The Canada-based information and news provider, Thomson Reuters, recently partnered with the popular market data aggregator CryptoCompare. The partnership will see the Canadian news provider adding more than 500 crypto assets to its financial data feed.
As the deal outlines, CryptoCompare will collate order book and trading data for 50 crypto tokens that are already sourced from “trusted” exchanges and will be provided through the Thomson Reuters platform.
As the press release from Thomson Reuters states, this data will let institutional investors gain a “reliable insight” into the crypto asset market. This will apparently enable them to predict the asset price movements with “a high degree of probability”.
The finance data feed featuring crypto goes in line with the goals of the market to attract more institutional investors. According to the director of strategy in innovation and blockchain at Thomson Reuters, Sam Chadwick:
“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. … This partnership puts pricing data for this emerging market alongside other asset classes, giving our customers a more comprehensive trading view in Eikon.”
The firm also added that it was working with CryptoCompare since 2016 when the startup took part in a blockchain hackathon hosted by the new provider.
In May 2018, Thomson Reuters launched a “sentiment feed” for Bitcoin which is a service that uses AI to analyze over 400 sources of data, scouring news as well as social media posts in search of actionable insights for investors.
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