There’s intense pressure on developers to integrate with Web3 data and it’s not just about crypto exchanges. Every developer has heard of the Binance API or the Coinbase API, but what happens when your users’ crypto has left the exchanges and is now held on a decentralized wallet? You need a full featured crypto data API that integrates with multiple crypto data sources.
If you thought the traditional finance ecosystem was fragmented, wait until you get into the crypto and blockchain ecosystem. Crypto users have learned not to keep their eggs in one basket. Most have some crypto at a country-based exchange, some more at a global exchange like Binance, Coinbase or Kraken and even more on decentralized wallets like Metamask (or a hardware wallet like Ledger).
Are you going to integrate support for each exchanges, wallets or protocols one by one?
Vezgo offers a better alternative. 👏
Vezgo allows you to use One API to get data from Every Crypto Integration. No need to integrate and maintain connections to multiple exchanges and wallets. Let’s go deeper into how Vezgo can help Web2 developers ship products that integrate with Web3 data whether you need data from crypto exchanges, wallets or protocols, we’ve got you covered!
Fragmentation of the Crypto Data API Ecosystem
In the beginning, there was just Bitcoin, which was built to be a decentralized form of payment and an alternative to fiat currencies. Today, we have thousands of coins and tokens developed by smart people that promise to deliver innovative decentralized solutions.
With these cryptocurrencies came the birth of many fragments of the blockchain/crypto ecosystem, such as CEXs, DEXs, Wallets, alternative blockchains, NFTs, Web3, etc. Each trying to outdo the other in how users keep, handle, manage, and utilize their cryptocurrencies.
While competition is great for the development of any ecosystem, what we now have is a Crypto Ecosystem that has grown so quickly that it is very fragmented. And this has led to one problem: Over-complication in the aggregation of crypto data.
Crypto Data Aggregation Challenges
In traditional finance, the challenge was actually accessing the data.
Now, most cryptocurrency exchanges offer Crypto APIs and blockchain data is public. The challenge has moved to standardization, normalization and enhancements. You can get the data, but you get it in various formats and it’s very hard to consolidate data coming from different crypto data sources into one single data set. So you can get the data from the Binance API, from the Coinsquare API or easily from the blockchain using blockchain explorers. But often it won’t include fiat equivalents, it will include spam tokens or transaction types will be different between exchanges.
The lack of normalization and standardization has become a pain on the backsides of developers who want to build solutions around the aggregation and consolidation of crypto data.
How much of a hindrance is this problem?
The Challenge For Developers
It gets even more challenging for you as a developer who wants to build solutions and projects using the financial data from these exchanges. Many exchanges try to make it easy by providing Crypto Data APIs that developers can integrate into their projects to get financial data. But there are over 600 crypto exchanges. That’s an excruciating number of integration to do.
If you’re in need of market data, there are many great options like CoinMarketCap and CoinGecko. But if you’re after the actual crypto balances, positions/coins and transactions, then you need an API that will aggregate that information coming from multiple user accounts.
That’s what Vezgo is about. 👷♂️
Even if you work hard to integrate crypto APIs from as many exchanges as possible, you still need to clean up the data until you have a standardized format that is usable in your project. But before you have a functional, standardized format, you’ll have to decide what to do about incomplete data sets. That’s an entirely new set of problems that threaten your sleep.
For Web2 developers who are just taking the first few steps in building solutions that work on our current internet as well as Web3, there’s just so much to learn, which might require more time and money.
Fortunately, this is where Vezgo comes in.
One Crypto Data API : The Vezgo Solution
Vezgo offers developers a single solution to the multi-faceted crypto data aggregation problem. With Vezgo, you have just one Crypto Data API to get information from all exchanges, thus reducing the stress of integrating APIs from countless exchanges.
What does this mean for you?
You can use just one API for any kind of crypto exchange, regardless of its type or purpose. And, of course, that ultimately translates to more hours of peaceful sleep for you, rather than pouring over API integrations all night long.
In addition to that, Vezgo’s crypto API is not a security threat. It is strictly read-only. It doesn’t edit data on exchanges. Instead, it imports financial data, cleans it up to a standardized form, and presents it in a format that you can easily incorporate into your projects.
Finally, one of the best things about the Vezgo crypto API is that it is ready for use in production, regardless of the scale of the project, thanks to its SOC2 TYPE 2 compliance.
With Vezgo, you will rest assured that no matter how fast and how much the crypto world changes, your users will keep being able to aggregate their crypto wallets, exchange accounts, and crypto banks through our API.
And at the end of the day, what you get with Vezgo is a production-ready and secure crypto API solution that saves you hours and days of integration.
You may get your unique API key here.
FAQ About Crypto Data APIs
What is a cryptocurrency data API?
There are different kinds of Crypto data APIs. The first one is the market data API that allows you to find the value of cryptocurrencies at different points in time. For example, the market data API will allow you to retrieve the price of Bitcoin on January 1st, 2022. Another Crypto Data API would be the ownership data API (like Vezgo). The ownership data API allows you to retrieve crypto ownership data from exchanges, wallets or the blockchain.