How does a P2P cryptocurrency exchange work?

Christianl

As cryptocurrency exchange platform owners, most of them are not aware of how the platform works.
Here's how it works:

1. First things first, users need to register on the P2P cryptocurrency exchange platform.
2. KYC has to be verified by the admin on the platform
3. The buyer places a purchase order
4. These are done with the help of the matching order
5. It undergoes the smart contract and escrow system when the requirement is met and the exchanges are made
6. Then buyers have to pay through the wallet for their assets
7. The payment is confirmed by the seller.
8. Through the satisfaction of the escrow system, both assets are released to their wallet addresses.

These are the workflows followed by the P2P cryptocurrency exchange development company