Cryptocurrency trading by financial firms could see a boost this year, according to a Thomson Reuters survey published last week. The poll found that about 20 percent of financial organizations are considering trading cryptocurrency within the next three to 12 months. More than 400 financial clients were surveyed across all of Thomson Reuters’ trading solutions, including Eikon, REDI, and its FX platforms, the company said.
Among those who said they would trade cryptocurrencies in 2018, about 70 percent are planning to do so during the next three to six months, with an additional 22 percent planning to trade throughout the next six to 12 months.
The survey also found a generally widespread familiarity with cryptocurrencies.
“Cryptocurrency is still a relatively small part of the trading market, but this survey indicates this niche segment is starting to enter the mainstream of the financial services industry. This is a major change from a year ago,” stated Neill Penney, co-head of Trading, Thomson Reuters. “The current priority for our clients appears to be seamless access to news and data around cryptocurrencies to facilitate informed trading decisions. As a leading provider of news, data, and trading capabilities, Thomson Reuters is well-positioned to deliver solutions that address client demand in the growing cryptocurrency market.”
Thomson Reuters said it aims to deliver transparent cross-asset insight into both traditional and emerging asset classes like crypto assets. The company currently provides prices for Bitcoin and other cryptocurrencies through its financial desktop platform, Eikon.
Thomson Reuters also recently launched a new version of its MarketPsych Indices, which it said includes the first sentiment data feed for Bitcoin, in addition to new and/or enhanced market sentiment data for several asset classes, new user capabilities and coverage.
Tha company added that it intends to launch additional capabilities within the sector throughout 2018, as it continues its efforts to meet the industry’s evolving needs.
Commenting on the Thomson Reuters survey, Nigel Green, founder and CEO of deVere Group — an independent financial services organization, suggested a number of factors behind the burgeoning interest in cryptocurrencies: growing integration with and adoption by major banks and other financial institutions; increasing awareness of the need and demand for digital currencies and the protection offered by imminent regulation, giving investors more protection and long-term confidence in the market.
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