Intercontinental Exchange Inc Launches Crypto Data Feed
Intercontinental Exchange Inc. (ICE), a Fortune 500 company and parent/owner of the New York Stock Exchange, will be partnering with Blockstream to launch a real-time Cryptocurrency Data Feed. Blockstream is one of the leading providers of blockchain technologies. ICE is known to specialize in equities, derivatives, and offering financial information. Its main competitors, the CME Group and Cboe Global Markets, have already entered the crypto-market by launching bitcoin futures in December 2017.
Data will be gathered from 15 major crypto-exchanges and will include comprehensive pricing information along with trading volume. Lynn Martin, president and COO of ICE Data Services, acknowledges that there are many cryptocurrencies and exchanges. She also realizes that prices can vary considerably from one exchange to another. Therefore, she thinks there should be a go-to source of detailed pricing information for cryptocurrencies.
A Very Thorough Data Feed
Intercontinental Exchange intends for its crypto data feed to be “multi-asset” and “multi-venue”, according to Blockstream’s official website. The goal is to capture the bulk of global crypto-trading volume by including pricing information from exchanges in various geographical locations. In addition, all major cryptocurrencies and their fiat pairs are planned to be featured by this data feed.
Currently, Blockstream collects data from crypto-exchanges dispersed all across the world. These exchanges can be found throughout North and South America, much of Asia, and most regions of Europe. Bitfinex, bitMEX, Bitstamp, CEX, and OKEx are some of the exchanges whose data will be transferred to the Intercontinental Exchange crypto-data feed.
Low-Latency Crypto-Data Feed
BusinessWire has reported that Intercontinental Exchange will be providing a low-cost, cutting-edge, “low latency, consolidated data feed” for this crypto-data project. The Atlanta-based, Fortune 500 company is already well-established in this domain. Its proprietary data feed brings in financial information from over 600 verified sources across the globe.
Traditional hedge funds and financial companies will now have access to reliable cryptocurrency data. It seems that the crypto-market will be receiving more attention from Wall Street, as it looks forward to going mainstream.
Centralized Source of Information
Given that cryptocurrencies, for the most part, are built around the principle of decentralization, does it make sense or would it be beneficial to have a centralized source of information on crypto prices? In other words, why should something that is inherently decentralized be represented by something that functions in a centralized manner? Would this give rise to monopolies?
The crypto-market already felt a jerk when CoinMarketCap dropped pricing information from major crypto-exchanges from its calculations. This gave the false impression that crypto prices were plummeting, which caused a fair amount of short-term yet unnecessary panic selling. Should a single entity be allowed to have so much control over such a large market? I don’t think so.