Setting up a Stellar anchor for your business can be a game-changer, opening up new revenue streams and giving access to hard currency, but the process isn't always easy. You've got three main options: build it yourself, let someone else build it for you, or choose BPV's instant Anchor-In-A-Box. Let's explore these options:
1: BUILD IT YOURSELF
Stellar is open source so building something yourself on Stellar and Soroban is always an option. One of the key advantages of building your own Stellar anchor is the level of customization and control it offers. You can tailor the system to your specific business needs and ensure a seamless integration with your existing infrastructure. However, this approach requires significant technical expertise, particularly in understanding and implementing the various SEPs, and connecting them to all the additional compliance systems you need as an Anchor. It also demands a substantial investment of time and resources to develop, test, and maintain the system ensuring it is operational, following the latest standards, and 100% secure.
2: OUTSOURCE BUILDING A NEW ANCHOR
Outsourcing the development of a Stellar anchor can alleviate some of the technical burdens, but it comes with its own challenges. Finding a reliable partner with the necessary expertise and ensuring effective communication and project management can be difficult. Additionally, you may have less control over the final product and may need to compromise on certain features or customization options.
3: GET UP AND RUNNING FAST WITH YOUR OWN ANCHOR IN A BOX
BPV's Anchor-In-A-Box offers a compelling alternative, providing a turnkey solution that supports a wide range of SEPs out of the box. This includes SEP-24 for wallet integration, SEP-10 for authentication, SEP-1 for stellar.toml, SEP-6 for non-interactive deposit and withdrawal, and SEP-31 for anchor-to-anchor traffic. The system can also support various other blockchains making it a versatile solution for businesses looking to integrate with multiple networks.
BPVs Anchor-In-A-Box supports both Basic and full tier one bank KYC through Sum & Substance This ensures that businesses can comply with regulatory requirements and maintain a high level of security. The system also offers flexible fee charging options, allowing businesses to set a combination of flat fees and percentages for inbound and outbound transactions.Plus a whole host of additional features including webhooks, export to CSV and much much more!
From a technical perspective, Anchor-In-A-Box is built using Django 3.x and ReactJS, with support for various databases such as PostgreSQL. The system includes an admin panel for configuring rates and settings, as well as a range of monitoring and notification features. This includes email notifications for received payments and completed transactions, as well as error monitoring through Sentry.io. You can also customize the anchor to any of your business needs if required.
In conclusion, BPV's Anchor-In-A-Box offers a compelling solution for businesses looking to set up a Stellar on and off ramp. With its support for a wide range of SEPs, flexible customization options, and robust technical architecture, it provides a comprehensive and user-friendly alternative to building an anchor from scratch or outsourcing the development to build anew. It is no surprise that many of the largest anchors on Stellar use BPVs Anchor in a Box to benefit from our continuous development and knowledge of the ecosystem.
As this ecosystem continues to grow and evolve, Anchor-In-A-Box continues to be a valuable tool for businesses looking to capitalize on the opportunities it presents.
