Mass media and information giant Thomson Reuters has launched a real-time virtual currency data feed named Cryptocurrency Real Time Rates.
The new feature provides investors and traders with dependable information from six undisclosed currencies across different cryptocurrency exchange rates.
The launch is an effort by Reuters to further meet the ever changing demands of the customers. Michael Go, head of FC 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.”
Cryptocurrency Real Time Rates is powered by trading data shared by different cryptocurrency exchanges across the world, with more trading platforms expected to join in the future.
Among the group supporting Reuters’ new feature are Japanese exchanges bitFlyer and BITPoint Japan. Both expressed their delight in partnering with Thomson Reuters’ effort to ease the work of cryptocurrency traders.
Yuzo Kano, CEO and co-founder of bitFlyer, said:
“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.”
Genki Oda, president and representative director at BITPoint Japan, added:
“We are highly honored to deliver our cryptocurrency real-time data to investors worldwide. We are pleased to cooperate with Thomson Reuters in the further enhancement of its services and hope that our data will become a benchmark for the cryptocurrency industry as a global cryptocurrency trading exchange.”
Reuter’s Cryptocurrency Real Times Rate is accessible through a customized Application Program Interface (API) on Eikon. An application costing as low as $3,600 per year, Eikon provides investors and traders with a set of tools to analyze and view market data. A free trial of the Eikon application, both in desktop and in mobile, is available for download at Thomson Reuters’ financial website.
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More Firms to Trade Cryptos
One out of five financial institutions is considering cryptocurrency trading in 2018, according to a survey result published by Thomson Reuters last April 24.
Around 20 percent of more than 400 participants, all clients of Reuters’ FX Platforms and trading support tools, indicated that they are considering trading digital currencies over the next 3-12 months. The survey result also reported that these firms are planning to test the waters this year, rather than committing to stay for the long term.
The result was a factor in the launch of Cryptocurrency Real Times Rates. Neill Penney, co-head of Trading at Thomson Reuters, noted that the numbers reflected the ongoing curiosity of the financial industry regarding cryptocurrencies.
He, in a statement, said:
“Cryptocurrency is still a relatively small part of the trading market, but this survey indicates this niche segment is starting to enter the mainstream of the financial services industry. The current priority for our clients appears to be seamless access to news and data around cryptocurrencies to facilitate informed trading decisions…
As a leading provider of news, data, and trading capabilities, Thomson Reuters is well-positioned to deliver solutions that address client demand in the growing cryptocurrency market.”
With more financial firms poised to enter the cryptocurrency market, Thomson Reuters hopes that the launch of Cryptocurrency Real Time Rates will attract investors and traders to rely on the company’s data providing services.
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