As spring for the crypto market comes to a close, many see the summer as an upcoming cryptocurrency bull run. Regardless, there are still many unanswered questions. Is this the end of Bitcoin season and the beginning of altcoin season? Will Ethereum flip Bitcoin, or will Ethereum be the one getting flipped by Cardano? How important is the Musk-factor?
May has become the month of Musk. First there was the Dogecoin pump-and-dump and re-pump with his SNL appearance and his announcement that Dogecoin will be the currency used for the first commercial lunar flight in human history. Then there’s his Tesla announcement. Somehow, Musk thought it was ok for Tesla to use Bitcoin earlier, and then he just changed his mind due to environmental reasons, as if a man of Musk’s considerable wealth and technological abilities didn’t know exactly how much energy use was in Bitcoin mining before Tesla’s relationship with the dominant crypto. Bitcoin (BTC) tanked over 30% percent in a single day thanks to one person—Musk.
The point is that cryptocurrency investors, Bitcoin friendly banks, and cryptocurrency exchanges need a data integration system in order to be able to function in a crypto space that allows whales like Musk to correct an entire market with a single tweet. If that data integration system is automated, the business user has an even greater advantage.
Data Integration Defined
Data integration allows the data integrator to extract real-time data from different data sources and aggregate them into a unified view of the data while capitalizing on real time data without the need to rely on a data warehouse or an ETL. With automated data integration, you have a valuable data integration tool because human resources can be freed up for other, less tedious tasks. Other valuable data integration tools include data analytics, data virtualization, and business intelligence.
Data Integration for the Crypto Friendly Banks
Data integration is important for crypto friendly banks because of the security issues involved due to the complexity of data regarding Bitcoin transactions and other crypto transactions as well as that of converting crypto assets into fiat currency. The best practices of a crypto bank in its banking services has to include having a data integration solution for business users, crypto businesses, and crypto investors.
Blockchain technology has a lot of big data within the cryptocurrencies and non-fungible tokens themselves, as well as other digital assets. The best bank is one that can employ a data integration solution that can manage the data flow through a data pipeline into data sets to form a unified view of the data. If that best bank can employ master data management with full automation to adjust the human resources workflow while maintaining data quality on a digital platform, even better.
Crypto friendly banks include: Ally Bank, USAA, Simple Bank, and Goldman Sachs. Revolut doesn’t have a banking license but is FDIC insured. Robinhood is also, technically, not a bank, but it is a fully regulated financial institution within the United States. It supports the following major cryptocurrencies: Bitcoin, Ethereum, Litecoin, Dogecoin, Ethereum Classic, Bitcoin Cash, Bitcoin SV and Ripple.
PayPal is also, technically, not a bank but is a secure payment method that allows its users to buy and sell cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin and Ethereum. PayPal’s appeal is its ease-of-use regarding the conversion of crypto trades into traditional fiat currencies to be transferred to a bank account in a traditional bank.
Data Integration for Whale Watching
For cryptocurrency traders and beginner investors, a proper data integration system is not only a great option; it is necessary. Without a data integration solution that can provide up-to-date business intelligence, master data management, and a meaningful contribution from qualified data analysts, there’s no possible way to maintain any type of balance of power between individual investors and omnipotent whales like Elon Musk.