All unicorns have more than one service provider to reduce risk. For example, having two SaaS providers to manage crypto assets. Using both a primary and secondary transaction management solution is best to minimise operational risk. Outlined below are examples.
Improved negotiating power:
There is less incentive for a single wallet service provider to consider lowering prices when they know your business is solely dependent on them. With dual providers, you can negotiate for more flexible and competitive pricing plans.
Better Tech Support:
Most service providers render sub-optimal support services once they consider a client to be closed, fully integrated and totally reliant on their tech. Having dual service providers keeps both of them vulnerable to losing your business to the other and hence more responsive to your needs.
Access to more Tech Options:
A single wallet service provider limits your tech choices. Dual service providers on the other hand enable you to choose from a wider array of options, which ensures you integrate the best solution for your digital asset business needs.
Mitigation of Operational Risk:
Integrating dual vendors reduces the risk of one vendor being acquired by another corporation that changes its operating model or product objectives. Having dual service providers also limits the negative impact of a vendor scaling down the development of their tech or outrightly going out of business.
Greater Flexibility and Uptime:
Another advantage of integrating dual wallet service vendors is that it ensures uptime should there be disruptions in the operation of any of them.
In closing, areas of your business experiencing massive user activity and requiring high-performing and hyper-scale infrastructure can be shared across the two vendors since there is little or no reliance on value-added services from any one wallet service provider.
THRESH0LD is a single, secure and simple to integrate API designed to help crypto exchanges & other digital asset businesses process mass transactions, reduce operating costs & save time with wallet automation. It can be integrated in one week either as a stand-alone solution or deployed to complement an already existing solution.
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