Convice
Aggregator of crypto exchanges API
Intro
Convice is a B2B API service designed to improve digital asset management for fintech companies. This project, which I spearheaded, provides a solution that aggregates and delivers crypto data while enabling the execution of trades and swaps across multiple platforms like Binance and Kraken. The API allows fintech businesses to integrate these capabilities into their own services, offering reliable, flexible, and scalable tools. This case study explores the journey of creating Convice, highlighting the challenges faced, the approach taken to address them, and the results achieved.
The Problem
Fintech companies face numerous challenges in managing digital assets, such as aggregating data from various exchanges, executing trades efficiently, and ensuring security. Common issues included:
Fragmented Data: Managing crypto data from multiple sources was cumbersome and inefficient. Each platform, like Binance, Kraken, and others, has its own API with unique endpoints, data formats, and rate limits. This inconsistency made it difficult to aggregate data into a cohesive system, requiring significant development effort to normalize and update data feeds constantly.
Complex Trade Execution: Executing trades across different platforms required significant effort and coordination. Each exchange has distinct order types, rate limits, and API nuances. Developers had to write custom code for each exchange, maintain those integrations, and ensure compatibility with frequent API updates. This complexity led to increased development time and higher chances of errors during trade execution.
Security Concerns: Ensuring the security of transactions and data was paramount. Fintech companies needed to safeguard user data, secure API keys, and prevent unauthorized access. Given the sensitive nature of financial transactions, any security lapse could result in significant financial and reputational damage. This required implementing advanced encryption, regular security audits, and robust authentication mechanisms.
Approach
To address these challenges, I developed Convice with a focus on:
Unified Data Aggregation: Convice aggregates crypto data from various platforms into a single, accessible interface. By normalizing data from different sources, Convice eliminates the need for fintech companies to manage disparate data feeds, ensuring a consistent and reliable data stream.
Efficient Trade Execution: The API allows for the execution of trades and swaps across multiple exchanges, simplifying the process. Convice abstracts the complexities of different exchange APIs, providing a unified interface for trade operations. This approach reduces the development burden on fintech companies and enhances trade reliability and speed.
Strong Security Measures: Implementing robust security protocols to protect data and transactions. Convice uses advanced encryption techniques to protect sensitive data both in transit and at rest. Regular security audits are conducted to identify and mitigate potential vulnerabilities. Convice is also working toward SOC 2 certification, demonstrating its commitment to maintaining high standards of security, availability, and confidentiality. Secure API key management and multi-factor authentication further ensure the integrity and security of user data.
Technologies used include Supabase, Vercel, Next.js with TypeScript, and adherence to strict code conventions with ESLint to ensure high-quality and maintainable code.
Results
The implementation of Convice led to several key achievements:
Less Development Time: Fintech companies spent significantly less time developing solutions that required crypto data integration or managing wallets. Convice's comprehensive API reduced the need for custom code and frequent updates, streamlining the development process.
Enhanced Security: Fintech companies experienced reduced security concerns, as Convice managed the security of API keys, user secrets, and sensitive information. This allowed clients to focus on their core business without worrying about potential security breaches.
API Limits Management: Clients no longer needed to worry about API rate limits, as Convice effectively handled these constraints, ensuring smooth and uninterrupted data and trade operations.
Reliability: The robust and scalable API provided a highly reliable service, allowing fintech companies to trust the data and trade execution processes. This reliability led to improved service offerings and enhanced client satisfaction.
Conclusion
Working on Convice allowed me to tackle complex problems in the fintech space, from data aggregation and trade execution to stringent security measures. Through this project, I developed solutions that not only improved operational efficiency for fintech companies but also ensured high standards of security and reliability. This experience has been instrumental in honing my skills in full-stack development and API design, preparing me for future challenges in the field.
