Thomson Reuters has partnered with CryptoCompare, a crypto data platform, to integrate crypto trading data for 50 cryptocurrencies into the media conglomerates financial desktop platform, Eikon according to a statement.
The new Thomson Reuters crypto data feeds will allow a growing segment of institutional investors interested in crypto assets the needed information to better trade coins and tokens directly.
Institutional Money Continues its March towards Crypto Assets
Access to the kind of detailed crypto data which CryptoCompare will provide directly within the trading data platform allows for institutional investors to look at crypto assets the same as the other assets in their portfolio.
As big financial players continue to move into the market and other traditional financial services begin to be offered in the crypto ecosystem, the need for consolidated information will become imperative.
Thomson Reuters, Sam Chadwick outlined the benefits to their customers:
For its part, CryptoCompare will be creating a feed of crypto trading data ‘sourced from a wide variety of trusted exchanges’ with the aim to provide real-time insights for investors as well as bring their experience in the industry to a broader audience as their CEO outlines in the press release:
Thomson Reuters main competitor in the financial information platform market, the Bloomberg Terminal has also been adding crypto trading data. The market leading Bloomberg terminal tracks prices of several top cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple in addition to listing a crypto index from exchange Huobi aas well as its own crypto index through a partnership with crypto merchant bank Galaxy Digital.
Investors are Seeking out More Crypto Trading Data
This new partnership isn’t the first attempt by Thomson Reuters to provide their Eikon customers more crypto information. The firm already offers traders MarketPsych Indices which uses machine learning to survey news and social media and determine market sentiments based on keywords. MarketPhsych began offering trend data, visualization tools and quantitative research results with historical data back to 2009 on the top 100 cryptocurrencies in June according to an article in Forbes.
The media conglomerate also surveyed their customers in April of this year to gauge interest in trading cryptocurrency and found that nearly 20% of the participants were considering the move within the next 12 months.
The question now becomes with all the interest from institutional investors and new tools and data from crypto being available to investors, will they buy into the potential for crypto assets to disrupt the traditional financial markets or are they all gearing up for a big short? The amount of private and public capital flowing into these new and still volatile markets would tend to indicate most see crypto as here to stay.