Bitcoin is still considering seriously on Wall Street. Owner of New York Stock Exchange, Intercontinental Exchange, will launch a cryptocurrency data feed that pulls data from 15 crypto exchanges. Thus, to help hedge fund clients, banks, and trading firms hedge on cryptocurrencies.
The solution, Cryptocurrency Data Feed, is assembles in partnership with a blockchain company Blockstream. It will be launched in March and will be part of other more than 450 real-time data feeds operating by ICE.
ICE data services president and COO, Lynn Martin, in a press release said,
“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 announcement is timely because it could help welcome more investors in the professional space in the world of cryptocurrencies. The add-on can be integrating easily into platforms run by banks and exchanges.
A spokesperson for ICE says Business Insider,
“All they need to do is request the data, and they’re all set”.
It is also timely because Bitcoin, which recorded massive increases in price last year to the tune of $20,000 per coin. Thus, itself needs a boost to get back to the high pace it set last year. The Bitcoin network is also struggling with some issues including scalability and delayed transactions.
The announcement also comes amidst massive sell-off in the crypto markets. Although the total market cap is now more than $632 billion. Almost all cryptocurrencies recorded a massive drop in prices in the last seven days.