Thomson Reuters, a Canadian information and news provider, will monitor a series of cryptographic resources on one of its desktop financial feeds, thanks to a new partnership with CryptoCompare, a market data aggregator.
On the basis of the agreement, CryptoCompare will collect the backlog and trading data for 50 cryptographic tokens from "trusted" exchanges to be provided to investors via the Eikon platform of Thomson Reuters, according to a press release.
The added data will provide institutional investors with a "reliable view" in the cryptographic asset market, allowing them to predict asset price movements with "a high degree of probability," said Thomson Reuters.
Sam Chadwick, director of innovation and blockchain strategy at Thomson Reuters, commented:
"Despite the decline in the price of many of the major cryptocurrencies in 2018, we continue to see a growing demand from our customers for price coverage of key names. … This partnership puts pricing data for this emerging market along with other asset classes, giving our customers a more complete view of trading at Eikon. "
The company added that it has been involved with CryptoCompare since the launch took part in a hackathon blockchain hosted by Thomson Reuters in September 2016.
The addition of the new data feed comes after Thomson Reuters in May launched a "sentiment" feed for bitcoins, a service that uses artificial intelligence to analyze over 400 data sources, scouring news articles and post on social media looking for useful information for investors.
That feed was expanded in mid-June to cover data relating to feelings related to 100 different cryptocurrencies.
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