Thomson Reuters Adds Cryptocurrency Data To Desktop Feed
The short account details many of the factors influencing the crypto market from Thomson Reuters adding cryptocurrency data to Google banning advertisements related to cryptocurrency products. Read the whole article for an insight into the current scenario.
The Partnership Of Thomson Reuters With CryptoCompare
Partnered with crypto data and analytics company CryptoCompare in yet another sign of the mainstreaming of cryptocurrencies the financial data provider provides order book and trade data for 50 cryptocurrencies on the former’s financial desktop platform Eikon. It was later accounted by Charles Hayter, the CEO and co-founder of CryptoCompare that the partnership is set to provide transparency to the market as he says that the partnership provides a great opportunity for the institutional investor community thereby accessing not only their data but also to benefit from their experience and insight.
Further on as Sam Chadwick the Director of Strategy and Innovation at Reuters said that despite the decline in the price of many of the leading cryptocurrencies, they continue to see increasing demand from the customers for pricing coverage of the major names. It was noted that the partnership with CryptoCompare has put these pricing data for that of the emerging market alongside other asset classes giving the customers a more comprehensive holistic trading view in Eikon. He also claims that he told Forbes that the integration of cryptocurrency data would surely help educate and inform other organizations and industries interested in funding cryptocurrencies. He states that they are slowly starting to see more evolved organizations other than start-ups and they are therefore using smart contracts and distributed ledger technology to raise capital. Finally, this is moving the scale into the private equity space.
Furthermore, the Reuters has offered data related to cryptocurrencies from the social media on its feed, as Bloomberg comes with another major news and data organizations providing cryptocurrency data to the subscribers and has the plans to launch what is a cryptocurrency index.
How Does The Integration Of Data Benefit Investors
Coming as a major win for cryptocurrency enthusiasts is the integration of data from CryptoCompare into Reuters’ data feed as it is additionally making cryptocurrency data accessible to mainstream and institutional investors moving, therefore, to bring transparency to crypto markets by sourcing it from trusted organizations. It is hereby noted that cryptocurrency exchanges have operated outside the purview of regulatory organizations so far as it has led to questions about the integrity of their data and operations. It is here that Thomson Reuters come to be involved in broadcasting the data to ensure greater accountability and oversight.
Why Does Google Ban Advertising Relate To The Cryptocurrency Products
As it was planned by Alphabet Inc. subsidiary Google, to ban advertising related to cryptocurrency product ads from its online platforms the company based in Mountain View, California, has announced in a blogpost as the cryptocurrency markets fell by a much as 7% in response to the news. Thereafter Google has stated that it had updated the Financial services policy disallowing ads for cryptocurrencies as well as related content. It was according to the company that it includes the likes of initial coin offerings, crypto exchanges, cryptocurrency wallets, and cryptocurrency trading advice.
Later on, imposing a similar ban on advertisements Facebook Inc. also shuts out cryptocurrency-related products. According to Scott Spencer Google’s director of sustainable ads told CNBC that they don’t have a crystal ball by which they can know where the future is going to go with cryptocurrencies as they have seen enough of the consumer harm or potential for consumer harm which is an area that they want to approach with extreme caution.
Finally, What Is The Two-Pronged Impact On Crypto Market
It is noted to have a dual effect on their ecosystems as Google’s decision to clamp down on advertising related to cryptocurrency products comes into play. It is observed that firstly it ends up closing off another avenue for dubious actors and scammers with association earning the ecosystem a questionable reputation.
Thereby it was secondly provided that a bump to existing businesses such as cryptocurrency exchanges has recently complied with government regulation thereby earning a positive reputation. It is here that such businesses should not be affected by the decision taken by Google as it is set to attract more of the customers intrigued and interested in learning more about cryptocurrencies.
To Conclude About The Ban On Advertisements
Even though not clear, the effect of this decision to Google’s bottom-line comes with a report on WSJ quoting an earlier Google statement as it claimed to have removed 130 million ads by hackers who were using them to mine for cryptocurrencies as it wrote that it is a small percentage of the ads run on Google’s ad network.