The company which owns the New York Stock Exchange has added dozens of virtual currencies to its cryptocurrency data feed – a move that could pose a threat to established services such as CoinMarketCap.
Intercontinental Exchange – known as ICE for short – initially launched the data feed in conjunction with Blockstream back in January. The expanded list of cryptocurrencies means it now offers insights on the likes of Bytom, Crypto.com, Cardano, Dogecoin and NEM, along with bigger players such as Bitcoin and Ethereum.
In a video explaining what the data feed means for users, ICE explained that price discovery is often a “significant challenge” for crypto investors – adding that the service is designed to provide greater transparency and credible quality data to help them make informed decisions. Fully attributed data is available in real time, and the platform also provides historical data and retrospective market analysis – paving the way for investors to detect and predict future trends.
Back in January, when the partnership was announced, ICE Data Services president and COO Lynn Martin said:
“With the broad array of cryptocurrencies and exchanges, and given the price variances between exchanges, it’s critical that investors have a comprehensive source of pricing information.
“We’re excited to work with Blockstream, which is focused on bringing institutional-quality data to the market, and we look forward to expanding the feed and our strategic relationship with Blockstream over time.”
ICE says the data feed captures the majority of crypto exchange trading volume and measures this against major fiat currencies including the US dollar.
It’s fair to say that CoinMarketCap – which celebrated its fifth anniversary back in May 2018 – will not be going down without a fight.
Given the fact that it’s the go-to source for many crypto analysts, it’s likely that ICE may have to win over hearts and minds in order to get people to switch to its platform. That said, it could be argued that both platforms might be looking to attract different types of investors, with ICE catering to old-fashioned financial institutions and investors who still have one foot in fiat, forex and stock markets.