CoinJar builds world-class cryptocurrency exchange on AWS
CoinJar used AWS to build a fast and reliable digital currency exchange, ensure financial compliance and security best practices, and scale its platform within 5 minutes during spikes in API requests. CoinJar is Australia’s longest-running cryptocurrency and digital payments platform. It uses Amazon ECS to automate infrastructure deployment, Amazon Aurora as its primary relational database, and Amazon Rekognition to automate identity verification.
“We see a lot of opportunities in the scalability of our products because we were built for a global market on AWS from day one.”Ryan Zhou, Cofounder and COO, CoinJar
Despite their rising popularity, cryptocurrency platforms are still loosely regulated in most countries, and new entrants to the market regularly come and go. CoinJar, Australia’s longest-running digital currency exchange, has built a reputation for security and reliability since its founding in 2013. It’s one of more than 300 registered digital currency exchanges sanctioned by the Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency. To date, CoinJar has more than $75 million in digital assets and 450,000 customers, most of whom are based in Australia.
CoinJar is a cloud-native, digital-first company that launched on the Amazon Web Services (AWS) Cloud. Its three founders share a strong engineering background, and they chose AWS for its excellent security track record and global presence. As a startup, they also wanted to keep CoinJar product-focused. “Setting up with AWS couldn’t have been easier,” says Ryan Zhou, cofounder and chief operating officer at CoinJar. “We were able to onboard independently and could deploy our first web application on a world-class cloud platform within weeks.”
Ensuring Financial Compliance
CoinJar partners with banks, brokers, and other financial institutions to offer its products to customers. As such, it must ensure compliance with the Payment Card Industry Data Security Standard (PCI DSS) and provide a resilient disaster recovery plan.
The startup uses AWS Web Application Firewall (AWS WAF) to protect its web applications and Amazon Relational Database Service (Amazon RDS) to support disaster recovery through automated backups of its database. “We rely on AWS both to help with compliance requirements and to ensure we have a reliable infrastructure built with security best practices in mind,” Zhou says.
To read more, please click on the link below…