The Intercontinental Exchange (ICE) has just announced the ICE Cryptocurrency Data Feed in partnership with Blockstream.
The collaboration between the NYSE-backed ICE and Blocksteam will look to provide true price discovery of the cryptocurrency markets.
The new partnership is looking to do this by providing a data feed tracking “over 200 million trade and quote updates per day across 400+ crypto and fiat currency pairs.”
30+ venues🌎
200M+ updates per day🔔
Across 400+ crypto and fiat pairs💰
= a comprehensive view of the crypto market🔎@BlockstreamExplore the ICE Cryptocurrency Data Feed: https://t.co/DAETXMYFN7
— ICE Data Services (@ICEDataServices) January 25, 2019
According to the ICE and Blockstream teams, traditional financial exchanges typically have a few major pools of liquidity to draw a single point of price discovery from.
They stated: “With more than 50 crypto exchanges all engaging in the process, the true values of assets can often get lost as they vary from place to place causing instability and volatility.”
Better price discovery for the crypto market
Price discovery data is crucial to assist in accurately making valuations in the crypto market today. The new data feed will look to “address the need for transparency and offer investors a comprehensive view.”
The ICE team went on to say that “the feed delivers real-time and historical data for the most widely and actively traded cryptocurrencies, covering 60+ cryptocurrencies from leading venues, markets, and exchanges across the globe.”
The new feed will look to provide daily summaries that include data such as accumulated volume. In ICE’s blog post, the team mentioned an index called VWAP (Volume Weighted Average Price) that will allow users to assess “turnover value, and open/high/low/last trades for each asset by venue.”
Attracting institutional clients
The partnership will hope to provide a solution for institutional clients that are looking to analyse current and historical trade data. Features of the new data feed include full insights into level two order books as well as other value statistics and indicators.
No prices have been released as of yet, but for anyone looking to gain access to the data feed, potential clients will need to reach out to either Blockstream or ICE directly.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.