Intercontinental Exchange Launches Exchange-Rate Quotes

New service is called the Cryptocurrency Data Feed and will collect information from more than 15 crypto exchanges
19 January 2018   153

One of the largest financial companies of the world Intercontinental Exchange (ICE) announced a partnership with bitcoin startup Blockstream, which will result in the launch of quotations of leading cryptocurrency for professional traders. The Wall Street Journal reported it.

The new service is called the Cryptocurrency Data Feed and will collect information from more than 15 crypto exchanges, transferring it through a high-speed ICE data network in the same digital format used for electronic exchange trading. The information on the quotations of the cryptocurrency will then be integrated into the systems used by large banks, traders and asset managers.

The launch of the Cryptocurrency Data Feed is scheduled for March 2018, and according to the publication, the new tool will help attract the financial "heavyweights" to the risky but rapidly developing world of cryptocurrency.

In particular, it will include information about orders on the stock exchanges showing the level of interest in purchases and sales of cryptocurrency at a certain point in time. These data, respectively, can signal possible market movements. Quotations will be broadcast in real time, which will also create additional opportunities for arbitrage strategies.

As noted on the Blockstream website, at the moment, the following exchanges agreed to provide data:

  • Bitbank,
  • Bitfinex,
  • Bitmex,
  • Bitso,
  • Bitstamp,
  • BtcBox,
  • CEX,
  • Coinfloor,
  • Coincheck,
  • ItBit,
  • Gopax,
  • OKEx,
  • SurBTC (Buda),
  • The Rock Trading ,
  • Unocoin,
  • Vaultoro,
  • Zaif.

In the meantime, ICE Data Services president Lynn Martin said that crypto-currency quotes are launched in response to high demand from clients who are striving to better understand crypto-currencies and lack data. At the same time, she refused to name the companies that will become the most active users of the new service.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   137

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.