Business 1 August 2018

Erik Gibbs

Thomson Reuters begins tracking crypto assets via CryptoCompare tie-in

Thomson Reuters, the information and mass media company out of Canada, has listened to its customers. Following a continued stream of requests for the firm to provide data on cryptocurrencies, it has entered into an agreement with crypto tracking platform CryptoCompare that will see the inclusion of crypto data on Reuters’ Eikon platform.

According to Reuters, CryptoCompare will give the company order book and trade information on 50 different cryptocurrencies for Eikon, an institutional investment platform. Reuters Director of Strategy in Innovation and Blockchain Sam Chadwick said that market flattening in recent months has not weakened the “increasing demand from [Reuters] customers for pricing coverage of the major names.”

This isn’t the first step into crypto reporting for Reuters. In June, it began tracking 100 cryptocurrencies after inking a deal with MarketPsych Data to use the latter’s sources for Reuters’ sentiment pool. This past March, the company first launched its sentiment tool, designed to give users data on how crypto is being leveraged around the globe.

With Reuters TRMI Cryptocurrency Sentiment package, the company began monitoring more than 2,000 news outlets and 800 social media sites, generating data on 43 different sentiments related to the top 100 digital currencies. The platform incorporates visualization mechanisms and quantitative research results to allow for easy understanding of the pooled sentiment data.

CryptoCompare founder and CEO Charles Hayter revealed that there has recently been an upswing in crypto interest by institutional investors. He said, “As the digital asset markets mature, we see a fast-growing demand from the institutional investor community for comprehensive, real-time and global market data, which can be trusted as the basis for investment decisions.”

Institutional cryptocurrency investments have, for a while, been the main topic of discussion in the crypto investment community. They are seen as a way to increase confidence and boost prices, with some analysts predicting that an increase in institutional participation could result in prices climbing as much as 400%.

CryptoCompare will supply Reuters with information from a “wide variety of trusted exchanges.” While a specific launch date has not yet been released, given Reuters’ involvement in the crypto ecosystem, and the extreme demand by its customers, it shouldn’t take too much time for the program to be implemented.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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