Intercontinental Exchange (ICE), the exchange behind Bakkt is listing 58 cryptocurrencies in its cryptocurrency data feed. Among the selected cryptocurrencies are XRP, Ethereum, and TRX, the announcement from the company said. The listing also included privacy coins such as Monero (XMR) as well as stablecoins such as Tether (USDT).
ICE is the company that came up with Bakkt, the cryptocurrency ecosystem that is expected to revolutionize institutional participation in cryptocurrency investment. Its data feed is a service meant to provide “real-time and historical data for the most widely and actively traded cryptocurrencies.” This was launched earlier in 2019 with the help of blockstream and now cryptocurrencies have been included.
“Access to price discovery data is crucial to assist in accurately valuing the crypto market. To help address the need for transparency and offer investors a comprehensive view, we worked with Blockstream to launch the ICE Cryptocurrency Data Feed,” ICE wrote on its official blog.
Cryptocurrency information provided by the data feed will include price discovery, historic data, full-depth market by price and by venue insight, and daily summaries including a calculated accumulated volume, the volume of weighted average price (VWAP), as well as turnover value.
The data feed service is a great idea that will facilitate timely information access on the listed crypto assets. This will provide valuable information on market trends and other vital information that investors and crypto enthusiasts will find useful, thus promoting awareness on cryptocurrency assets listed as well as informing investment decisions
It seems the company has more work to do as it intends to spend an additional $20 million on Bakkt this year in preparation to get it ready and good to go according to the CEO. Already, it has raised $182 million as part of its initial fundraise and acquired many assets as well as have investment from Hong Kong billionaire Li Ka-Shing.
The several delays can only be seen as an opportunity for the firm to prepare more towards a better user experience when it finally launches. It will not be surprising though if the launch still goes beyond 2019. However, the cryptocurrency market is eagerly looking forward to this launch as a way out the bloody cryptocurrency market and ICE will do well to hasten the process and bring into the industry the progress it hopes to produce.