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Exchange
What are the core systems of a crypto exchange?
Direct answer
A CEX needs five systems: an order book, a low-latency matching engine, a wallet/custody layer (hot/cold/MPC), a liquidity layer, and a KYC/AML compliance layer. Building or sourcing each well is what separates a real exchange from a UI skin over someone else's backend.
Details
. Building or sourcing each well is what separates a real exchange from a UI skin over someone else's backend.
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