The cryptocurrency market is growing at a remarkable rate, but remains stunningly nascent in many ways.
Most of us are familiar with bitcoin, but it’s just one of the more than 1,300 different forms of cryptocurrency that exist in the world, traded across hundreds of different exchanges. It’s a fractured and decentralized system, making investment in this frontier a somewhat mystifying endeavor.
“Customer experience has not been a priority,” says Manish Tomer, whose new venture Cryptorai seeks to bring more clarity and structure on the user side.
The Minneapolis entrepreneur has plenty of experience with the cryptocurrency landscape. He spent three years working in blockchain at the enterprise level with Cognizant prior to launching his new startup last September. He has seen the pains that newcomers routinely encounter when trying to enter the space.
“Any person who starts in it ends up with 6 or 7 different exchange accounts, and they might be trading 20-to-25 different currencies,” he explains. “It becomes unmanageable. The exchanges are not mature when it comes to technology. They’re overloaded and not taking new customers.”
His solution Cryptorai, available now in the app stores for iOS and Android, is designed to serve as a cryptocurrency portfolio management platform and information hub. Connected to 50 of the world’s largest exchanges, it pulls real-time data and tracks the rapidly changing gains and losses in a way that’s easy to view and analyze.
“What we want to build is something as good and as mature as what you get in today’s stock market, for cryptocurrencies,” says Tomer.
Cryptorai isn’t alone in offering its basic functionality, but Tomer’s plan is to create a best-in-class feature set that separates his solution from the field. His team – a few developers he hired to build and refine the app – is in the process of continually adding new tools and capabilities, with an eye on launching the Pro paid version in early February. At that point the company can begin generating revenue.
Planned features for the premium app include CSV uploads, Google Sync compatibility, in-depth analytics, customized insights that can inform a user’s decisions to buy or sell at the right time, and more. These features are rarely found elsewhere, says Tomer, and certainly not all folded into the same package.
Since hitting the app stores in December, Cryptorai has around 600 downloads in 23 different countries despite no real marketing effort, according to Tomer. He’s waiting until the Pro version is finalized before starting to make his formal push, but the CEO and founder is confident that the marketplace will be receptive to what he ambitiously envisions as an unrivaled resource for cryptocurrency investment and analysis.
“In this market there is still not a concept of fundamental analysis,” says Tomer. “Data is your best friend, and what you can do with the data. That’s what we plan to build upon.”