The partnership between CryptoCompare and Thomson Reuters will see the former providing market data for 50 of the top cryptocurrencies.
This will include order book and other trade data that will be sourced from a number of trusted exchange platforms. The data will then be fed directly into the Thomson Reuters’ market analysis platform Eikon.
It is currently being used by financial professionals and institutional players alike to inform strategies about the various markets supported. Using the extensive real-time data sets provided, it’s possible for such market traders to make more efficient investment decisions.
According to a report in Finextra, the decision to partner with CryptoCompare was made due to the platform’s role as “gatekeeper for reliable accurate and clean data.” The publication also noted CryptoCompare’s “rigorous standards to safeguard data integrity, normalising global data sources to ensure consistency and confidence in the market.”
The Eikon platform itself has been widely celebrated for its user-friendly news and analytics tools. The service is fully open and customisable. This allows maximum control for the user. Its utility for those involved in the buying and selling of different financial products has seen the platform named the LinkedIn Editor’s Choice Award for Top Professional Market Data Software in 2017. The professional and employment-focused social platform said the following about Eikon:
“Eikon stands out for its wealth of content and more affordable price point.”
The founder and CEO of CryptoCompare, Charles Hayter, spoke to Finextra about the partnership. He told the publication that there was an increased demand for better market data for cryptocurrencies.
According to Hayter, much of this demand is coming from the institutional investor community. The CEO also noted that the company was excited to extend their knowledge and insight into the cryptocurrency space to this class of investors.
Meanwhile, Thompson Reuters’s director of strategy in innovation and blockchain supported this. Sam Chadwick told Finextra:
“Despite the decline in the price of many of the leading cryptocurrencies during 2018, we continue to see increasing demand from our customers for pricing coverage of the major names.”
He went on to state that there had been a working relationship between the two services since 2016 and that CryptoCompare had suitably impressed Thompson Reuters with their coverage of the digital currency space. Ultimately, Chadwick noted that the partnership gives their customers “a more comprehensive trading view in Eikon.”