Thomson Reuters (TRI), a Canadian multinational mass media and information firm, announced today that it has launched a new ‘Cryptocurrency Real Time Rates’ data feed to provide live data from six digital currencies across major cryptocurrency exchanges. Reuters states that the decision to focus heavily on crypto-related products came after a recent survey showed that 20 percent of the financial firms are considering trading cryptocurrency over the next 3-12 months.
Michael Go, Head of Reuters Asia Pacific FX Market Development, claims the new data feed will work to encourage efficiency and transparency within the global marketplace for cryptocurrency investors.
“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.”
Early adopters have further indicated the utility of the new product. Yuzo Kano, Chief Executive Officer and co-founder of bitFlyer, shares that the company plans to incorporate the data into its products for customers worldwide.
“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.”
This news follows the greater trend of both startups and established financial firms pushing to develop products designed for institutional investors planning to purchase digital assets. Both Goldman Sachs and Morgan Stanley have indicated intentions to launch dedicated cryptocurrency trading desks, while Digital currency exchange startup Coinbase just launched a range of products and services designed for institutional clients.