Scaling a RoR crypto tax app with 800+ APIs
We extended a Ruby on Rails backend for automated transaction import, data normalization, and tax calculation across changing third-party APIs. The work focused on scaling blockchain API integration coverage, improving data reliability, and ensuring consistent sync for regulatory reporting.
Business context
Koinly is a cryptocurrency portfolio tracking and tax platform that simplifies the complexities of regulatory compliance. It automatically imports transaction data from over 800 exchanges, wallets, and blockchains, calculates capital gains or losses, and generates ready-to-file financial reports. The platform saves users hours of manual calculation across more than 20 countries.
Project in facts
- Fintech
- UK
- 3 Ruby on Rails developers, PM
- December 2021 - August 2024
- Ruby on Rails development
- Ruby, Ruby on Rails, Rspec, Redis, Jira, Rollbar
Challenge
The platform’s value depended entirely on keeping pace with the rapidly changing crypto ecosystem. As new exchanges, blockchains, and DeFi services emerged, users expected immediate support to calculate and declare their income. To preserve its competitive edge, the platform required continuous maintenance, resilient crypto exchange API integrations, and the swift deployment of new data connections.
Product goals
- Give users a single place to manage crypto assets across multiple exchanges and blockchains
- Simplify tax reporting through accurate transaction aggregation and income calculation
- Expand support for emerging crypto platforms to maximize ecosystem coverage
- Deliver reliable synchronization of financial data despite frequent third-party API changes
Solutions
We deployed new connections for exchanges, blockchains, and DeFi services. To accommodate varying provider capabilities, our engineers built automated API sync tools or developed resilient CSV import pipelines designed to parse complex historical ledgers whenever native API endpoints were unavailable.
In parallel, we stabilized and optimized the core platform to guarantee reliable tax reporting. This work involved auditing blockchain transaction logic, resolving connection-specific defects, standardizing data ingestion, and documenting technical specifications to streamline future development.
Crypto API integrations
Connected new exchanges and DeFi services through automated and reliable API pipelines.
Flexible imports
Developed resilient CSV parsers to process complex histories from legacy platforms.
Data processing
Audited transaction logic and standardized data ingestion to ensure accurate tax reporting.
Engineering approach
Leveraging our Ruby on Rails development services, we architected a modular cryptocurrency data integration layer centered around a unified connector, abstracting external providers into a consistent interface. This decoupled design allowed us to onboard new exchanges and blockchain networks without impacting existing integrations or core data flows.
To mitigate the volatility of third-party crypto APIs, we introduced a specification-driven development process. We paired this upfront validation with rigorous code reviews and RSpec testing of critical transaction logic to guarantee financial data accuracy under all input conditions.
Business impact
Result
Rubyroid Labs evolved a fragmented crypto system into a scalable platform capable of supporting a rapidly expanding ecosystem of exchanges and blockchains.
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Automated tax calculation logic
Improved consistency of transaction processing and normalization logic led to more reliable income reporting across supported exchanges and blockchains. -
Expanded ecosystem coverage
800+ integrations stabilized and supported, enabling users to aggregate financial data from a significantly broader set of platforms.
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