Blox designs crypto tracking and accounting solution for IDEX users

Blox designs crypto tracking and accounting solution for IDEX users

Blox, a platform for crypto asset management, accounting and cost basis, announced today it has partnered in technical collaboration with crypto exchange IDEX to introduce the company and its users to Blox’s advanced crypto asset management platform and smart data technology.

The Blox R&D team has produced a versatile technology that taps into the IDEX smart contract, converting raw data into readable data. The team created a two-way Input/Output approach to facilitating, understanding and actionizing raw data. The data input is when additional data is added from a variety of sources creating richer but also heavier data which is then funneled through the output. The output component searches and analyzes the raw data and transforms it into “smart data” which enriches the quality of the data-sets and sorts it to identify details such as internal/external transfers, wallet addresses, historical data, security encryption and more.

“There’s a growing need among crypto investors and businesses for better access to and control over accounting and management of their crypto assets. We’re thrilled to collaborate with Blox to meet this need and introduce IDEX traders to robust tools that simplify and automate accounting and management processes.”
– Alex Wearn, CEO of IDEX

In the crypto universe, data is the key ingredient to unlock success but as its volume grows, processing speeds are reduced and most of the data remain raw and unusable. More layers of data information are always being added such as metadata, meta-tags, transaction history, ownership and even additional layers of security.

However, for decentralized exchanges like IDEX, most of the transaction history and important data that users need to access are illegible and of little use. Thus, Blox created a smarter and more efficient means to handle IDEX’s smart contract data and make it more accessible.

“The Blox R&D team worked closely with the IDEX smart contract to make user data more accessible and provide a consumer-facing platform to track and manage their crypto assets or activity. It’s all about providing users or businesses with an accurate and complete picture of their crypto portfolio and we know this all begins with reliable data.”
– Alon Muroch, CEO and Founder of Blox