On September 9th, Cryptact (Co-CEOs Amin Azmoudeh and Gaku Saito, HQ: Shinjuku City) will launch API support for FTX and DeCurret. Cryptact is Japan’s leading cryptocurrency accounting and tax-support service. Full transaction history import for these two exchanges will be supported and going into year-end, we plan to add support 7-10 more exchanges based on the frequency of use by our users.
■API Introduction Background
Cryptocurrency accounting and tax-calculations are often complicated and involve many manual steps on the part of the user. At Cryptact we have provided a comprehensive, minimal-effort solution to this problem since inception. In order to provide the highest level of security possible, we have facilitated this process through file uploads of transaction data downloaded from exchanges.
As we’ve looked at API introduction over the years, the following problems were evident:
- Insufficient exchange-side security on APIs made it possible to take control of user assets
- There were inconsistencies and data-quality issues with the data available via APIs
- There were very few exchanges which offered comprehensive, safe APIs
In the last year, many exchanges have worked to solve the above issues and provide secure solutions for obtaining a full transaction history. In looking at the progress made by the exchanges, we decided to implement API functionality within Cryptact.
■API Support Infrastructure
Read-only API keys that are provided to Cryptact will be encrypted before being stored and will only be decrypted when sending to the exchanges to obtain transaction history.
As the leading service provider for cryptocurrency accounting in Japan, we have very high loads of concurrent use during peak season and all of our systems are built with concurrency and scalability in mind. In building the infrastructure for API support, we built a mechanism for handling concurrency as well as exchange-side rate limits on data access and retrieval. This will be critical in supporting our large user base as well as adding new support for more exchanges via API.
■Upcoming Exchange Support
Support for Bitbank and Zaif will also be launched shortly.
At Cryptact, full coverage and accuracy/reliability of data is of utmost importance in adding new exchanges. In order to meet this goal, we will have to support hybrid file and API solutions for many exchanges. In looking at what exchanges to add next we will prioritize usage by our users and the extent to which API support can provide comprehensive data coverage for transactions.