Thomson Reuters has provided the clearest indication that it could soon allow digital assets on to its trading platforms. The media giant has launched a cryptocurrency data feed that is poised to provide real-time information for six digital coins across major cryptocurrency exchanges.
The ‘Cryptocurrency Real Time Rates’ feed is accessible through the firm’s Eikon platform. Its data will come from various crypto exchanges including BitFlyer and BitPoint. There are also plans to include more crypto exchanges in future. The firm expects the data feed to provide reliable and accurate information. Its goal is to encourage efficiency and transparency in the cryptocurrency markets.
According to Michael Go, head of Forex market development for Asia Pacific, immense growth over the last decade in the cryptocurrency market is why Thomson Reuters is venturing into the digital currency sector.
“Thomson Reuters Cryptocurrency Real Time Rates enhances our rate offering and helps create a transparent and efficient global marketplace, vital to the future stability of cryptocurrency trading to support the investor,” Mr. Go commented.
A recent Thomson Reuters survey of 400 finance companies showed cryptocurrency trading volume should spike high this year. The study also reported 20% of those companies plan to venture into the cryptocurrency trading business within 12 months.
The crypto data feed’s unveiling comes months after the media company unveiled a new version of the MarketPsych indices sentiment data feed. The feed uses artificial intelligence to provide analysis about bitcoin market sentiment.
Cryptocurrency-focused Investors Influx
The new feed should thus make Thompson Reuters a key player in a sector poised to experience tremendous growth soon. An influx of institutional investors is one reason why firms are stepping up their game. They are increasingly coming up with new products and services designed to target high net worth investors.
Thomson Reuters is not the only company that has sought to pursue opportunities in the cryptocurrency sector. Additionally, the CME Group recently launched a daily price benchmark for Ethereum as it looks to address the needs of investors flocking the sector. Products and services designed to address investor needs are expected to continue rising.