Integral has been a leading provider of FX market data, assisting brokers in providing accurate data feeds and market prices to clients. Over the past year, as demand for cryptocurrencies continues to surge, the financial technology company has incorporated data on crypto assets into its Open Currency Exchange (OCX) trading platform. As the industry continues to attract new investors on a daily basis, Integral has expanded its offerings to include market data on 14 leading cryptocurrencies, linking 16 of the largest exchanges throughout the world, including the US, Europe and Asia.
The Market Data Service uses algorithms developed with Stanford University for Integral FX Benchmark to provide the most precise reference prices for cryptocurrencies. Unlike the FX market, cryptocurrency prices maintain substantial discrepancies between varying exchanges, making it more difficult to gauge the precise price levels of each coin, at any given time.
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Stanford University has developed and employed algorithms that are capable of deciphering specific price trends and gaps to assess accurate price levels and movements on a continuous basis.
Harpal Sandhu, CEO of Integral, addressed the company’s expansion of cryptocurrency data: “An accurate, stable, and reliable reference price is a requirement for any market maker. The Cryptocurrency Market Data Service connects to the most price sources and applies the most advanced price discovery algorithm available.”
The Silicon Valley financial technology company has also announced its plans to offer a “real-time consolidated order book across all 16 exchanges.” The plan is in tandem with the company’s efforts to enhance its place in the cryptocurrency sphere. In September of last year, Integral also cut prices on its Open Currency Exchange product, in an effort to reduce costs for clients, and to gain a greater market share.
Charalambos Psimolophitis, CEO of FxPro Group, said: “Integral’s Cryptocurrency Market Data has proven to be the most stable and most accurate price source for our market making service, especially in times of extreme volatility. We will continue to expand our market leading position with additional product offerings based on this reliable platform.”