Ethereum network, cloud and hosting platform BSO is joining hands with Kaiko, a provider of institutional-grade cryptocurrency market data. Both companies are looking to deliver market data in real-time to connected cryptocurrency exchanges.
The first client will be the Gemini Exchange in New York, founded by the Winklevoss Twins. The company has collocated its services to an institutional grade data center. In addition, a cross-connect has been established to allow Kaiko to access the company’s data directly.
Ambre Soubiran – CEO of Kaiko – expressed his enthusiasm over the partnership, explaining:
“Market participants in the digital assets industry need transparent and reliable trading data to succeed. Whether they are a crypto fund or a traditional institutional investor, it is essential to have clear visibility and access to high-quality and granular data in this complex market. We are delighted to be working with BSO to bring live crypto exchange data to our clients. Starting with Gemini, we expect to be rolling out coverage quickly in response to client needs.”
So, How Does This All Work?
The market data connection is set to occur in two separate stages. The first involves BSO delivering live-streaming, low-latency data feeds from Equinix NY4 for all of Gemini’s current investors. The second stage will see the data coverage extend to additional cryptocurrency platforms and new sources of data being added. At press time, however, it’s unclear which exchanges will be among BSO’s clientele.
Michael Ourabah – CEO of BSO – also spoke about the prospects of the business partnership with Kaiko, stating:
“Our network is engineered to deliver institutional quality and service, and we’re proud to support the cryptocurrency community by enabling them to connect to the world’s financial ecosystem with minimal investment anywhere in the world. Working with Kaiko, we are very pleased to be able to add real-time cryptocurrency data and extend the solutions we are delivering from our connected exchanges to include this growing and increasingly important asset class.”
Many Are Confident in Crypto’s Stamina
Indeed, cryptocurrency does appear to be an important financial class as of late. Despite the price bloodbath of last week that saw entities like bitcoin falling below $3,600, many are still bullish about where the market can go and have faith the future is bright.
At a recent conference, chairman of the New York Stock Exchange (NYSE) Jeff Sprecher stated that bitcoin will no doubt survive this, and all other obstacles headed its way, and that enthusiasts shouldn’t allow the recent price drops to get the better of them:
“As an exchange operator, it’s not our objective to opine on prices. Somehow, bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are better, yet bitcoin continues to survive, thrive and attract attention. Often in finance, it’s not about being the best. It turns out to be about being the broadest and the most commonly accepted, and for whatever reason, bitcoin has become that.”
Is Crypto Beating Fiat?
In addition, a new report from global professional services company Accenture suggests that cryptocurrency exchanges are now making just as much money as traditional exchanges, many of which are beginning to implement ways of offering cryptocurrencies to their customers as a means of diversifying portfolios and exploring new streams of revenue.
The report explains:
“In just a few years, crypto exchanges have exploded from virtually nowhere and now represent a substantial source of revenue. Indeed, revenue from crypto exchanges now matches that from traditional exchanges, albeit with a radically different composition of margin and turnover—differing by a factor of almost 1,000.”
At press time, bitcoin has incurred a serious price rise that has brought it back into the mid $4,000 range and marking a $700 (positive) difference from its last-week low.