With the growing popularity of cryptocurrencies, the ecosystem around the digital coins has also started evolving, albeit at a sedate pace. Take, for example, the trickling down of crypto apps which allow the user to keep track of their digital assets across the trading platforms. One can find some such applications on both iOS and Android platform, but the issue is that most of these apps are limited in their capabilities. While some can only track the price movement of the cryptos, others can trade in a single wallet of digital currency. In sum, there are numerous concerns about their narrow usability.
Spot offers Holistic Solution
That said, Spot claims to have overcome all these issues and revolutionized the Crypto app market with the launch of its new mobile app which has been released in the market on December 20. The company is promoting this new app as a one-stop solution for all the requirement of cryptocurrency users, and the app can be downloaded for both iOS and Android Platforms.
The new Spot app is different from a number of perspectives. First, it is a multi-wallet app which means one can connect a number of digital currency wallets such a bitcoin, Ethereum, ERC20, Litecoin, etc. Second, the app also allows for connecting the different exchange accounts which makes it very useful for the multi-exchange trading viewpoint. The company will keep on adding other digital currencies on the app in the future. In current form, the Spot already supports the monitoring of public addresses, enabling the users to see how many unsupported cryptocurrencies are there. For now, the app supports Poloniex, Binance, Kracken, and Bitfinex.
Connecting multiple accounts
One of the aspects that makes Spot app unique is its ability to connect multiple accounts which, in turn, enable the user to track the price movements across different trading exchanges. The function allows the user to monitor which of the price exchange has the highest trading value of the digital assets one owns. For instance, if one holds the Litecoin in Kraken, but the coin is trading higher on the Binance cryptocurrency exchange, then the app will notify the user about the price difference and help in maximizing the gains. With the upcoming iteration, the app will also allow trading directly from the app, enabling the users to react to changing market situations on the go quickly.
Ditching API for scaling and accuracy
The spot claims that it doesn’t use API for price information, unlike other cryptocurrencies apps and services. The company believes in the philosophy of controlling its own data rather than depending on API calls. This is the reason why Spot has rebuilt CoinMarketCap from scratch which stores the data of their tokens across the exchanges. The benefit of having such internal storage is manifested in the form of availability of more consistent and accurate data. Besides, it also allows the company for the scaling of the operation without unnecessarily worrying about the API limits. The company has already raised $1.2 million in funding from Kima Ventures and number of Angel investors including Thomas France, Nicolas Steegmann, Thibaud Elziere, and Jean-Daniel Guyot, Nicolas Debock, and Sebastien Lucas.