend, feel free to ping me!
