CoinAPI was able to implement a crypto environment into our platform where people can simulate buying crypto and watching their portfolio grow like an investor. Leveraging the real-world data that CoinAPI offer allowed us to do that. CoinAPI's data feed is literally the fuel for our company. We cannot run our business without data.” explains Marketdraft CEO Chris A. Tovmasian.

Revolutionizing Trading Education and Strategy Development with the Cryptocurrency Market Simulation Platform

Trading in the stock and crypto markets can be a daunting task, but there is now a solution. A cryptocurrency market simulation platform has been introduced to help individuals gain a better understanding of the markets and develop successful trading strategies. With this platform, users can create virtual portfolios, set goals, and simulate trading based on real-market data. The platform also provides users with the necessary tools and resources to execute successful trading strategies.

"A cryptocurrency market simulation platform is a great way to get started in the stock and crypto markets without risking real money. With a cryptocurrency market simulation platform, users can practice trading in a safe and secure environment, learning various strategies and techniques. They are also able to develop skills as a trader and become more familiar with the stock and crypto markets. With the right cryptocurrency market simulation platform, users can practice trading skills and gain valuable experience." said MarketDraft CEO Chris A. Tovmasian.

Today, we had a conversation with Chris A. Tovmasian, the CEO of MarketDraft, to understand how his company utilizes CoinAPI to monitor the latest cryptocurrency price data in real-time. This is used to operate cryptocurrency simulation tools and contests.

The challenge

MarketDraft required a price tracking service for cryptocurrency that updated its large database of cryptos consistently and in real-time. They sought an API solution that would allow them to monitor crypto prices, obtain real-time data, and provide dependable data for their simulation environments. This would give them a more accurate representation of the crypto industry.

Here are the challenges MarketDraft faced

Lack of data from multiple crypto exchanges

Marketdraft faced the challenge of lacking data from multiple crypto exchanges. In their quest to run a comprehensive crypto simulation platform, they were actively seeking a reliable partner who could provide them with a wide range of market data from various exchanges. This search for a suitable data provider was crucial in enabling Marketdraft to offer an accurate and realistic simulation experience to their users.

Lack of reliable cryptocurrency resources

Marketdraft encountered the obstacle of insufficient reliable cryptocurrency resources. To deliver a robust and dependable simulation platform, they recognized the need for a trustworthy partner who could supply them with reliable and up-to-date cryptocurrency resources. By seeking a reliable cryptocurrency data provider, Marketdraft aimed to enhance the accuracy and credibility of their simulation tool, providing users with a valuable resource for exploring the crypto market.

Lack of real-time data API for cryptocurrency simulation tools

Marketdraft faced the challenge of lacking a real-time data API specifically designed for cryptocurrency simulation tools. Recognizing the importance of real-time data for an immersive and dynamic simulation experience, Marketdraft actively sought a reliable data provider offering a dedicated API that could fulfill this crucial need. By partnering with such a provider, Marketdraft aimed to enhance the authenticity and effectiveness of their simulation tool, providing users with a valuable platform for realistic cryptocurrency trading simulations.

Having multiple pricing options all in one place

Marketdraft identified the need for a consolidated platform offering multiple pricing options in one place. Recognizing the importance of comprehensive pricing data for accurate simulations, Marketdraft actively sought a reliable partner who could provide them with a wide range of pricing options from various sources, consolidated into a single platform. By collaborating with such a partner, Marketdraft aimed to offer their users a seamless and comprehensive experience, enabling them to explore different pricing scenarios and enhance their understanding of cryptocurrency markets.

The solution - API for cryptocurrency simulation tools

MarketDraft contacted CoinAPI to acquire a real-time cryptocurrency price tracker. They needed a vast range of cryptos that could be monitored continuously. By utilizing CoinAPI's real-world data, MarketDraft could create a cryptocurrency environment within their platform. This feature allowed users to simulate purchasing cryptocurrency and keep track of their virtual investment portfolio's progress.

“Price points, API documentation, and coverage were the primary drivers for choosing CoinAPI's data feed over others on the market—the fact that it features current pricing for all the major exchanges (Binance, Coinbase/Gdax) made it even more appealing!” explains MarketDraft CEO Chris A. Tovmasian

Results

MarketDraft is very happy with the outcomes they have achieved after teaming up with CoinAPI. As they expanded rapidly, they required a real-time cryptocurrency price tracker that had a vast and constantly expanding database and was precise. CoinAPI was able to integrate a cryptocurrency atmosphere into the MarketDraft system, which enables users to simulate buying cryptocurrency and watching their portfolio expand like a real investor. This was made possible by utilizing the real-world information offered by CoinAPI.

“CoinAPI was the best choice for us. The fact that CoinAPI is not isolated to one exchange (thus have Binance, Coinbase, etc) where we would be able to choose cryptos to have on our platform was appealing. The trust and reliability found in your brand were also important to us."

How CoinAPI solved MarketDraft's challenges

Get access to cryptocurrency price data with API for cryptocurrency simulation tools

CoinAPI proved to be the ideal solution for MarketDraft, addressing their challenges in several ways. By leveraging CoinAPI's API for cryptocurrency simulation tools, MarketDraft gained access to reliable and comprehensive cryptocurrency price data. This resolved their challenge of lacking real-time data, as CoinAPI's API provided them with up-to-date and accurate pricing information.

Furthermore, CoinAPI's platform offered MarketDraft the convenience of having multiple pricing options consolidated in one place. With access to a wide range of pricing data from various sources, MarketDraft could provide their users with a comprehensive and realistic simulation experience.

Work with reliable API for cryptocurrency simulation tools

When it comes to cryptocurrency, it's important to rely on credible sources of information. CoinAPI is a reliable source that offers developers a variety of APIs to access market, pricing, and network information with ease. Moreover, CoinAPI simplifies the process of integrating data into your own projects. It's crucial to stay updated with the latest changes in the industry of digital currency and only use trustworthy sources of information.

Providing multiple price sources

CoinAPI played a crucial role in addressing MarketDraft's challenge of lacking multiple price sources. By partnering with CoinAPI, MarketDraft gained access to a vast array of price sources for cryptocurrencies. CoinAPI allows MarketDraft to integrate multiple price sources into their simulation tool.

This integration of multiple price sources enhanced the accuracy and reliability of MarketDraft's simulation platform. Users could benefit from a wider range of pricing data, enabling them to make more informed decisions and simulate various market scenarios with greater precision.

Thanks to CoinAPI's provision of multiple price sources, MarketDraft was able to offer their users a more comprehensive and realistic simulation experience, reflecting the dynamic nature of cryptocurrency markets.

“The crypto market is a relatively new market for people to invest and as such not many are willing to jump into trading in a highly volatile and speculative marketplace, really who could blame them? CoinAPI allows us to create a fun and safe environment for people to see how their money could work for them, what to look for when investing, and hopefully give them some confidence when doing so.

Since adding cryptocurrency to our platform we've seen a small improvement in our retention rate. It has allowed us to be more flexible when creating contests compared to stocks which have strict timetables and closed dates. Due to this flexibility, we've been able to keep our users engaged on the platform for longer periods of time and constantly throughout the day. " said Chris A. Tovmasian, CEO of MarketDraft