Crypto Asset Management Software
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What is Crypto Asset Management Software?
Crypto asset management software helps companies and institutions manage their digital assets (cryptocurrencies, NFTs, smart contracts, etc.) in a streamlined and scalable fashion. Management of cryptographical assets can pose some security and logistical challenges. On the one hand, having a single individual possess a single key poses a weak point in security posture. On the other hand, having many keys that must sign each transaction poses significant logistical challenges. Additionally, depending on the exact usage, there can be challenges such as blockchain and network interfacing and on-ramping and off-ramping. Crypto asset management software helps to solve these problems.
As a still emerging technology, crypto asset management software has applications in various fields. Institutional traders may use crypto asset management software to help streamline the process of transferring cryptocurrencies, allowing more responsiveness to market conditions. Digital art collectors may use it to manage their assets. Video game studios, especially creators of blockchain-based games, and other software companies may use crypto asset management to help create and move a high volume of digital assets.
It is important to note that many crypto asset management products cater to one of these niches. As such, not all such products may compete directly with each other, even if the underlying principles are the same. Some products may focus heavily on NFTs, while other products focus on cryptocurrencies. Which product is right depends on which on the specific needs of the business.
Crypto asset management is related to several other crypto software products. Depending on the exact configuration of the product, you may need to provide your own cryptocurrency wallet. Additionally, it may be necessary to have crypto accounting software or crypto tax software to handle other aspects of digital assets.
How is this different from Digital Asset Management Software?
Before the rise of cryptocurrencies, digital assets typically referred to digital items such as pictures, videos, PDFs, and other files companies owned. The software developed to help manage these digital asset libraries became known as digital asset management software.
Cryptocurrencies, NFTs, and smart contracts are all very commonly referred to as digital assets, and the meaning of the phrase is now highly context-dependent. However, the term digital asset management software still typically refers to systems that manage digitized media assets and not systems for managing cryptographical assets.
How is this different from NFT Management Software?
NFT management software is a subset of crypto asset management software. NFT management software manages NFTs, and is most common for companies looking to consistently send and receive a large number of NFTs. This could include institutional collectors or companies looking to build and move high volumes of blockchain-based digital assets, such as in web3 or blockchain based games.
How is this different from Crypto Asset Custody Services?
The major difference is who controls the assets and who is in possession of your keys. If the company providing the software can access your keys or is required to sign transactions, then this is a custody service. If not, then the product is likely a crypto asset management software.
However, like many emerging technologies, there are many gray areas. For example, a particular setup might have three keys, two in possession of the company and one in possession of the vendor. The vendor’s key may not be necessary to sign all transactions, but the vendor may be able to control the wallet or assets in other ways.
Crypto Asset Management Features
Most products in the crypto asset management category have the following features:
- Key management
- Flexible transaction workflows
- Specialized network and blockchain interfaces
- Streamlined onboarding
- Smart Contracts deployment
- Record keeping for compliance
- Streamlined on-ramping
Crypto Asset Management Comparison
Blockchain Support: Some crypto asset management products are blockchain agnostic because they do not provide a wallet, but help manage keys for a given wallet. However, if a product provides a wallet, that wallet will likely support select blockchains. Make sure that your product.
Provided Wallet: Some platforms provide wallets, while others simply manage keys. Products that provide wallets often have simpler workflows and avoid setup difficulties but may constrain the blockchains supported.
Signature Workflows: Make sure to understand how keys are distributed and what is required to sign transactions with your assets. Is just one key needed or multiple keys? Do multiple people share a single key? These determine your
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Pricing Information
Prices can vary significantly, and most vendors do not provide standardized pricing. However, there are several open-source packages available for free that can provide much of the desired functionality.