Currently, exchanges have no standards for API when it comes to order books and transactions distribution format. CoinAPI change that by integrating to them and normalizing format across exchanges.
Exchanges and pricing information are indispensable in the popularization of crypto coins. This is the chief driving force behind CoinAPI’s, which aims to bring even more convenient and intuitive information to crypto users and traders.
“We are connecting to all the cryptocurrency exchanges and redistributing their data in a unified and normalized way, we are also archiving data and later provide it on demand via the API or in the flat files,” explained CoinAPI.
The project deals with the problem of over 90 exchanges with different API handling the same data. Thus, the startup has decided to normalize the data and offer a unified access interface. This would make trading more convenient, as even tickers would be normalized. Some confusion still exists for tickers however, such as XBT for Bitcoin, and both BCC and BCH for Bitcoin Cash.
“By sharing server infrastructure and software we have built, we can provide highest quality market data distribution service at affordable price. For our customers, it costs magnitudes lower if compared to the alternative of developing the solution in-house as will need to deal with software development costs, project management, data normalization and anomaly detection, servers cost and managing geographically dispersed infrastructure including designing in the first place and monitoring of it later, ongoing cost of maintaining and expanding the solution.” explained CoinAPI.
The idea for CoinAPI was born from attempts to do algorithmic trading based on several platforms and exchanges. Monitoring all the data to achieve good execution and complete view of the market was inconvenient, hence idea of the CoinAPI emerged as the solution to the problem.
CoinAPI already has the advantage of a working product doubling its user base every month. Currently, the platform has more than 10,000 registered free users. The startup is optimistic about the future, based on the crypto market’s boom.
The new project will have to compete with the Cryptocompare aggregator, which gathers trading information into one convenient, understandable package.
However, CoinAPI is going for a wider scope of data and more streamlined features. CoinAPI will aim for high-quality presentation and functionalities. In the last few days, CoinAPI launched it’s new product offering CryptoTick.com, allowing users to reach a wider pool of data in the flat files format on a pay-as-you-go basis. In the future, CoinAPI will aim to expand its information gathering to additional markets and exchanges.
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