How does CoinAPI help businesses? 5 benefits of using CoinAPI to develop your product

How does CoinAPI help businesses? Well, Imagine the following situation. Your application requires data or functionality. For instance, suppose you want to view all historical cryptocurrency data. You could contact the exchange directly and request a spreadsheet containing all of this information. But then you’d have to figure out how to import that spreadsheet into your application, and even if you stored them in a database, as we have, the data would quickly become outdated. It would be impossible to keep up with the changes.

How CoinAPI’s Market Data API helps businesses

CoinAPI’s goal has always been the same: to make the most of cryptocurrency data by providing easy-to-use and developer-friendly APIs so that our clients can focus on building their apps and growing revenue.

It would be preferable and easier for cryptocurrency exchanges to provide you with a way to query their application to obtain that data, which you could then view or use in your own application. That way, it would always be up to date. Here, CoinAPI is filling the gap by connecting exchanges with customers’ products/services and by providing the best-in-class history data from the cryptocurrency market with less than 1 ms latency.

So, why incorporate APIs into your product or service? How is CoinAPI helping businesses? The following are the top five advantages of integrating CoinAPI into your product or service.

1. Grow your business and focus on building your own product with the ecosystem of crypto API

For years, many businesses struggled with developing too many tools while never truly developing their core product. And, nowadays, many businesses rely on software, which must communicate with a variety of software platforms. However, how can a company offer its valuable product or service to a large number of potential customers without collaborating with API providers? This layer of abstraction allows for the simple execution of complex interactions while focusing on the core product/service.

CoinAPI has been a trusted technology partner and supporter for many businesses since 2016. We have assisted many businesses in developing their own high-quality products like crypto wallets, trading platforms, digital banks, crypto games, tax software, indexing platforms, and many others.

CoinAPI provides everything that customers require. You can directly connect to over 367 exchanges (the full list is here) and monitor all price action and market movements. Once CoinAPI is operational, you will have access to a wealth of data that will allow you to analyze the market and track exchanges and liquidity markets. CoinAPI provides a unique benefit in the form of data standardization. Standardization encourages more innovation in the sector. All market symbol details and asset codes are double-checked by human beings. This final step ensures maximum quality.

APIs assist in avoiding the need to reinvent the wheel for common functionalities. You’ve probably heard the phrase “There’s an API for that.” This also implies that CoinAPI could be a choice for anyone looking to incorporate real-time cryptocurrency insights into their projects.

CoinAPI is required for the development of cryptocurrency applications, traders, analytics, brokers, developers, investors, and index providers. It establishes secure connections between systems, which can enhance user experience. This reduces system incompatibility and eliminates the need for costly software conversions.

2. CoinAPI automates processes of getting data from crypto exchanges to do more with less

The most important aspect is that CoinAPI can assist small and medium-sized businesses with repetitive task automation. It gives you the ability to automate processes and workflows, saving you countless hours of manual labor. Manpower is a constant issue for small businesses, but automation can help to bridge the gap. Another thing your API solution can do for you is connect you to apps that automate the time-consuming parts of your workflow.

Many businesses require a large amount of data to make decisions. However, not every business has the time or resources to collect all of this data. This is where APIs come in handy.

CoinAPI enables you to collect data with minimal time and effort. This is particularly true if the API is intended to handle a specific type of data. For example, if you’re trying to gather information about a specific cryptocurrency, an API that gathers cryptocurrency data from exchanges would be beneficial to your company.

CoinAPI’s Market Data API provides:

• Detailed information on market symbols
• Information about exchanges and assets
• Quotes (Level 1)
• Order books (Level 2)
• Executed transactions
• Exchange rates
• OHLCV on periods starting from one second

Furthermore, APIs can be used to process and analyze large amounts of data that are too complex for humans to comprehend. CoinAPI is a data management solution that provides a framework for easily storing, managing, and utilizing data.

APIs allow you to quickly automate your applications. You can use CoinAPI to automate the process of displaying the most recent cryptocurrency rates in your app. The rates are also automatically updated by the API. You are not required to perform any manual tasks.

3. CoinAPI enables the creation of rich integrations between multiple services

APIs can help you automate parts of your business that you didn’t think were possible, create seamless integrations between all of your cloud services, and create automated reports and dashboards. APIs, thankfully, enable you to create integrations between multiple services to close loops. When configuring integrations, the majority of the API work is done behind the scenes—you get a friendly interface that lets you point and click your way to integration success.

The ability to create value by connecting with customers, businesses, and machines are central to the disruption of the crypto market. These dynamic and contextual real-time connections and digital value chains, powered by APIs, are critical to the client’s future success.

CoinAPI combines a number of data sources (exchanges) into a single location, allowing customers to connect the dots and see how they have interacted with all of the different touchpoints we provide.

Customers appreciate CoinAPI because it enables them to aggregate data without requiring them to invest resources on their end. It makes their lives easier by centralizing all of their communications.

4. CoinAPI is the currency of data-driven businesses

In today’s world, every major player, such as Google, Amazon, or Facebook, requires data. Our customers’ data is the most valuable asset they have for providing a winning customer experience.

APIs are no longer just for developers; they are the currency of the data-driven. Your API toolkit’s ability to find, sort through and manage data relevant to your business insight, so you can use it to make more accurate, well-informed, and responsive business decisions.

When businesses want to do something specific with their data, CoinAPI allows them to do so more quickly, easily, and efficiently. It used to be difficult to make sense of all of the information available on the cryptocurrency market. And crypto data become second nature to us.

Data that is more than a year or even a few months old end up on a database somewhere in many companies, especially older ones. It’s “collecting dust,” or remaining dormant. Older data is often underutilized because it is difficult to access and integrate into current systems. Things are done differently in the cryptocurrency market. In this case, historical data is extremely useful. CoinAPI provides a variety of interesting endpoints as well as historical data for hundreds of different assets and markets. Order books and trades are also covered.

Customers referred to CoinAPI as the most “complete” API. Has all of the data needed for analysis, including historical OHLCV, order books, and trades. It offers a diverse range of markets and instruments (futures, options, etc).

5. Remove the complexity of building, trading, and getting cryptocurrency data at any scale.

Finally, CoinAPI benefits businesses in a variety of ways. Businesses can benefit from getting critical data, super easy integration, and automation by integrating CoinAPI. Furthermore, CoinAPI can assist businesses in becoming more dependable and attracting new customers.

Using an API integration platform, teams can connect disparate technologies quickly and easily, or expose existing integrations as APIs or microservices to bring new apps to market.

Customers can get all of their crypto APIs in one place rather than separately. Customers can easily simplify large-scale crypto operations, trading, and data access.

Still, have a doubt about how CoinAPI helps businesses? Test your use case and see if the CoinAPI fits your product. It’s free! You can get your free API key.