Thomson Reuters launches a data transmission channel for real-time cryptocurrency prices. It is expected that the new service will provide "reliable and up-to-date information" for six digital coins according to the data of the main crypto-exchanges. The purpose of the index is increasing the efficiency and transparency of cryptocurrency investor operations around the world.
The new cryptocurrency Real Time Rates index is already available through the customizable API on the Thomson Reuters Eikon platform. The application provides trading data from various crypto-exchanges, including Bitflyer and Bitpoint. According to Reuters, in the future more trading platforms will be added.
This step was made by the company after a recent poll, which revealed a high probability of increasing the volume of trade in cryptocurrency by financial institutions this year. About 20% of 400 financial companies surveyed are considering entering the cryptocurrency trading world for 12 months. This means that every fifth respondent company plans to establish direct contact with cryptocurrencies in 2018.
Data on prices in real time will cover six cryptocurrencies. The launch of the service can be interpreted as an indication that Reuters is considering the possibility of incorporating new digital assets into its own trading platforms. In December, the company added Bitcoin Cash to the Eikon platform. BCH became the third cryptocurrency on the site after Bitcoin (BTC) and Etherium.
The index was also launched almost simultaneously with a statement from the CME Group, which this week announced the launch of two indices on air in partnership with the cryptocurrency platform Crypto Facilities.
Earlier this year Thomson Reuters introduced within the MarketPsych an investment tool based on artificial intelligence, capable to track more than 400 sources of information about Bitcoins and determine investor sentiment.
According to Michael Go, the huge growth in the cryptocurrency market in the last decade underscores the strong dynamics around new technologies and asset classes.
"Thomson Reuters Cryptocurrency Real Time Rates help to create a transparent and efficient global market necessary for the future stability of the currency trading and investor support", he commented.
"As one of the world's largest cryptoexchange, Bitflyer is making efforts to promote the development of the cryptocurrency markets", said Yuzo Kano, general manager and co-founder of the trading platform. He noted that Bitflyer is the first company to receive a license to trade cryptocurrencies in Japan, the US and Europe. "We are pleased to be able to provide valuable data to customers around the world through Thomson Reuters," Kano added.
The president of the Bitpoint exchange, Genki Oda, also spoke about the partnership with Thomson Reuters. "We are pleased to work with Thomson Reuters to further expand our services and hope that our data will become a benchmark for the cryptocurrency industry" , Oda said.