Thomson Reuters Follows Cryptocurrency with Real-Time Rates Tracker
The launch could be a sign that Reuters is considering embracing the digital asset class on its trading platforms.
Thomson Reuters is launching a price data feed for virtual currencies, dubbed “Cryptocurrency Real Time Rates,” building on the success of similar benchmarks that leverage price data from a suite of crypto exchanges.
The new product provides institutional-grade resources and real-time information for those trading in cryptocurrency markets through a standardized reference rate and spot price index.
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The launch of the new service, which will be accessible through a customized API on its flagship platform Eikon, signals Thomson Reuters’ growing commitment to the nascent space. It also comes at the time when mainstream interest in cryptocurrencies is skyrocketing.
A recent Thomson Reuters study showed that 20 percent of 400 finance firms surveyed are considering getting into cryptocurrency trading within the next 12 months.
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Several cryptocurrency exchanges and trading platforms will provide pricing data for six coins, including bitFlyer and BITPoint, with more exchanges to be added over time.
The launch of the Cryptocurrency Real Time Rates could be a sign that Reuters is considering embracing the digital asset class on its trading platforms.
The release comes on the heel of the announcement from CME Group earlier today about the launch of a daily price benchmark for Ethereum, in partnership with cryptocurrency trading platform Crypto Facilities.
Commenting on the news, Michael Go, Head of FX Market Development – Asia Pacific at Thomson Reuters, said, “The immense growth in the cryptocurrency market in the last decade highlights the strong momentum around this new technology and tradable asset class. Thomson Reuters Cryptocurrency Real Time Rates enhances our rate offering and helps create a transparent and efficient global marketplace, vital to the future stability of cryptocurrency trading to support the investor.”
Yuzo Kano, CEO and co-founder of bitFlyer, added: “As the world’s largest Cryptocurrency exchange, bitFlyer has made efforts to facilitate the development of cryptocurrency markets. We are the first company to obtain a license to trade cryptocurrencies in Japan, the US and Europe and we are delighted to be able to provide valuable data to customers worldwide through Thomson Reuters.”
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