It has certainly been an interesting and busy week for Blockstream. Earlier this week, Gregory Maxwell publicly announced his departure from the company. To many people, said news came as a big shock, although it may be better for Bitcoin in the long run. There’s some good news for the company too, though. They are partnered with Intercontinental Exchange Inc to launch a new cryptocurrency data feed. A major feather in the cap for Blockstream, as they continue to make cryptocurrencies more mainstream.
The new partnership between Blockstream and the NYSE parent company is a big deal. Their mission is to launch a new cryptocurrency data feed focusing on real-time information. These price details will be scraped from over 15 different cryptocurrency trading platforms around the world. Intercontinental Exchange, Inc opted to partner with Blockstream for this particular venture. The company’s long-standing status in the Bitcoin world probably has something to do with it.
Some Positive News For Blockstream
This new data feed will not just focus on the prices of individual currencies. It will also include the trading volume and order book for all of the leading cryptocurrencies. It is unclear which currencies that list will include but the top 10 currencies are likely candidates. Given the volatile nature of these markets, the rankings tend to get shaken up rather regularly. Some of the most technically sound currencies aren’t even in the top 10 ranked by market cap. It will be interesting to see how this new data feed solves this problem in the future.
Furthermore, it seems the data feed will quote prices in US Dollar as well as other major currencies. ICE is the most recent US exchange operator to go all-in on cryptocurrencies. Big things are happening behind the scenes in the financial world in this regard. Even though Bitcoin is slipping in price, the interest in cryptocurrencies is still tangible. It is a positive development for the company and Blockstream as well, that much is certain.
The cryptocurrency industry needs institutional money to come in sooner rather than later. It is evident the markets are slipping rather quickly. Just this weekend, we have seen a massive $80bn market cap swing of all cryptocurrencies combined. Money is made and lost very quickly in this industry unless new investors get on board. Right now, that is not happening. This new venture by Intercontinental Exchange, Inc. and Blockstream may help change all of that.
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