Nasdaq adds cryptocurrency reference prices to one of its platforms
A financial data platform for institutional investors, belonging to Nasdaq, is adding reference prices of cryptocurrencies to its system.
The Nasdaq Quandl platform will use the CrytoCompare cryptocurrency and index price provider as an information source. Based on the data source of the aggregate CryptoCompare index, the product will provide updated prices of the “most liquid” cryptocurrencies in the market, according to a press release published on Tuesday.
Nasdaq and CryptoCompare agreed on a strategic partnership for the new service, called “Nasdaq / CryptoCompare Crypto Price Reference Set.”
Charles Hayter, co-founder and CEO of CryptoCompare, said: “We are delighted to partner with Nasdaq for a Crypto Price Reference Set product. Reliable data is the basis of transparency and liquid markets. By bringing our high-quality granular data to a global institutional client base, through the Quandl platform, we will give operators and investors a competitive advantage. “
Quandl offers institutional investors hedge funds, asset management and investment banks with financial, economic and other data sets.
The new product will allow institutional investors to monitor cryptoactives and measure investments using a “reliable data source,” according to the statement. The reference prices, he adds, will increase institutional capacities in the cryptocurrency markets through commercial strategy, quantitative research, risk modeling, NAV calculations and retrospective tests.
Nasdaq is the second largest automated stock exchange in the United States. The association has been experimenting with blockchain technologies and cryptocurrencies for several years. For example, it recently announced that it would add Ripple to its global monitoring index. Similarly, in the month of February this stock market added an index to track the price of Bitcoin and Ethereum.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.