TrueDigital Holdings (TDH), a subsidiary of swap execution facility trueEX, has partnered with three additional contributors to its OTC pricing indices for Bitcoin and Ether, building on the success of similar benchmarks that leverage price data from a suite of crypto exchanges.
TrueDigital’s product provides institutional-grade resources and real-time information for those trading in cryptocurrency markets through a standardized reference rate and spot price index.
CMT Digital, Blockfills, and QCP Capital join nine other cryptocurrency exchanges and trading platforms in providing pricing data for TrueDigital’s benchmark, including Genesis Global Trading, XBTO Group, Circle, DV Chain, Hehmeyer, and Altonomy, with more exchanges to be added over time.
The product aggregates the trade flow of these exchanges during a specific calculation window into a reference rate of the US dollar price. Calculation rules are geared toward real-time replicability in underlying spot markets.
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The service amassed more than 25 million price points, comprised of bid and offer pricing from top cryptocurrency market makers, which signals growing commitment among the financial technology providers to the nascent space.
The release comes on the heel of the announcement from CME Group about the launch of a daily price benchmark for Ethereum, in partnership with cryptocurrency trading platform Crypto Facilities.
Commenting on the news, Nick Goodrich, director of business development at trueDigital “trueDigital is swiftly providing key infrastructure and products for broader institutional adoption of digital assets. This is evidenced by these new additions to our rapidly expanding OTC digital asset indices, as we continue capture a complete picture of digital asset markets and pricing. Our new partnerships illustrate the continued support in the marketplace for transparency and help to advance the opportunity for truly institutional products in the space,”
“CMT Digital welcomes an opportunity to contribute to trueDigital’s OTC reference rates. By allowing for better price discovery for cryptocurrencies and providing much needed transparency into digital assets, the trueDigital’s reference rates help facilitate the necessary trust required to stimulate growth in the industry,” added Brad Koeppen, head of crypto trading at CMT Digital.