Mainstream news outlet Thomson Reuters announced a partnership with CryptoCompare, the global cryptocurrency market data aggregator. The partnership will give cryptocurrency increased exposure among participants in mainstream financial markets by presenting Bitcoin and altcoin pricing data next to traditional asset classes.
Sourcing order book and trade data from several exchanges, CryptoCompare will integrate aggregated data about 50 cryptocurrencies on Eikon, Thomson Reuters desktop finance feed for institutional investors.
The partnership will allow Eikon users to customize news feeds and analytics on commodities, derivatives, equities, fixed income and foreign exchange, and include cryptocurrency data. The platform is designed to deliver financial analysis tools and key insights to help traders and investors make smarter decisions.
“As the digital asset markets mature, we see a fast-growing demand from the institutional investor community for comprehensive, real-time and global market data, which can be trusted as the basis for investment decisions,” said CryptoCompare CEO and Founder Charles Hayter.
CryptoCompare’s data will specifically help crypto traders analyze market behavior and predict price action by allowing traders to identify specific buy and sell opportunities. The platform will provide a comprehensive overview of the crypto markets by aggregating and analyzing tick data from major exchanges, showing real-time market and pricing data on 5,000+ coins and 200,000+ currency pairs globally.
Sam Chadwick, Director of Strategy in Innovation and Blockchain at Thomson Reuters, noted that declining prices of the leading cryptocurrencies hasn’t stopped the demand for pricing coverage of the new asset class. “Despite the decline in the price of many of the leading cryptocurrencies during 2018, we continue to see increasing demand from our customers for pricing coverage of the major names.”
In addition to crypto traders being able to analyze real-time data across financial markets on a single platform, the partnership is another major step toward legitimizing cryptocurrencies. It will present Bitcoin, Ethereum, Litecoin and many other leading cryptocurrencies as alternative investments by communicating quality data that can increase interest in and education about the emerging tech.