Canada-based news provider and mass media outlet Thomson Reuters has announced it will be partnering a crypto tracking platform CryptoCompare to track 50 digital currencies. The two parties agreed that CryptoCompare will provide Reuters with trading data and order book from a “wide variety of trusted exchanges“ and the information will then be transferred to Reuters’ Eikon platform, used by institutional investors.
Sam Chadwick, director of strategy in innovation and blockchain at Thomson Reuters claimed that “Despite the decline in the price of many of the leading cryptocurrencies during 2018, we continue to see increasing demand from our customers for pricing coverage of the major names. […] This partnership puts pricing data for this emerging market alongside other asset classes, giving our customers a more comprehensive trading view in Eikon.“
The lack of reliable sources of trade data is named as one of the most significant issues, holding back the institutional investors from shoving their money into the crypto markets. Hopefully, the new platform will help to remedy this problem, as, according to the press release, it will provide institutionals with “reliable insight” into the digital asset market and enable them to predict price movements with “a high degree of probability.”
Eikon already provides real-time and historical data on assets and offers other features, such as news, analytics and data visualization. The real-time data is especially significant as it allows traders to identify specific buy and sell opportunities. The cryptocurrency information in Eikon will also appear in the feed of Elektron, another Reuters’ platform. This will allow users to view crypto prices alongside those of NASDAQ equities and will hopefully influence traders to invest in the digital currency market.
Charles Hayter, CEO and founder of CryptoCompare praised the partnership, claiming that, “As the digital asset markets mature, we see a fast-growing demand from the institutional investor community for comprehensive, real-time and global market data, which can be trusted as the basis for investment decisions. […] This partnership provides a great opportunity for the institutional investor community to access not only our data, but also to benefit from our experience and insight.“
Thomson Reuters has first dabbled with cryptocurrencies in May when it launched a bitcoin data feed, which used AI to scout over 400 sources of data in order to discover valuable insights for investors. The feed was expanded in June to cover 100 digital assets.
The institutional involvement remains a major talking point within the crypto community, especially with the SEC decision on bitcoin ETFs to be announced in the coming weeks.
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