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In another sign of cryptocurrency mainstreaming, financial data provider Thomson Reuters collaborated with CryptoCompare, a crypto data and analytics company to provide order and exchange data for 50 cryptocurrencies on the former financial desktop platform, Eikon.
Charles Hayter, CEO and founder of CryptoCompare, said the partnership would provide transparency to the market. "This partnership offers 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 major cryptocurrencies during 2018, we continue to see an increasing demand from our customers to cover the prices of the main names." The partnership with CryptoCompare puts the price data for this market emerging along with other asset classes, giving our customers a more complete and holistic view of Eikon trading, "said Sam Chadwick, Reuters Strategy and Innovation Director. 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 generalized accounting technology for raise capital, "he said. "This is moving the ladder into private equity space."
Reuters already offers data on cryptocurrency sentiment from social media on its feed. Bloomberg, another important news and data organization, also provides cryptocurrency data to subscribers and plans to launch a cryptocurrency index. (See also: Bloomberg to launch the Cryptocurrency index).
How to Integrate the Benefits of Investor Data
The integration of data from CryptoCompare into the Reuters data feed is a big win for cryptocurrency enthusiasts. In addition to making cryptocurrency data accessible to institutional and traditional investors, the move will also bring transparency to the encrypted markets by buying them from trusted organizations. The cryptocurrency exchanges operated outside the reach of regulatory organizations, up to now. This led to questions about the integrity of their data and operations. The involvement of Thomson Reuters in the dissemination of this data will guarantee greater responsibility and supervision. (See also: Should cryptocurrency trade be self-regulating?)
Investing in cryptocurrencies and other initial coin offerings ("ICO") is highly risky and speculative, and this article is not a recommendation of Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since the situation of each individual is unique, a qualified professional should always be consulted before making any financial decision. Investopedia does not make any representations or warranties regarding the accuracy or timeliness of the information contained in this document. On the date this article was written, the author has small amounts of bitcoin and litecoin.
