With our new asset-engine, we are setting another milestone for Blockpit that will make things much easier for our users. Faster, better, more diverse is the motto.
Automatic recognition of all assets and currencies
From now on, a wide variety of asset classes with all their attributes will simply be automatically recognized and completely added to our database. This innovation is not directly visible at first glance, but brings a variety of possibilities with it. Blockpit now supports all coins, tokens, NFTs, commodities, tokenized stocks/ETFs/ETCs, derivatives and all currencies listed on exchanges and blockchains:
Fiat currencies
Blockpit currently supports 93 different fiat currencies.
Commodities
Classic commodities are traded on Bitpanda (metals: gold, silver, platinum,…) and automatically recognized as commodities. Thus, in the future we will be able to recognize commodities from other exchanges in Blockpit without any effort.
Tokenized stocks and ETFs/ETCs
Stocks and ETFs/ETCs exist as tokenized replicas on the blockchain. These are different from classic stocks and can be traded on exchanges such as Bitpanda and FTX. Blockpit recognizes them completely automatically as derivatives.
All Non Fungible Tokens (NFTs)
You read that right. NFTs and NFT collections are considered their own asset class. From collectibles like CryptoPunk to music NFTs. We recognize them all.
All crypto assets, liquidity – and leveraged tokens
Decentralized Finance (DeFi) includes countless crypto assets and more are being added every day. Blockpit identifies assets from applications such as staking, lending, mining and liquidity providing fully automatically.
What are LP tokens?
When assets are made available to a pool as liquidity during liquidity providing/mining, you usually receive a so-called LP token as collateral. This can be redeemed when the liquidity provided is withdrawn. Blockpit automatically recognizes these LP tokens and classifies them as crypto assets.
What are Leveraged Tokens?
Leveraged tokens are tokenized crypto assets with built-in leverage, which allows higher profits to be realized. However, the risk of realizing high losses also increases. Blockpit automatically detects these and classifies them as derivatives.
Is there always pricing data needed?
There is no need for price data for new leveraged or LP tokens, as a tax calculation is possible without them. If at least one of the two assets can be valued within a trade, the known value can simply be transferred.
Further advantages for Blockpit user
If an asset is not completely identified, our support team can now process asset requests much faster.
Due to the tighter price database, the portfolio tracking has been optimized for you. Asset balances are now even more accurate and detailed.
Crosschain transfers and token migrations where there is no redenomination (1:1 token migration) can now be linked much easier.
Outlook: future features
The asset-engine just went live, but we have further optimizations planned already.
- Improved user experience
In order to visually complete the new functions, further changes will soon be made to the design. We have integrated the user experience and the feedback from last year in order to offer our users additional added value. - Faster integration of new blockchains
The integration of blockchains is quite complex. Our new system makes this a lot easier and even complex DeFi applications can be scanned. This means that Blockpit users will benefit much faster from planned blockchain import solutions in the future. - Connection of further DeFi and NFT price data sources
In the future, other pricing data sources will be available especially for DeFi tokens that are not yet listed on Coinmarketcap or Coingecko. Floor price data for NFTs will then also be taken into account in portfolio tracking. - NFT Gallery
In order to be able to view your NFT art collection on a regular basis, we are currently implementing your artwork. - Create custom assets
In the future, it will be possible to create your own custom assets and customize existing asset mappings.
In summary, here are the advantages for our users:
- Automatic detection of all Coinmarketcap assets
- Automatic detection of all Coingecko assets
- Automatic detection of all assets from exchanges
- Automatic detection of all assets of blockchains
- Automatic detection of all fiat currencies
- Automatic detection of all commodities as a separate asset class
- Automatic detection of all NFTs as a separate asset class
- Automatic detection of all NFT collections
- Automatic detection of all Liquidity Tokens
- Automatic detection of all leveraged tokens as derivatives
- Automatic detection of all tokenized ETFs/ETCs/Stocks as derivatives
- Extension of the existing price database
- Separate price data for partner exchanges
- Simplified transaction linking
- Simplified crosschain-transfers and token-migration logic
- Faster resolution of asset requests
So what are you waiting for? Go to Blockpit.io and get started!
