Vela, a major provider of financial market data to financial businesses, has partnered with CoinMarketCap, the world’s leading cryptocurrency price tracking website.
CoinMarketCap is pleased to be partnering with @TradeVela to bring our trusted cryptocurrency data to institutional clients! We will be providing the crypto data in their SuperFeed. Read our press release here at: https://t.co/IWbEw4jEy8
— CoinMarketCap (@CoinMarketCap) August 22, 2018
The partnership will allow Vela to provide cryptocurrency data to its users, which include brokers, banks, investment firms, and exchanges, according to its website.
Wombat Financial Software
Vela, which has offices in New York, Chicago, London, Belfast, Manila, Pune and Sydney, gathers data from from more than one hundred data sources in order to provide a range of information services to its business clients.
It was founded under the name SR Labs in 2007. It was renamed to Vela in June 2016 after it purchased NYSE Technologies, which was formerly known as Wombat Financial Software before being acquired by NYSE Euronext in March 2008, which was devoured in its turn by Intercontinental Exchange in November 2013.
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Jennifer Nayar, CEO of Vela, said that the deal will let it provide its users with “enterprise-grade access to the leading, independent source of cryptocurrency data.” Brandon Chez, founder of CoinMarketCap, said that the deal will let the company “extend [its] reach to major banks, broker-dealers, and institutional firms so that they can access [its] information directly.”
Earlier this month, Vela hired Peggy Sullivan to the role of Chief of Staff. Sullivan had spent ten years working at the New York Stock Exchange in a number of leadership positions.
CoinMarketCap tracks the prices and market capitalisations of 1,865 cryptocurrencies, and the trading volumes (reported and adjusted) of 217 cryptocurrency exchanges. Interestingly, only one month ago those figures were 1,722 and 209 respectively. It calculates the price of a given coin by taking the average price of whatever exchanges list that coin.
It is hugely important in the cryptocurrency sphere, a fact demonstrated when it removed all South Korean cryptocurrency exchanges from its listing in January 2018 as a response to accusations of fake volumes. The move almost caused the entire market to crash.
In July 2018, it cancelled the $50,000 minimum volume requirement for an exchange to be listed, as a response to criticism that some of these figures are actually fabrications.
This is not the first move that CoinMarketCap has made to ingratiate itself with big businesses. In May 2018 it launched an application for Apple devices and revealed a fancy new logo, and in August it launched a new API, or application programming interface, which makes it easier for companies to integrate its data into their systems.