TrueDigital Holdings (TDH), a subsidiary of swap execution facility trueEX, has partnered with two additional distributors 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.
Kaiko and Inca Digital Securities (Inca) join other partners that now offer these OTC reference rates to their customers, including asset managers and institutions. According to the press release, Kaiko is a provider of cryptocurrency market data, while Inca is a digital asset analytics, consulting and technology firm.
Over ten cryptocurrency exchanges and trading are 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.
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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.
Earlier last year, CME Group also launched 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 said: “These relationships are another meaningful step in the creation of an institutional-grade infrastructure for digital asset trading. trueDigital, Kaiko and Inca are all dedicated to giving institutions the data and tools to make investment decisions with the same clarity and confidence that they would with any other asset class. We’re excited by the potential for these and future strategic partnerships, especially those with major financial data providers, to help broaden the global reach of our reference rates.”
Ambre Soubiran, CEO of Kaiko, added “Kaiko is proud to be working with trueDigital to distribute OTC data through our market data distribution channels. Kaiko’s mission is to build the data distribution infrastructure for institutional involvement in the cryptoassets industry. Our partnership with trueDigital will further this mission while also promoting much-needed data transparency.”