Nasdaq, which has been operating for a long while now is believed to be considering the addition of crypto and blockchain datasets due to the increasing traction that the industry is steadily garnering.
Rising Interest in Cryptocurrency
Bill Dague, Nasdaq’s Head of Alternative Data admitted that the rising amount of interest in cryptocurrencies is responsible for these new developments. He said:
“Given [an] abundance of interest, we are exploring cryptocurrency related datasets. Whether or not we launch a crypto-related product remains to be seen.”
Addition of the new crypto datasets would be integrated into Nasdaq’s data Analytics Hub, which was launched last year, 2017. The Analytics Hub was created to assist traders and investors with accurate predictions and market information so that decision making can be safer and efficient.
The Hub takes into consideration a lot of different factors, like central-bank related data and event-specific signals, analyzing both qualitative and quantitative data through machine learning and language processing.
The current range of datasets that the Analytic Hub presently oversees is termed “eVestment ESG.” The shortened acronym standing for Environmental, Social and Governance (ESG) data.
There are many reasons to believe that the new function that is being introduced to the Analytics Hub is still in its beta testing phase, and plans are, as of now, being put in place to ensure the launch of the new initiative takes place by November, this year.
If the general expectation is to see the Hub focus on only digital currencies with the largest market capitalization, then Nasdaq has overachieved above people’s expectation as the new initiative is bound to cover more than 500 digital assets.
With Citigroup also indicating their plan to launch digital assets receipt earlier this week, the new revelation from Analytics Hub is only a testimony to the increasing and growing interest in cryptocurrencies on Wall Street.