Intercontinental Exchange Joins Cryptocurrency World Through Cryptocurrency Data Feed
The New York Stock Exchange’s parent company Intercontinental Exchange has announced that it has launched a cryptocurrency data feed. This marks the ICE’s official involvement in the cryptocurrency market. The data feed will provide live data from a minimum of 15 cryptocurrency exchanges all over the world.
A press released published yesterday revealed that new ICE data feed will display live cryptocurrency data that includes order book data and prices for most of the cryptocurrencies if not all. The launch of the service is courtesy of an exclusive partnership between the ICE and Blockstream.
Lynn Martin, the President and COO of ICE Data Services released a statement: "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. We’re excited to work with Blockstream, which is focused on bringing institutional-quality data to the market, and we look forward to expanding the feed and our strategic relationship with Blockstream over time."
The ICE will also provide cryptocurrency prices matched against regular currencies such as the U.S dollar as part of its new data service feed. The NYSE parent company will collaborate with Blockstream to collect the data and then put it in a format that will allow investors to keep track of the performance of different markets with relative ease.
Blockstream CEO, Adam Back stated that his company creates technology that is aimed at exploiting the potential of cryptocurrency. He also added that the new Cryptocurrency Data Feed is a project that the company has been working on so as to provide comprehensive cryptocurrency data through collaborative partnerships and information sharing with crypto exchanges. The Blockchain company is also pleased to be working together with ICE and other involved parties towards delivering a data service that will blur the lines for broader cryptocurrency trading.
The cryptocurrency data compiled from the collaborative efforts will be delivered through the ICE’s low-latency, state-of-the-art network. The company will initially provide data feeds for Ethereum, Bitcoin, Dash, Litecoin, Bitcoin Cash and Ripple. Data for more cryptocurrencies will be added in the future. Some of the exchanges that will provide the cryptocurrency data include ItBit, Coincheck, Coinfloor, BtcBox, Bitstamp, Bitfinex, and Bitbank among others.
The new platform will mostly target institutional investors and this is good news for the cryptocurrency market because such investors have been hesitant to jump on the cryptocurrency trading train. It is an indicator that those institutional investors have acknowledged the potential of cryptocurrencies and all that they have to offer.