Institutional financial traders are about to receive access to new data feeds on fifty cryptocurrencies supplied by Cryptocompare. These will be added to Eikon, Thomson Reuters’ flagship financial information platform which was launched back in 2010.
Also Read: Banks Don’t Really Want to Use ‘Blockchain’ for FX Settlement After All
Increasing Demand for Crypto Coverage
Toronto-headquartered multinational mass media and information firm, Thomson Reuters Corporation (NYSE: TRI), has entered into a strategic partnership with Cryptocompare, the cryptocurrency market data aggregator. Under the agreement, the aggregator will integrate order book and trade data for 50 crypto-assets, sourced from a variety of exchanges, into Thomson Reuters financial desktop platform Eikon.
Sam Chadwick, Director of Strategy in Innovation and Blockchain at Thomson Reuters, said: “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. We have been engaged with CryptoCompare since their involvement in our blockchain hackathon in September 2016, and continue to be very impressed by their approach to coverage of these challenging markets. This partnership puts pricing data for this emerging market alongside other asset classes, giving our customers a more comprehensive tradingview in Eikon.”
Fast-Growing Demand From Institutional Investors
A long time staple for everyday traders and investors in the Bitcoin market, Cryptocompare, works by aggregating and analyzing ticker data from exchanges and integrating different data sets in the cryptocurrency price. It produces cryptocurrency trade data, order book data, block explorer data and social data.
Charles Hayter, CEO and Founder, commented: “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. We are excited to enter into this partnership with Thomson Reuters; we have always sought to provide transparency to this market and 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.”
Is this a definitive sign that more hedge funds and investment banks are demanding access to the Bitcoin market? Share your thoughts in the comments section below.
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