This feature allows users to save the time it takes them to go from one exchange to another or from one wallet to another
Having all the cryptocurrencies and wallets in only one place is possible thanks to Spot, this is, a mobile application which allows all users to manage their wallets, even if they are registered in more than one exchange and have more than one wallet at their disposal.
At a glance, Spot is similar to other applications that only allow viewing the user’s portfolio without any interaction with the funds registered there. However, unlike the others, it has a section where those who use it can connect to their different accounts by using their API keys.
So far, the application is available for iOS and Android totally free and supports the exchanges: Binance, Kraken, Bitfinex and Poloniex. In accordance with what was proposed by its creators, it is expected that in the near future the application will support many other sites, to provide greater diversity to those who are interested in using it and to adapting it to the current needs of the users of the crypto world.
How does it Work?
At the first moment where the application is installed, those who use it can connect with their wallets by adding public addresses. If the person keeps his/her tokens in a physical wallet, such as Trezor, Ledger, Spot can read the public details of the wallet and show them in the application, so this is not an impediment to them fulfilling his functions.
Among other features of the application, it has the property of showing the person, with detailed graphs, the balance sheets on all the services related to their different accounts. It also offers the possibility of discovering which token is having a better behavior than the rest of the user’s tokens.
“We have our own nodes in Ethereum, Bitcoin, Litecoin, Stellar and others to recover the amount in their wallet”, said Nicolas Steegmann, CEO and cofunder of the Stupeflix web tool. The data is also cross-checked with third-party services to make sure everything is fine.
But Spot does not rely on an API to get price information for each token. “We have rebuilt CoinMarketCap from scratch, and we are one of the few companies that have done so”, added Steegmann. The company stores price information for dozens of tokens in 150 exchanges.
As expressed by Spot’s developers, in the next updates of the App users will be allowed to trade within the application. According to the creators of the project, the design of this App will also be an attraction for those who use it.
For now, the company says it does not plan to create its own exchange, but rather considers saving the need to visit the website of each exchange in which they have accounts. The company has built a solid foundation to add more features in the coming months. Spot wants to become the gateway to the world of cryptocurrencies for those who are not yet part of it.
By María Rodríguez