Since the industry is so wide and diverse with new and exciting investment opportunities emerging fast, cryptocurrency investors have no choice but to manage their assets separately. This approach can be cumbersome, especially when a cryptocurrency investor has too many digital assets to manage in their portfolio.
Blockchain, which is distributed ledger technology is revolutionizing the financial industry. Investors that are eager early adopters have realized this for years and benefited from this booming industry. It is only now that progressive financial enterprises in the mainstream and even governments are now taking the blockchain industry seriously. Chairman of the Federal Reserve, Jerome Powell stated earlier this year that blockchain offered a new approach to recording ownership of assets. He added that it allowed for the development of a variety of innovative fintech solutions, including cryptocurrency.
Cryptocurrencies are safe and effective means of transferring funds. However, NFTs (nonfungible tokens) are transforming the way we look at ownership. Ownership can encompass unique digital collectibles, deeds on physical properties, and perhaps many other assets in between. The possibilities are still unfolding, many yet to be explored.
The Challenge of Monitoring Diversified Assets
A unified means of monitoring cryptocurrency is a challenge. It is challenging for perhaps two main reasons. Firstly, the decentralized nature of cryptocurrency. This intentional aspect of the technology has its advantages but these advantages do not include consolidation in monitoring. The other reason monitoring cryptocurrency is a hassle is because of the ability for any person to issue one themselves. Then on top of these issues, add in the fact that different aspects need to be taken into account in regards to decentralized finance.
These additional aspects include decentralized exchanges or decentralized autonomous organizations. Then add in the need for security for technology. Security protocols like “two-factor” authentication help a great deal in curbing security protocols. However, when it comes to monitoring a diversified investment portfolio, the tracking of even conventional financial assets is trickier. Therefore all the complexities that have to be taken into account are exponential when monitoring very diverse portfolios.
How Investors Navigate the Complexities
Cryptocurrency investors have no choice but to do business across several platforms. This means home, 401K, and other investments are monitored on different platforms. Savvier investors attempt to put together spreadsheets or their custom tools to monitor their investments all in one place. Attempting to use spreadsheets can help but the manual nature of this approach is tedious and not ideal. In a best-case scenario, investors would be in a position to keep on top of their investments in one platform. In such a case, investors would approach cryptocurrency as any other entity in their investment portfolios. They would therefore monitor their investment from one place, in a single system with one graphic user interface.
Kubera: An innovation of consolidation
Thankfully cryptocurrency investors now have a possible solution. This is Kubera. Kubera is a solution that aims to solve this problem by helping investors track their stocks by connecting those stocks to their brokerage accounts. A noteworthy feature of this crypto portfolio management platform is that you can also use it if a specific brokerage firm is not supported on the platform. In that case, the investor simply adds the stock ticker of their assets to track their most recent values. At present, Kubera has inbuilt support for the U.S., Canada, UK, Europe, Asia, Australia, and New Zealand stock exchanges.
Another useful aspect of this platform is that it does not only manage mainstream conventional stocks but also crypto. Kubera user account holders can obtain the most recent balances from all main crypto wallets that they have. They can also get exchange accounts or easily add coins to monitor their value. It also has inbuilt support for decentralized finance assets like Ethereum, Binance Smart Chain, and Polygon.