Digital asset data provider CryptoCompare has partnered with Nasdaq to launch a cryptocurrency pricing product – the Nasdaq/CryptoCompare Aggregate Crypto Reference Prices.
The product will enable institutional investors to monitor the nascent digital asset class and assess investment opportunities using a trusted data source, according to Tuesday’s announcement. It will also enhance institutional capabilities in the cryptocurrency markets across trading strategy, quantitative research, risk modeling, NAV calculations, and back-testing.
The pricing product will be available on Nasdaq-owned financial data platform Quandl and will provide minute-by-minute pricing data for the most liquid cryptocurrency markets. The market data for the product will be fetched from CryptoCompare’s aggregate index datasets.
“We are delighted to partner with Nasdaq on a joint Aggregate Crypto Reference Prices product. Reliable data is the bedrock of transparent, liquid markets and by bringing our high quality, granular dataset to a global institutional client base, via the Quandl platform, we will give traders and investors a competitive edge,” Charles Hayter, co-founder and CEO of CryptoCompare said.
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
Proving real-time market data
Headquartered in London, CryptoCompare provides global cryptocurrency market and pricing data to both retail and institutional investors. Its datasheet spans through cryptocurrency trade, order book, historical, social, and blockchain data. Per the company, it sources data from 150 exchanges all over the world.
Last year, CryptoCompare also inked a deal with Thomson Reuters to provide crypto market data to its financial analysis computer program, Eikon.
Despite a setback in the industry over the last year, Hayter is bullish with the sector and believes that more tokenization will lead to more trading of digital assets.
Nasdaq, on the other hand, is one of the few mainstream players fully diving into crypto. The company is already planning to launch crypto futures products in the US market. In addition, it is lending its surveillance technology to various digital asset exchanges to monitor real-time trading activity and raises alerts with the exchange if it discovers unusual trading activity.