US-Based Fintech Firm Ideal Launches Crypto-Analytics API Solution

Ideal, a US-based technology provider company, has announced the launch of its crypto analytics application programming interface (API), Impact API, using Pyth Network’s real-time on-chain market data.

By using the Pyth Network, Impact API provides cryptocurrency trading companies with institutional-grade analytics and complete transparency on their profitability and transaction costs.

Ideal s decision intelligence solutions help to turn data analytics into clear actions for trading success, and, therefore, it provides traders in traditional finance and cryptocurrency markets with performance insights that help them better understand their true execution costs and enhance their trading decisions. Impact API helps to bring transparency on the crypto transactions, a market where costs and spreads are mostly opaque.

John Crouch, the Ideal CEO, said: “The high-quality, real-time market data provided by the Pyth Network opens up a world of opportunity for crypto trading firms. We are thrilled to build upon Pyth’s innovation with our plug-and-play analytics. Our Impact API uses Pyth’s data to instantly calculate market impact costs and reveal what spreads traders are actually paying. We’ve seen cases where crypto spreads are 10 to 100 times higher than they would be in traditional markets. In the coming months, we'll expand the range of available market data sources and add new analytics functionality."

Adding to that, Michael Cahill, the Director at Pyth Data Association, stated: "As the Pyth ecosystem continues to gain momentum with over 40 data providers contributing real-time pricing, and over 120 projects using the oracle, we are thrilled to see Ideal building advanced analytics using Pyth Network data. With our network of the world's most prominent trading firms, several regulated exchanges and foundational crypto companies, we are proud to make financial data freely accessible to all. Ideal shares our desire to bring greater transparency and insight to both crypto and traditional markets."

Financial Institutions Are Embracing APIs

The announcement by Ideal comes at a time when the number of API-led financial services companies continue to proliferate around the world. Fintechs such as Plaid, Tink, Belvo and Truelayer are providing their API-related services in the US, Europe, Latin America and the UK, respectively. These firms offer developer and engineering tools that reduce the operational and technical effort needed for apps to connect to their users’ financial accounts. The use of APIs is making it possible for other firms to integrate what are otherwise complex services to develop from scratch simply by adding in a few lines of code. Financial infrastructure companies are enabling developers and firms to innovate around services such as wealth management, insurance, personal finance, lending and payments.