BTC: $4,170.81 +4.43%
ETH: $160.36 +8.05%
XRP: $0.33903 +5.70%
MARKETCAP: $142,276,139,140
24H VOL: $30,051,863,748
BTC: 51%

CoinMarketCap Partners with Vela to Provide Institution-Grade Market Data

Bitcoin trading exchange

CoinMarketCap has announced that it will be supplying data for Vela’s institution-grade market data feeds, making it another major player in the crypto world to encourage investment from traditional financial institutions.

The Partnership

CoinMarketCap is a prominent site that lists and ranks cryptocurrenciesthe most popular of its kind. Part of its popularity comes from its comprehensiveness, as it boasts listings for over 1800 coins. It has always been very accessible for general users, but now, it will expand its services into the realm of institutional trading.

Meanwhile, Vela Trading Systems is a firm that provides a unified feed of market data to institutional clients, such as investment banks, broker-dealers, and hedge funds. In today’s announcement, CoinMarketCap endorsed the product it is now involved in:

“Vela’s SuperFeed provides low-latency, normalized data without the need for any client infrastructure, delivering the levels of performance, availability and reliability required of a trading quality market data feed.”

Vela has always provided traditional market data, but now CoinMarketCap will be bringing crypto data to the platform.

A Growing Trend

The partnership is reflective of a larger trend: increasing institutional investment in cryptocurrency. Institutional interest creates a demand for various new crypto services targeted at institutions, such as Coinbase Custody and Ripple’s xRapid payment system.

More specifically, various crypto companies and websites have data-sharing partnerships similar to that of Vela and CoinMarketCap. CryptoCompare is providing aggregated data to Thomson Reuters’ Eikon platform, while Blockstream is supplying information to ICEX’s data feed, to name a few.

Although institutional investment might be good for crypto, it may leave individuals behind. Since Vela’s services are aimed at institutions, the general public and independent investors probably won’t directly benefit from CoinMarketCap’s partnership.

Many CoinMarketCap users want more direct improvements instead of partnerships: their complaints focus mainly on the site’s inaccuracies and unreliability, particularly when it comes to artificially inflated trade volumes.

CoinMarketCap nevertheless remains popular due to its comprehensiveness and usability, and the sheer momentum with which it is currently dominating the market for crypto data aggregators.

Join the NEW Unhashed Telegram or Follow Unhashed on Twitter for the Latest Cryptocurrency News Updates!

Bitcoin Bitcoin $4,170.81 +4.43%
Ethereum Ethereum $160.36 +8.05%
XRP XRP $0.34 +5.70%
EOS EOS $4.29 +10.82%
Litecoin Litecoin $52.22 +5.38%

Subscribe for the latest cryptocurrency news

Please enter a valid email address.
Something went wrong. Please check your entries and try again.

More Crypto News

Best Tether Wallets in 2019

January 14, 2019

Tether (USDT), the world’s most popular stablecoin, is designed to give users the stability of…

The 5 Best Stellar Wallets In 2019

January 3, 2019

Stellar and its XLM token were first launched in 2014 by Ripple co-founder Jed McCaleb.…

Best Bitcoin Cash Wallets in 2019: Picking a Bitcoin Cash Wallet for Your Needs

December 6, 2018

Bitcoin Cash (BCH), the controversial project forked from the original Bitcoin client, is now the…

Subscribe for the latest cryptocurrency news

Please enter a valid email address.
Something went wrong. Please check your entries and try again.
Scroll Up