Major news organization can no longer ignore crypto. To be fair, last year’s meteoric rise of Bitcoin caught many headlines, with experts and “experts” alike sharing their two cents to the media around the world. But basic coverage is longer enough; thus, we have Thomson Reuters taking a bold step forward to track a number of crypto assets on one of its desktop finance feeds. Let’s see what this is all about…
Thomson Reuters’ platform to track 50 crypto assets
Thomson Reuters may be an information powerhouse but for tracking the nascent crypto market — it needs a partner. And so it struck a deal with market data aggregator CryptoCompare, which will collate order book and trading data for 50 crypto tokens sourced from “trusted” exchanges. Then, this information will be available through Thomson Reuters’ Eikon platform, providing institutional investors with “reliable insight” into the crypto asset market, so they could eventually use that information to predict asset price movements with “a high degree of probability.”
“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,” Sam Chadwick, Thomson Reuters’ director of strategy in innovation and blockchain, said in a statement. “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 added that this latest deal comes on the heels of its existing relationship with CryptoCompare, which started in September 2016 when the startup took part in a blockchain hackathon hosted by Thomson Reuters.
In May of this year, Thomson Reuters launched an AI-enabled “sentiment” feed for bitcoin, which can analyze over 400 sources of data to provide actionable insights for investors. That feed was expanded in mid-June to cover sentiment data for 100 different cryptocurrencies.
Bloomberg has its crypto index
Thomson Reuters is not the only major information provider to offer a crypto-related services. Previously we have talked about the Bloomberg Galaxy Crypto Index (BGCI) that was envisioned as a tool to provide transparent benchmarking for investors.
Designed in partnership with Galaxy Digital Capital Management LP, Bloomberg’s crypto index kicked off in May with 10 of the most popular cryptocurrencies. Specifically, the index tracks performance of the largest, most liquid portion of the cryptocurrency market — featuring Bitcoin, Ethereum, Monero, Ripple, and Zcash, among others. Its constituents are diversified across different categories of digital assets — including stores of value, mediums of exchange, smart contract protocols, and privacy assets.
At the time of the announcement, BGCI was described as an “important step in the evolution of the digital assets space.”
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies,” Alan Campbell, Global Product Manager for Bloomberg Indices, said at the time. “The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”