Thomson Reuters is taking important steps in regularizing the cryptocurrency market. The media and information firm is determined to create an environment where investors can rely on market data in the still nascent virtual currency industry. To this end, the Canada-based company plans to collaborate with CryptoCompare, a cryptocurrency market data aggregator platform.
The Dearth of Accurate and Trusted Cryptocurrency Market Information
There is a significant lack of trusted and accurate trading data in the cryptocurrency market. For a global industry, a lot of indices in the market vary from location to location. Such a situation is generally unhealthy for the development of the market if widespread variances exist for parameters that should more or less be equal around the world.
Such is the extent of the problem that it has even hampered the flow of institutional money into the industry. The lack of trusted sources that big-money investors can use to evaluate cryptocurrency assets makes finding accurate market data more difficult than it should be. Hence, the market appears to be anathema to mainstream investors who are used to such things as price indices and comprehensive trade data.
Eikon is Thomson Reuter’s financial desktop trading platform. Under its partnership with CryptoCompare, order books and trade data from for 50 virtual currencies will be integrated onto the Eikon platform. These market data will be sourced from prominent cryptocurrency exchange platforms from around the world.
Commenting on the initiative, Sam Chadwick, the Director of Strategy for 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. 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.”
The Eikon platform will provide benefits such as real-time data for coins with a high trading volume such as Bitcoin, Ethereum, XRP, etc. By so doing, traders will easily identify potential buy and sell opportunities as they occur in the fast-paced world of virtual currency trading. Rich crypto content will also appear in the data feeds of users running the Thomson Reuters Elektron platform, allowing them to view crypto market data alongside equity prices from Nasdaq.
Also speaking on the collaboration, founder and CEO of CryptoCompare, Charles Hayter, said,
“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, as we have always sought to provide transparency to this 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.”
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