Recently, Thomson Reuters surveyed many stakeholders in the cryptocurrency industry. In the survey, it was revealed that the quantum of cryptocurrency trading by various institutional investors is slated to go up in 2018. The survey took into account the opinion of more than 400 clients of the firm. At least 20% of them indicated that they will trade in cryptocurrencies at some point or the other in the next one year. Also, other firms like Goldman Sachs also launched their own trading desk for cryptocurrencies. Similarly, the opportunities to invest and trade in cryptocurrencies are increasing. There are many funds as well as asset managers which are providing these trading and investing services.
The biggest obstacle facing cryptocurrency trading:
With the advent of the trading desk as well as cryptocurrency exchanges, the biggest obstacle facing the cryptocurrency trading is the lack of credible information. In order to bridge this gap, Thomson Reuters has formed a partnership with Cryptocompare. Cryptocompare is a website which tracks the cryptocurrency prices across various exchanges. They track over 100 different cryptocurrencies. That is why the amount of data which they have is significant.
Thomson Reuters plans to provide vital insights into the cryptocurrency world with the help of this partnership. This will ensure that the problem of lack of a credible source of data will be sorted in the cryptocurrency world. This will also ensure that Thomson Reuters is able to step into the cryptocurrency world as well. The opportunity is too big to ignore. This is one of the main reasons why Thomson Reuters has forged this partnership.
On the other hand, Cryptocompare will also gain a significant amount of credibility with the help of this partnership. Thus, it is a win-win situation for both the companies. Also, according to Thomson Reuters, not just the institutional investors but start-ups, as well as other organizations, are looking to step into the cryptocurrency world as well. That is why they will surely benefit from the credible data which is provided by Thomson Reuters.
Also, for Cryptocompare this is a step into the big league. They will be able to step into the world of private equity firms as well as wealth managers. It remains to be seen how much benefit they gain from this strategic partnership. One thing which is for sure is that their credibility will increase manifold. As a result, it will open up newer and newer doors for investments as well as partnerships in the future as well.
Thus, when it comes to the partnership between Thomson Reuters as well as Cryptocompare, you can be sure that it is mutually beneficial for both.
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