Financial and technical information platform, Bloomberg, has vastly expanded its coverage of the cryptocurrency markets following a decision to include data on the top 50 crypto assets to the Bloomberg Terminal.
Product manager for cryptocurrencies at Bloomberg, Alex Wenham, explained that as “the global institutional investor community’s interest in digital assets continues to grow, they will need a way to seamlessly incorporate digital assets into their workflows.”
Before now, Bloomberg already had 10 cryptocurrencies in its terminal since 2018, including BTC, ETH, and XRP. The expansion adds an additional 40 coins to the mix such as SOL, allowing financial professionals and institutions access real-time financial market data and to place trades.
What you should know
- This is the largest expansion of its crypto data since Bloomberg Terminal began tracking BTC in 2013.
- Co-Founder of the Three Arrows Capital crypto investment fund Su Zhu seems pleased with the new additions to the terminal. He commented in a tweet stating that it is “Also cool that they link to the white papers.”
- Bloomberg Terminal is considered a seminal tool for professional and institutional investors as it offers analysis, insights on compliance and risk, and allows users to make trades.
- Bloomberg says it vets assets on the terminal through a data-driven approach and “ensures that approach evolves along with the crypto markets.”
- Bloomberg Terminal users can access the intraday pricing for all crypto it tracks by visiting and clicking “CRYP.”
- The announcement from Bloomberg stated, “Bloomberg takes a data-driven approach to selecting the cryptocurrency data to include on the Bloomberg Terminal and ensures that approach evolves along with the crypto markets. Bloomberg has developed a rigorous vetting model, available to view on the Bloomberg Terminal, that takes into account our institutional client base.”
The addition of so many more crypto assets to Bloomberg Terminal indicates greater maturity in the crypto markets. Institutions are taking a much closer look at their opportunities within the space to both develop platforms and turn a profit.