Distributed ledger technology, also known as blockchain, is changing financial markets in a variety of ways. Although this has been understood by enthusiasts for several years, it has finally been recognized by mainstream financial authorities.
“Recently, the rise of distributed ledger technology, which offers a new approach to recording ownership of assets, has allowed for the creation of a range of new financial products and services—including cryptocurrencies,” Federal Reserve Chairman Jerome Powell stated in an address earlier this year.
Not only are cryptocurrencies a secure and efficient way to send money, but nonfungible tokens (NFTs) are changing the way we think about ownership, from unique digital collectibles to potential deeds on physical property.
Not so smooth monitoring
However, the decentralized nature of cryptocurrencies and the ability for anyone to issue one make consolidated monitoring difficult. This is compounded even further through different aspects of decentralized finance (DeFi), such as decentralized exchanges (DEXs) or decentralized autonomous organizations (DAOs).
In fact, in this day and age of more sophisticated cybercrime, security protocols such as two-factor authentication becoming the norm have made this process difficult even for tracking traditional financial assets across different platforms.
Many crypto investors are forced to manage their digital assets separate from their 401k, homes and other investments. Some even hobble together their own tools or spreadsheets to try to manually see all of their assets in one place. Ideally, investors should treat crypto as part of their entire portfolio and manage it all together in a single system and from a single interface. Now comes a new platform that can consolidate all these assets into a unified portfolio, enabling investors with a simple, single point of reference.
A sophisticated solution
With Kubera, a crypto portfolio management platform, investors can track their stock portfolio by connecting with their online brokerage accounts. But even if the particular brokerage is not supported, users can also add the stock ticker of their assets to track their latest values. Kubera supports all major stock exchanges in the U.S., Canada, UK, Europe, Asia, Australia and New Zealand.
In addition to more traditional assets like stocks, Kubera users can also track their crypto assets, including coins locked up in DeFi. Kubera users can get the latest balances from all major crypto wallets and exchange accounts or simply add the coins to track their value. Kubera supports DeFi assets on multiple chains like Ethereum (ETH), Binance Smart Chain (BSC) and Polygon (MATIC).
Kubera also uses industry-leading account aggregation technology to give users reliable connectivity to thousands of online banks around the world, allowing them to also track the money directly in their bank accounts. Kubera can connect with over 20,000 banks worldwide.
Truly intending to be the single source from which users can track the whole of their assets, Kubera even enables them to track the value of their cars, trucks and automobiles via EstiBot, and even the value of their homes with the latest market data from Zillow. By additionally including precious metals through gold, silver, platinum and palladium spot prices, and the estimated market value of web domains, Kubera users can actually calculate their own net worth in their own local currency.
Apart from the ability to track all these assets, Kubera also includes features that enhance its usability. For assets that are maintained manually, Kubera has a built-in workflow to remind users to update the asset values. Users can also analyze charts to easily see how their net worth grew over time to see which investment appreciated the most. They can also share a read-only link of their portfolio with investment advisors, CPAs, estate planners when applying for loans or with their households. For older investors or those who’ve passed unexpectedly, Kubera has an automated 'Life Beat Check' that can sense extended periods of account inactivity and send its users’ portfolios to their beneficiaries.
Kubera is now tracking over $8 billion in assets since launching in the past year. In the next year, developers plan to improve connectivity and provide multi-chain support. Some other updates planned include a more accurate P&L calculation, determining IRR on investment, forecasting and planning, as well as NFT valuation.
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