Nasdaq, the world’s second-largest stock exchange, has partnered with CryptoCompare. The two plan to issue a cryptocurrency pricing product for institutional investors.
The new product’s title is “Nasdaq/CryptoCompare Aggregate Crypto Reference Prices.” According to the company, it will be available on the Qandl platform, which Nasdaq owns. The platform issues financial and economic alternative datasets for financial professionals around the globe.
The press release states that CryptoCompare’s aggregate index datasets will serve as the product’s bedrock. These datasets, according to the company, provide minute-by-minute pricing data from cryptocurrency markets with the highest liquidity.
Overall, the product’s rationale is to help institutional investors. Specifically, by boosting their capabilities in the crypto market across “trading strategy, quantitative research, risk modeling, NAV calculations, and back-testing.”
Charles Hayter, CryptoCompare CEO and co-founder, pointed out that “reliable data is the bedrock of transparent, liquid markets.”
He believes that institutional investors and traders can gain a competitive edge in the crypto realm.
Nasdaq has exhibited continuous interest in the crypto sector. Previously, Altcoin Buzz reported that the stock exchange launched two new indices that will be tracking cryptocurrency prices, showing the value of BTC and ETH. Before that Nasdaq announced its plans to offer BTC futures in early 2019 but so far the plans have been shelved. The company is still considering whether this is the right thing to do.
On a different note, Bitcoin has outperformed Apple and Nasdaq for 2019.
