BitMEX, a cryptocurrency exchange and derivative trading platform, now provides cryptocurrency data to Refinitiv’s Eikon Terminal, a spin-off from the main rival of Bloomberg’s well-known financial data terminals.
CryptoCompare, a crypto market data firm that has a long-standing partnership with Refinitiv, facilitated the collaboration between the terminal and exchange, according to CryptoCompare’s CEO Charles Hayter.
The Eikon Terminal will receive BitMEX data through CryptoCompare’s existing contribution channel with the terminal. According to Hayter, CryptoCompare is responsible for managing the data exchange integrating BitMEX data into the terminal.
“CryptoCompare contributions conduit can deliver [BitMEX’s data] to Refinitiv/Eikon seamlessly, thanks to our longstanding partnership — sparing BitMEX a costly, time-consuming integration and onboarding process with Refinitiv,” Hayter said in a press release.
BitMEX is hopeful that the partnership can help bring in new institutional investors and help gain some traction from the traditional financial industry.
BitMEX utilizes an API that allows tech-savvy traders to stream live trading feeds. In April, BitMEX traded an average daily volume of $1.14 billion. The data BitMEX provides to the terminal is the same as that which runs through the API, but it will also allow new institutional traders to ease their way into the cryptocurrency market through traditional platforms they currently utilize.
“When it comes to trading, good decision-making depends on access to solid data insights,” BitMEX CEO Arthur Hayes said, per the release. “We are pleased to deliver a new wealth of data on cryptocurrency futures for institutional investors that can contribute to their overall confidence throughout their decision-making process.”
Bloomberg is also compiling data for its cryptocurrency investors using the Huobi Price Index, which tracks the performance of the top-10 cryptocurrencies traded on Huobi Pro. However, according to Hayter, Reuters has a much more “definitive offering.”