Earlier this year we launched a Bitcoin Wallet. We learned a ton from it, and today we are adding support for Ethereum and upgrading our wallet architecture.
The older architecture required every coin to have its own wallet. Since we were launching support for bitcoin, we called it BTC-US.
So if we were to add Ethereum to our old architecture, we would’ve had to create a new wallet called ETH-US.
Since our goal is to be able to add all the top coins in our offering, we decided to change our architecture and started treating different coins more like an asset in a portfolio than a standalone wallet.
Now instead of BTC-US and ETH-US, we have one wallet called CRYPTO-US. So instead of this per wallet:
"balance": { "amount": 2.45676, "currency": "BTC"}
Now the JSON looks like this:
"portfolio": { "BTC": 2.45676, "ETH": 0.121234}
As we add more coins to the portfolio, the portfolio JSON would update without having to change the underlying crypto wallet.
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At the API level, funding or defunding works the following way:
- Create a CRYPTO-US wallet: https://docs.synapsefi.com/docs/crypto-us.
- Get a quote: https://docs.synapsefi.com/docs/get-crypto-quotes.
- Move funds from a deposit account to CRYPTO-US or vice versa: https://docs.synapsefi.com/docs/create-transaction. With each call, you can specify which asset you wish to trade.
That’s it. Just three API calls.
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We believe this is best-in-class cryptocurrency trading product in the market today. Primarily for these reasons:
- Exchange: We are managing all the exchange complexity. No separate exchange integration is needed.
- Custody: Our partner financial institution is the custodian of the coins for the end users. So developers are not forced to take custody.
- Instant Trading: Since we offer both fiat and crypto deposit products, trading is instant.
- Crypto Brokerage: We are treating these wallets as a brokerage account. So as we add more coins to the portfolio, more assets would be available for trading, without having to change the underlying crypto wallet.
- Insurance: Fiat is FDIC insured, up to a maximum of $250,000 and Crypto is insured by us against hacks.
- White-Labeled: Developersworkon top of the APIs and build their special sauce around it. We are just the pipes behind the scenes.
- No Minimum Balance: Unlike other custody products in the market, we do not have any minimum balance requirements here.
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We are really excited about this product and cannot wait to see the creative and innovative products developers build around it. If you wish to learn more or want to build some cool crypto products, please reach out to us at hello@synapsefi.com.
