By
Godfrey Benjamin
April 22nd, 2024
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is launching a new cryptocurrency-based data feed together with blockchain startup Blockstream.
Intercontinental Exchange, Inc. (the parent company of the New York Stock Exchange) announced launching a data feed for bitcoin and other digital currencies yesterday. The product will be introduced in collaboration with blockchain technology provider Blockstream.
The Cryptocurrency Data Feed will provide real-time information from more than 15 cryptoexchanges, including data on prices, trading volume and order book for the leading cryptocurrencies. The prices will be measured against the U.S. dollar and other major currency pairs. Blocksream will be responsible for collecting the data.
It works with cryptocurrency exchanges around the world and unites the scattered data sets into a normalized and standardized data source that includes current-time and historical trade information. Then Blockchain will present it in a similar fashion to current data streams present in stock exchanges. This is designed to enable ICE Data Services’ customers to receive global market representative trading data in a real-time feed with high quality information.
Earlier, NYSE parent Intercontinental Exchange Inc announced plans on launching its fourth U.S. stock market, NYSE National. This could help NYSE not only get more revenue from trading and market data sales, but also help the exchange operator maintain its top position in U.S. stock trading volumes.
ICE is the latest U.S. exchange operator to join the crypto party. Lynn Martin, ICE Data Services President and COO, 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.” He added: “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.”
Blockstream is the leading provider of blockchain technologies, on the forefront of work in cryptography and distributed systems. It provides a range of software and hardware solutions and expert professional services to companies deploying new blockchain-based networks. Advancing the most mature, fully tested, and secure cryptocurrency and blockchain infrastructure in production with the most experienced teams in the industry, Blockstream combines its technical depth with world-class domain expertise to deliver solutions that cross industries and use cases.
Two days ago, Blockstream announced the launch of ‘Lightning Charge’, micropayment processing system. The protocol is designed to make it easier for developers to build payment apps on top of its Lightning Network.
“At Blockstream, we build technologies that help cryptocurrency to reach its full potential. Our work on the Cryptocurrency Data Feed is providing improved cryptocurrency market data through information sharing via our open, collaborative working relationships with cryptocurrency exchanges around the world,” said Adam Back, CEO of Blockstream. “We are excited to work closely with ICE and cryptocurrency exchanges globally to deliver this data service that we believe will significantly reduce the barriers to broader trading of bitcoin and other cryptocurrencies.”
The feed is set to launch in March and will join a family of more than 450 real-time data feeds operated by ICE. This move follows ICE’s rivals, CME Group and Cboe Global Markets, which already offer trading in bitcoin futures.