ACCOINTING.com's Tracking Tools Aim To Change The Discourse In The Crypto Market

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Despite the massive growth that’s occurred in the cryptocurrency market through 2020, the perception of the more than decade-old asset class is still fairly monolithic. And while part of this lack of dimensionality is because of the outsized role that bitcoin plays in the market, representing about two-thirds of the entire digital asset market cap, it’s also a symptom of the one-dimensional analysis that often generalizes the behavior of vastly different kinds of digital assets into a single market.

It’s a state of affairs that stood out to the co-founders of cryptocurrency accounting platform ACCOINTING.com, and one they are hoping to change with the new suite of tracking and community tools recently introduced to the platform.

“The crypto market has obviously been growing exponentially,” said ACCOINTING.com Co-founder and Chief Experience Officer Alex Lindenmeyer. “Considering that there are currently around 7,500 coins – and that number grows every day – we believe that crypto assets will start to be looked at more in terms of sectors rather than as a holistic cryptocurrency market.”

Benzinga recently spoke with the founding members of the ACCOINTING.com team to delve into exactly how the platform’s new coin tracking and community features were implemented in order to enhance the discourse in the cryptocurrency market. And while accounting and portfolio tracking remain the heart of the software, the team also emphasized the critical role optimizing user experience serves in guiding the platform’s continued evolution.

Redefining Crypto

In explaining the enhancements introduced to ACCOINTING.com’s web and mobile platforms, Lindenmeyer highlighted how the team approached the challenge of differentiating various crypto assets through community input and collaboration.

Part of this will be achieved through greater customization and sharing, such as the ability to create lists for different asset categories that users can make public and share within their community.

“Think of it the same way stocks are categorized. For example, maybe you’re researching tech stocks or you’re looking for electric car stocks, you don't browse through a list of random stocks, but that’s how digital assets are treated.” said Lindenmeyer. “Providing users the ability to make lists is a way of changing the mindset in terms of how the crypto market is structured throughout these different sectors – such as decentralized finance, oracles or non-fungible tokens – rather than just browsing through an endless list of coins.”

However, another aspect the team focused on was consolidating crypto performance and portfolio data and presenting it to users in a way that provides greater context to their own portfolios.

“We are developing more features on that end as well, such as historical allocations that allow users to understand where your portfolio was at a certain time in order to analyze and draw conclusions from their current versus historical performance. We plan to develop more features in terms of performance that really focus on giving the users better insight into their trading while still maintaining the core goal of ACCOINTING.com, which is still simple user experience.” Said Lindenmeyer.

Guided By Users

One of the main forces behind implementing these user-focused features is Kyle Zhang, a fellow co-founder and chief innovation officer with ACCOINTING.com.

Zhang elaborated on how all of the features Lindenmeyer highlighted were implemented in response to user feedback as well as how that community’s input continues to influence the features and capabilities of ACCOINTING.com to expand analysis of the crypto market.

“We focus on making sure that the users are heard for every single feature that we do, which includes testing and surveys to ask our users firsthand if they like an idea or if they’re satisfied with the way we've presented the idea,” said Zhang.

That user feedback, Zhang explains, not only aided the refinement of the platform’s tools, but also added to the quality of analysis ACCOINTING.com is able to offer users.

By leveraging the portfolio and community data generated by the platform’s users, ACCOINTING.com’s architecture helped to create a unique data set for analysis and comparison between different traders within the community.

“All the users’ data go into this big data set that we help present to the user to show how their portfolio compares to others on the platform,” said Zhang. “Some days in the market, you can have plus 20% or minus 30%. When you can benchmark it against other people, you can see whether they are experiencing the same market, doing better or worse than you are.”

Just The Beginning

According to the co-founders, the added functionality and analysis tools that have so far been implemented on ACCOINTING.com are only the start. Leveraging its foundation as a comprehensive crypto accounting platform, ACCOINTING.com aims to serve as an essential tool for those looking for the most accurate and incisive analysis of the ever-evolving cryptocurrency market.

As the platform’s user base grows and codifies, ACCOINTING.com plans to continue to roll out additional features that take advantage of the user-generated data and enhance the overall user experience for every kind of crypto trader.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.