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Soon Wall Street will create Global Cryptocurrency Data Feed

Jan 20, 2018 Posted /  8966 Views

Soon Wall Street will create Global Cryptocurrency Data Feed

New York Stock Exchange (NYSE) parent Intercontinental Exchange, Inc. (ICE) has stated that it is developing a global cryptocurrency data feed which will be ready by the year’s first quarter.

Wall Street Teams with Bitcoin Developer

“Access to comprehensive price discovery is vital to accurately value the cryptocurrency market,” a newly created ICE landing page reads. “Our Cryptocurrency Data Feed, available on the ICE Consolidated Feed, gives you access to streaming real-time, end of the day and historical data for the most actively traded digital currencies.”

Intercontinental Exchange, Inc. (ICE) holds several exchanges, which comprises New York Stock Exchange (NYSE) and subsidiaries in Singapore and Netherlands. The company, which is based in Atlanta, Georgia, is a Fortune 500 company, which at present is searching to penetrate the rapidly increasing cryptocurrency market as it will team up with Blockstream, a private company which is creating bitcoin core applications, specifically sidechains, and finances many bitcoin core projects.

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The Feed will constitute “extensive coverage” of six key cryptocurrencies that is bitcoin core, ethereum, litecoin, dash, ripple, and bitcoin cash. The partnership also guarantees “to offer multi-asset and multi-venue data from cryptocurrency exchanges globally, which will be available in the first quarter of 2018,” seizing “nearly 80% of crypto-exchange trading volume for the most active currency pairs.”

“All crosses are captured and normalized,” ICE enlightens, “which creates a unique sequence number, details on where the trade took place, and other relevant order book data such as quantity, price, currency and timestamp.”

ICE also assures that over “two years of Bitcoin (XBT) history; XBT/USD averages over 200,000 updates per day; in excess of 600,000 updates per day across all digital pairs.”

The new feed “initially include data from more than 15 cryptocurrency exchange venues globally,” ICE COO Lynn Martin is cited as saying, “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.”

The cryptocurrencies will be “measured against the U.S. Dollar and other major currency pairs,” the statement recapitulated. “Blockstream works with cryptocurrency exchanges around the world and consolidates the disparate data sets into a normalized and standardized data source that includes real-time and historical trade information, as well as other relevant order book data such as quantities, prices, currencies, and timestamps.”

The team proposes to restrict latency in price discovery, providing close to real-time data and quality information as much as possible. “The ICE Data Services Consolidated Feed provides access to over 450 normalized real-time market data feeds and is part of ICE’s Connectivity service,” they emphasize.

It’s very early to comprehend simply if The Feed can battle with Coinmarketcap and other already established aggregators, however, conceivably Wall Street professionals will be attracted to the legitimacy and respect ICE brings, which means that Cryptocurrency mainstreaming idea is advancing.

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Tags: Global Cryptocurrency Cryptocurrency Data Cryptocurrency Data bitcoin

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