A subsidiary of TrueEX, TrueDigital Holdings, has recently launched price indices for both Ethereum and Bitcoin. The company follows other companies that had success with similar enterprises that gather and use data from a number of other crypto exchanges on their businesses.
This brand new product can be used to get information in real time about the main cryptos trading in cryptocurrency markets via a reference rate and spot price index that will be standardized.
Crypto Exchanges Will Provide Data For The Platform
As the data will come from many crypto exchanges, the company is interested in getting the most reliable platforms to use. At the moment of this report, TrueDigital used information from Circle, DV Chain, Genesis Global Trading, XBTO Group, Altonomy and Hehmeyer. Reports inform that the company will add more exchanges over time.
Basically, the information will be aggregated via the trade flow of all these exchanges during a determined time. The reference rate that will be used on the platform is the USD price and the calculations will be geared to replicate real time markets.
Ricki Li, from Altonomy, one of the partners of TrueDigital, has affirmed that sourcing institutional pricing data will make the company something unique in the current market because no company sources this data all over the world and that would mean that TrueDigital would be the first global benchmark for this kind of digital asset. He has also complimented the company on the rigor and focus of their regulations.
David Nuelle, from Hehmeyer, believes that TrueDigital has taken a step to establish benchmarks with quality in an institutional level, which will be a great step for an important sector of the market that is being developed in the financial marketplace.
A Good Time For Investing In Cryptocurrency
The service appears in a good time, as the mainstream interest for cryptocurrencies is skyrocketing again. After the “bubble” of Bitcoin exploded early in 2018 and a lot of people lost money, Bitcoin is recently rising in price again, so a new service comprised of bid and offer pricing taken from the top crypto markets could be a very useful tool for new users.
In fact, a recent survey made by Thomson Reuters has shown that about 20 percent of a total of 400 finance firms have been considering getting into the crypto business in the next 12 months, so a lot of institutional money is entering the market right now, which will possibly make it grow exponentially.
Another announcement that is related to the beginning of TrueDigital’s new business is that the CME Group will launch a new daily price benchmark for Ethereum, which will be a partnership with a company called Crypto Facilities, that is focused on crypto trading.
