In yet another sign of the mainstreaming of cryptocurrencies, financial data provider Thomson Reuters has partnered with crypto data and analytics company CryptoCompare to provide order book and trade data for 50 cryptocurrencies on the former’s financial desktop platform, Eikon.
Charles Hayter, CEO and founder of CryptoCompare, said the partnership would provide transparency to the market. “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,” he 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. The partnership with CryptoCompare puts pricing data for this emerging market alongside other asset classes, giving our customers a more comprehensive, holistic trading view in Eikon,” said Sam Chadwick, Director of Strategy and Innovation at Reuters. He also told Forbes that the integration of cryptocurrency data would help educate and inform other organizations and industries interested in funding cryptocurrencies: “We are also starting to see more evolved organizations other than startups using smart contracts and distributed ledger technology to raise capital,” he said. “This is moving the scale into the private equity space.”
Reuters already offers sentiment data related to cryptocurrencies from social media on its feed. Bloomberg, another major news and data organization, also provides cryptocurrency data to subscribers and has plans to launch a cryptocurrency index. (See also: Bloomberg To Launch Cryptocurrency Index).
How The Integration Of Data Benefits Investors
The integration of data from CryptoCompare into Reuters’ data feed is a major win for cryptocurrency enthusiasts. In addition to making cryptocurrency data accessible to mainstream and institutional investors, the move will also bring transparency to crypto markets by sourcing it from trusted organizations. Cryptocurrency exchanges have operated outside the purview of regulatory organizations, so far. This has led to questions about the integrity of their data and operations. Thomson Reuters’ involvement in broadcasting this data will ensure greater accountability and oversight. (See also: Should Cryptocurrency Exchanges Self-Regulate?)
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