In what seems like an apparent attempt to attract the growing cryptocurrency investors base, Thomson Reuters (NYSE: TRI) will now start feeding data of the 50 cryptocurrencies like bitcoin and ethereum into its financial desktop platform, Eikon.
Thomson Reuter’s Eikon provides real-time and historical data from mainstream markets. The platform has more than 190,000 subscribers, including professional traders and institutional investors, who turn to its award-winning news, analytics, and data visualization tools to locate profitable trading opportunities and to minimize investment risks as a whole. Prior to cryptocurrencies, Eikon had already been listing data of a variety of asset classes, including forex, commodities, and equities.
CryptoCompare, a renowned cryptocurrency data aggregator, meanwhile has confirmed that it will be the one to integrate its “order book and trade data for 50 coins into Eikon” as part of a strategic partnership.
“We are excited to enter into this partnership with Thomson Reuters,” Charles Hayter, CEO, and Founder of CryptoCompare, stated in their press release. “We have always sought to provide transparency to this market, and this partnership provides a great opportunity for the institutional investor community to access not only our data but also to benefit from our experience and insight.”
The reason behind the partnership finds its root in a profoundly flawed data feed system of the cryptocurrency market. On the other hand, CryptoCompare claims that it sources its data from a variety of trusted exchanges, with high volumes and minimal downtimes, in order to offer the most reliable insights into the crypto market.
Nevertheless, it is difficult to evaluate the crypto market in its current scheme, a reason why Reuters could couple CryptoCompare’s data feed with its sentimental data technique, MarketPsych Indices, which combines machine learning with natural language processing across 2,000 global news and 800 social media sites in real-time. What results is the historical data of top 100 cryptocurrencies.
Users at Eikon are already utilizing Thompson Reuters’ sentimental analysis to ride the crypto-trend before others pick up. In support of CryptoCompare, the platform could further improve its game in a longer run.
Sam Chadwick, Director of Strategy in Innovation and Blockchain at Thomson Reuters, believes their partnership with CryproCompare would assist Eikon in covering challenging markets like crypto. He said:
“We have been engaged with CryptoCompare since their involvement in our blockchain hackathon in September 2016, and continue to be very impressed by their approach to coverage of these challenging markets. This partnership puts pricing data for this emerging market alongside other asset classes, giving our customers a more comprehensive trading view in Eikon.”
The CryptoCompare data in Eikon will also feature in the Thomson Reuters’ Elektron, enabling crypto-feeds to be listed alongside feeds from Nasdaq.
Images from Shutterstock
Last modified: May 20, 2020 6:20 PM UTC