CoinMarketCap Launches Paid API Service for Developers and Cryptocurrency Traders
CoinMarketCap (CMC), the popular price tracking website has launched its new Application Programme Interface (API) on August 1, 2018. The update will help developers and cryptocurrency-related businesses to integrate the CoinMarketCap’s accurate and segregated data into their applications.
CoinMarketCap tracks 1600+ cryptocurrencies and 200 exchanges with a market capitalization of $400 billion as of May 1, 2018.
Why New API?
CoinMarketCap came up with this new API considering the ever-increasing interests of institutional funds and the ever-increasing branch of crypto-finance. According to the statement by CMC, numerous beta tests with hundreds of users have been carried out since June 2018 and the company has collected their feedback before the launch.
New API offering also lets them move to SaaS model, giving them additional income stream over traditional advertisements.
Brandon Chez, Founder of CoinMarketCap commented:
“As our new product releases show, we are constantly updating so that we can help to grow adoption of cryptocurrency. If you also believe in what we want to achieve, we look forward to having you join our decentralized team around the world.”
CoinMarketCap API plans
API is a set of internal protocols that define the interaction of data and services with internal or external applications. This API will enable product developers and funds to use aggregated data in crypto prices, market capitalization, conversions and trading pair collected from multiple exchanges.
Derivatives, Futures, Options, Fees and More
The platform is also adding derivatives which are tradable financial contracts. Virtual currency-based derivatives came into existence in 2017. Addition of derivatives markets is a great move as cryptocurrency derivatives are now gaining wider popularity.
CMC now supports data listing of futures, options, and OTC exchanges. The users can now view additional information on multiple crypto exchanges at a glance. This includes exchange ranking, market penetration, and trading volumes for different date time interval.
The new product comes with a fee that will be levied as per different tiers. It starts with a monthly fee of $0 for a starter to $699 contract for a ‘professional’ and beyond for enterprises.
Chez stated :
“As part of our mission to continue growing the cryptocurrency sector with our partners, our professional API will ensure that the CoinMarketCap data that users know and trust can be integrated into every application. Our API comes with a best-in-class developer dashboard that will help every developer – from hobbyist to large-scale cryptocurrency product teams – make the most of our data.”
CoinMarketCap’s Five Year Journey
CMC look forward to hearing the valuable customers feedback on this new product features and more than happy to make improvements if any to enhance the user experience,