- Thomson Reuters
- ICE, the owner of the New York Stock Exchange, is launching a new cryptocurrency data feed.
- It’s teaming up with Blockstream to launch the product, which is aimed at hedge funds, banks, and trading firms.
Intercontinental Exchange, the Atlanta-based owner of the New York Stock Exchange, announced Thursday it is gearing up for the launch of a cryptocurrency data feed built for hedge fund clients, banks, and trading firms.
The so-called Cryptocurrency Data Feed, which ICE built in partnership with blockchain tech company Blockstream, will draw information from 15 cryptocurrency exchanges, according to a release on the news.
“With the broad array of cryptocurrencies and exchanges, and given the price variances between exchanges, it’s critical that investors have a comprehensive source of pricing information,” said ICE data services president and COO, Lynn Martin, in a press release.
Blockstream, a San Francisco-based blockchain tech company, is behind a number of projects aimed at enhancing the the underpinning technology of bitcoin, the largest cryptocurrency on the market.
The feed is set to launch in March and will join a family of more than 450 real-time data feeds operated by ICE. Such a product could be easily integrated into the infrastructure of banks and hedge funds which already utilize the exchange’s other data feeds.
“All they need to do is request the data and they’re all set,” a spokesperson for ICE told Business Insider.
The news is on the heels of a massive sell-off in the cryptocurrency markets. During Wednesday’s trading session, the total value of the cryptocurrency market fell below $420 billion, almost half of its worth on January 7.
The markets have since come storming back and at last check the market capitalization for all cryptocurrencies stood at $582 billion, according to CoinMarketCap data.