- ICE, the parent of the NYSE, is expanding its bitcoin data product, Lynn Martin, the head of the exchange's data business, told Business Insider.
- The so-called Cryptocurrency Data Feed went live in March, and is aimed at institutional trading firms, banks, and hedge funds.
One of the largest exchange operators in the world is diving deeper into crypto.
Intercontinental Exchange Group, the parent company of the historic New York Stock Exchange, is looking to expand its crypto data product, the Cryptocurrency Data Feed, which aims to provide banks, traders, and other Wall Street firms with an institutional-grade view of the cryptocurrency market.
Now, ICE is in the process of enhancing the product. Lynn Martin, the head of ICE data services, told Business Insider in a recent interview that the product transmits data covering 65% of the $300 billion market for digital currencies.
Martin, who was recently named on Business Insider's list of crypto pioneers, said the exchange is looking to cover more exchange venues with the product. Already it covers 18 venues, which is up from 15 at the time of product launch. Over the course of the next few months, ICE will focus on deepening the product's market depth.
Looking towards the future, the exchange will add more features to the feed, including one that shows data about spreads between different exchanges.
Bitcoin and other cryptocurrencies are known to trade at wildly different price across exchanges. That's a mouth-watering profit opportunity for traders.
Such information can help the exchange's clients find opportunistic trades and manage their risk.
Across equities and other traditional markets such tools are readily available for traders. But in crypto they are just rolling out.
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