For any startup what can be better than the opportunity of working with the leaders of its industry? The answer is: Nothing. And it turns out that some of the crypto startups are getting this opportunity for quite some time now, as mainstream financial industry is slowly waking up to accept the power of cryptocurrencies. As a result, many of the leading companies from finance are now either launching their own crypto products or working with some crypto startup to launch products or serviced related to cryptocurrencies. One such partnership came to life today too when Nasdaq announced that it’s joining hands with crypto data provider CryptoCompare to launch a cryptocurrency pricing product for institutional investors. Clearly, this is yet another proof of the growing crypto adoption among financial institutions.
The new product being launched by these companies will be known as ‘Nasdaq-CryptoCompare Aggregate Crypto Reference Prices’. Yep, it’s not the best of a name, but it will be available not as a standalone product but as a feature on Nasdaq’s Quandl platform, which explains why these companies might not have thought about finding a creative name for it. Quandl is a platform that provides financial and economic alternative datasets for more than 400,000 finance professionals around the globe. So the availability of this new product on this platform will certainly increase the appeal of both these companies among institutional users of crypto.
The press released shared by Nasdaq to announce the product revealed that it will be based on CryptoCompare’s aggregate index datasets, which are known for providing realtime details about pricing data from all those markets which have the highest liquidity. Nasdaq’s press release said that the product aims to increase the capabilities of institutional crypto traders across “trading strategy, quantitative research, risk modelling, NAV calculations and back-testing” areas. CryptoCompare CEO and Co-Founder Charles Hayter also argued that reliable data is essential for transparent and liquid markets, and the new product launched by them in partnership with Nasdaq will give institutional traders and investors of cryptocurrency a competitive edge.
Over the course of last few months Nasdaq’s interest in cryptocurrency space is rising from a steady pace. Not only the company has confirmed its plans of launching Bitcoin futures but also company has made its state-of-the-art fraud detection technology available to many crypto exchanges. The company also added Bitcoin and Ethereum indices to its Index page in February.