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CASE STUDY
TechGrit and Turnqey: A Synergy for Success in Cryptocurrency Advisory
18 Nov, 2024
Client Background
Turnqey, a financial technology services provider specializing in advisory services, needed an efficient way to aggregate and analyze real-time cryptocurrency data. Financial advisors faced difficulties manually gathering, organizing, and analyzing various sources of crypto data, including transactions, exchange rates, wallet activity, and risk assessments. Additionally, ensuring security and compliance with industry standards was critical, given the sensitive nature of financial and transactional data.
Challenge
Turnqey's fintech platform aims to provide financial advisors with an efficient way to manage cryptocurrency portfolios. Traditionally, advisors faced significant challenges when dealing with cryptocurrency data management. They were forced to manually aggregate information from a multitude of sources, including wallets, exchanges, and smart contracts. This time-consuming process was not only inefficient but also prone to errors and lacked real-time insights.
The manual approach to data gathering presented several key issues:
1. Time inefficiency:
Advisors spent considerable time collecting and organizing data from various platforms.
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2. Increased error risk:
Manual data entry and compilation heightened the chances of mistakes.
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3. Lack of real-time information:
The process didn't allow for up-to-the-minute data, crucial in the fast-paced crypto market.
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4. Inconsistent data formats:
Different sources often presented information in varying formats, making consolidation difficult.
Solution
TechGrit's technical team of experts analyzed the challenges faced by Turnqey's client in manually gathering and analyzing cryptocurrency data across various platforms. Recognizing the inefficiencies and security risks of this approach, TechGrit implemented a secure, API-driven solution for Turnqey. This solution automates data aggregation from wallets, exchanges, and smart contracts, providing real-time, accurate insights into crypto portfolios.
Key features of the solution include:
1. Streamlined User Authorization:
We designed a secure, user-friendly authorization process that allows clients to easily authenticate and access their data.
​2. Automated Data Aggregation:
By designing an API that pulls data from various sources automatically, we helped financial advisors save time and improve accuracy.
3. User De-provisioning:
Our implementation of top-tier encryption and secure storage ensured that sensitive financial data remains protected and compliant.
4. Quick Data Delivery:
Advisors can seamlessly access personalized account information, allowing them to focus on what matters most—providing exceptional service to their clients.
5. Accurate Cost Basis Calculations:
By integrating real-time data, our solution enables financial advisors to offer precise cost basis calculations, enhancing their reporting capabilities.
By incorporating user-friendly authorization, robust encryption, and seamless data delivery, TechGrit empowered advisors to make precise, compliant, and efficient crypto portfolio assessments.
This process is illustrated in the attached Turnqey Process Diagram below
Tech Stack: ​
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Backend: NET 8 MVC (Model View Controller) Application with support for REST API ​
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Database: PostgreSQL (Azure)
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Other services: Azure Blob storage, Azure Cache for Redis
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Deployment: Azure App Service with Application gateway
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Additional: Git​​​
Results
1. Reduction in Manual Workload:
The manual data entry workload was reduced by an estimated 60-80% through the automation of data aggregation processes, resulting in significant improvements in both efficiency and accuracy.
2. Enhanced Data Security:
Data security measures were enhanced by approximately 30-50% due to the implementation of top-tier encryption and secure storage solutions. This reduced the risk of data breaches and ensured compliance with industry standards.
3. Accuracy of Cost Basis Calculations:
The accuracy of cost basis calculations improved by an estimated 20-40% because of integrating real-time data. This led to more precise financial reporting compared to previous manual processes.
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This project highlights how TechGrit played a pivotal role in Turnqey's success. Their efforts reinforced Turnqey's commitment to delivering cutting-edge, secure, and efficient cryptocurrency data solutions tailored specifically for the financial advisory industry.
Conclusion :
TechGrit's partnership with Turnqey demonstrated their ability to deliver secure and efficient solutions that simplify complex financial processes. By leveraging innovative technology and deeply understanding Turnqey's unique needs, TechGrit empowered their financial advisors to make more informed and timely decisions. This collaboration not only reinforced TechGrit's expertise in the fintech sector but also positioned Turnqey at the forefront of cryptocurrency advisory services, highlighting the transformative power of well-executed technological solutions in the rapidly evolving financial landscape.
