The owner of the New York Stock Exchange is launching a crypto data product for hedge funds

FILE PHOTO: An electric board showing exchange rate between South Korean Won and Bitcoin at a cryptocurrencies exchange in Seoul, South Korea, December 13, 2017.  REUTERS/Kim Hong-Ji/File Photo

  • ICE, the owner of the New York Stock Exchange, is launching a new cryptocurrency data feed. 
  • It’s teaming up with Blockstream to launch the product, which is aimed at hedge funds. 

Intercontinental Exchange, the Atlanta-based owner of the New York Stock Exchange, announced Thursday it is gearing up for the launch of a cryptocurrency data feed built for hedge fund clients. 

The so-called Cryptocurrency Data Feed, which ICE built in partnership with blockchain tech company Blockstream, will draw information from 15 cryptocurrency exchanges, according to a release on the news. 

“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,” said ICE data services president and COO, Lynn Martin, in a press release.

Blockstream, a San Francisco-based blockchain tech company, is behind a number of projects aimed at enhancing the the underpinning technology of bitcoin, the largest cryptocurrency on the market. 

The feed is set to launch in March and will join a family of more than 450 real-time data feeds operated by ICE. Such a product could be easily integrated into the infrastructure of banks and hedge funds which already utilize the exchange’s other data feeds. 

The news is on the heels of a massive sell-off in the cryptocurrency markets. During Wednesday’s trading session, the total value of the cryptocurrency market fell below $420 billion, almost half of its worth on January 7. 

The markets have since come storming back and at last check the market capitalization for all cryptocurrencies stood at $582 billion, according to CoinMarketCap data.

Join the conversation about this story »

NOW WATCH: Netflix is headed for a huge profit milestone in 2018

from SAI