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Nasdaq Joins Hands With CryptoCompare to Provide Institutional Data for Crypto Prices

by firstcryptonews
June 17, 2019
in Industry
Nasdaq Joins Hands With CryptoCompare to Provide Institutional Data for Crypto Prices

The Aggregate Crypto Reference Prices from Nasdaq and CryptoCompare provides a trusted data source to institutional investors to analyze and assess any potential investment opportunities in the crypto market.

The world’s second-largest stock trading platform Nasdaq is making all attempts to bring institutional players in the crypto market. Although Nasdaq is yet to launch any crypto-related trading product of its own, reports suggest that it is experimenting a few. In April 2019, CoinSpeaker reported of Nasdaq testing a Bitcoin-trading product.

The latest report is that Nasdaq has entered a strategic partnership with CryptoCompare to launch a new cryptocurrency pricing product called the Nasdaq/CryptoCompare Aggregate Crypto Reference Prices. CryptoCompare is one of the industry’s leading players for providing crypto-data and indices.

Providing Valuable Insights Into the Crypto Market

The new product of these two companies aims to attract institutional players to the crypto sector by offering a trusted data source for the digital asset class along with assessing any investment opportunities. The product will be available on Nasdaq’s leading-edge data platform Quindl which is a one-stop source for investors for all the economic, financial, and alternative datasets.

The Aggregate Crypto Reference Price by Nasdaq and CryptoCompare is likely to boost up the institutional capabilities in the crypto market by providing valuable insights on trading strategies, risk modeling, quantitative research, NAV calculations, etc. CryptoCompare CRO and co-founder Charles Hayter said:

“We are delighted to partner with Nasdaq on a joint Aggregate Crypto Reference Prices product. Reliable data is the bedrock of transparent, liquid markets and by bringing our high quality, granular dataset to a global institutional client base, via the Quandl platform, we will give traders and investors a competitive edge.”

The aggregates index datasets by CryptoCompare will give a minute-by-minute pricing data of all the liquid cryptocurrency markets. CryptoCompare’s datasets comprise of historical data since 2013 and span across cryptocurrency trade, order book, social, historical, and blockchain data.

To ensure the integrity of its datasets remains intact, CryptoCompare regularly analyzes and reviews data from over 150 recognized global crypto exchanges.

Nasdaq Adding New Indices

Nasdaq has been eager in collaborating with different crypto indices across the globe to offer its investors a detailed view of the cryptocurrency market. Last month in May 2019, Nasdaq partnered with New Zealand-based blockchain data and research firm Brave New Coin to offer investors “real-time” information on XRP data.

Similarly, in April 2019, Nasdaq listed two of CoinMarketCap’s crypto benchmark indices on its platform. The first index is called as CMC Crypto 200 Index (CMC200) which provides datasets considering Bitcoin and covering almost 90% of the global crypto market.

The other index is the CMC Crypto 200 ex BTC Index (CMC200EX) which is developed to track the market performance without considering the influence of BTC.

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NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world. Contributing to the Greater Good The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions. The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more. NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone. NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks. Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts. According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships. Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency. The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin. The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience. More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers. Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers. According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow. “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted. The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

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