Thomson Reuters Decides on CryptoCompare as Price Data Source

Thomson Reuters began displaying cryptocurrency prices in May of this year.

CryptoCompare, a data aggregation website for the cryptocurrency industry, has signed a partnership with media giant Thomson Reuters, according to a CryptoCompare statement.

Under the terms of the agreement, Thomson Reuters will use CryptoCompare data to enhance its financial analysis computer programme, Eikon. Reportedly, data on 50 cryptocurrencies will be provided.

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CryptoCompare says that its data will provide Eikon users with a more comprehensive view of the cryptocurrency market.

“5,000+ coins and 200,000+ currency pairs globally”

CryptoCompare hosts an internet forum and displays data on digital assets which it aggregates from other sources. It was created in 2015 by a company called Crypto Coin Comparison, which was itself founded in 2014. By November 2017, CryptoCompare had more than 300 thousand users. Its head office is in London, but it has employees in Romania, Portugal, Germany, and Hungary too.

The company claims to provide reliable market data on “5,000+ coins and 200,000+ currency pairs globally”.

More specifically, it displays charts of cryptocurrency prices and movements, information on cryptocurrency exchanges, information about cryptocurrency mining and reviews of cryptocurrency wallets.

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In April 2017 it partnered with Melonport, a digital asset management company that raised millions of dollars in just ten minutes during its initial coin offering.

Thomson Reuters of Toronto is an institution in its own right. It has a market capitalisation of $38.4 billion and is listed on the stock exchanges of Toronto and New York.

In May 2018 it released the results of a survey which revealed that financial institutions are far more involved in and enthusiastic about cryptocurrency than you may have thought.

Also in May, it launched a cryptocurrency price data feed, and in June it upgraded the service to cover market sentiment data for the top one hundred cryptocurrencies. This means that it analyses information from hundreds of news website and social media channels and aggregates the opinions. It calls this service a ‘chatter-tracking suite’.

Management comments on the partnership

Charles Hayter, founder and CEO of CryptoCompare, said: “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.”

Sam Chadwick, Director of Strategy in Innovation and Blockchain at Thomson Reuters, said: “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.”

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