BSO (Ethereum network, cloud and hosting platform) has partnered with Kaiko (provider of institutional grade cryptocurrency market data). Gemini Exchange will be their first client. Gemini is a New York-based exchange. The company caters to individual traders and the institutional investors. Gemini Exchange is making a name for complying with regulators as it provides Federal Deposit Insurance Corporation (FDIC) insurance for cash. It is regulated by the New York Trust company, which is eventually regulated by the New York State Department of Financial Services.
“Market participants in the digital assets industry need transparent and reliable trading data to success. Whether they are a crypto fund or a traditional institution 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,” as per Ambre Soubiran, CEO of Kaiko.
1. The process of market data connection
It is a two-step process that gives successful processing of the market data. In the first step, for all the Gemini’s current investors, BSO will deliver live streaming, low latency data feeds from Equinx NY4. The second step will ensure that the data coverage extends to additional cryptocurrency podiums. It also looks at the addition of any new data sources. At the moment, it is not clear which exchanges will be BSO’s clientele. The CEO of BSO, Micael Ourabah expressed a sense of honor in serving the cryptocurrency community with high-quality services and to connect them with the international financial ecosystem at a minimal investment from any point of the world. BSO is pleased to add real-time cryptocurrency data and to push the solutions further that stem from the company’s connected exchanges in order to include the growing and crucial asset class.
2. Hopes are still high despite the crypto volatility
Despite the roller coaster ride of Bitcoin’s rate graph, there is still a strong hope expected from the digital currency. From Dec. 2017, when Bitcoin soared up to the all-time high of $20,000, to the dreadful low of $3,600 in Nov this year; the crypto landscape has seen dramatic changes. Still many are strongly optimistic about the re-establishment of the reign of this cryptocurrency. At Consensus Invest Conference, Jeffery Sprecher, the NYSE Chairman and the CEO of International Exchange (ICE) said that it is not the aim of an exchange operator to express opinions on prices. However, he expressed his thoughts on Bitcoin surviving the swamp, thriving still, and continuing to attract the audience’s attention. He acknowledged the competence of the other digital coins and tokens being better in other respects. According to him, the race is not about being the best token in the cryptocurrency world. But it is more about being the broadest and getting accepted by the majority. He complimented Bitcoin for being able to do so.
On the other hand, he was also found saying that his response to the questions on digital assets survival, is an ‘unequivocal yes.’ He also pointed at the skepticism to the rates.
3. Will Cryptocurrency replace fiat currency?
As per the recent report from Global professional services company Accenture, as a result of the rise in the cryptocurrency market, the cryptocurrency exchanges are making just as much money as traditional exchanges. Many of the traditional exchanges are seen to offer cryptocurrencies to their customers in order to diversify the portfolios and to encourage their revenue system.
The report highlighted the growth trajectory of crypto exchanges — the fact that it started from literally nothing and now it has come to a point where it commands a solid source of revenue which is truly commendable. In the report, the revenue from the crypto exchanges and the revenue from the traditional exchanges were compared and found to be matching. A radically different composition of margin and the turnover difference was reported to be almost $1,000.
Bitcoin is showing signs of recovery lately. At press time, Bitcoin is trading at almost $4,500. It is almost a jump of $700 from the last week’s reported Bitcoin’s rate. With the latest cryptocurrency regulation support from G20 (the G-20 summit 2018, took place in December in Buenos Aires), Bitcoin’s future seems to be highly promising and is sure to attract a lot of trade in near future. As per the G-20 forum report, an intent to regulate the cryptocurrency for anti-money laundering was expressed. The measures to tackle the financing of terrorism in line with ‘Financial Action Task Force (FATF)’ standards were also reported along with the openness to consider other responses that are required.