News and financial reporting giant, Thomson Reuters is making its big move in the cryptocurrency space with the launch of new price data feeds for virtual currencies. To be called as “Cryptocurrency Real Time Rates” is similar to what other benchmarks offers that leverage price data from several crypto exchanges.
The new product will provide institutional-grade resources and real-time data points to those trading in the cryptocurrency markets through a standardized reference rate and spot price index. The new data feed is made available through customized API on its flagship platform Eikon. The move signals the Thomson Reuters growing interests in the crypto space and also come at a time when the sector is witnessing heightened interest from the mainstream financial institutes. CME Group recently launched daily price benchmark for Ethereum, in partnership with cryptocurrency trading platform Crypto Facilities.
Initially, the data feed will include data from few cryptocurrency exchanges and trading platforms including bitFlyer and BITPoint about the pricing data for six coins with more exchanges to be added over time. The launch of Cryptocurrency Real Time Rates also signals that Reuters intention to include virtual currencies on its trading platform.
Michael Go, Head of FX Market Development, Asia Pacific at Thomson Reuters, said on the development: “The immense growth in the cryptocurrency market in the last decade highlights the strong momentum around this new technology and tradable asset class. 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.”
Yuzo Kano, CEO and co-founder of bitFlyer, said: “As the world’s largest Cryptocurrency exchange, bitFlyer has made efforts to facilitate the development of cryptocurrency markets. We are the first company to obtain a license to trade cryptocurrencies in Japan, the US and Europe and we are delighted to be able to provide valuable data to customers worldwide through Thomson Reuters.”
