The owner of the New York Stock Exchange is launching a crypto data product for hedge funds

Thomson Reuters

FILE PHOTO: An electric board showing exchange rate between South Korean Won and Bitcoin at a cryptocurrencies exchange in Seoul

• ICE, the owner of the New York Stock Exchange, is launching a new cryptocurrency data feed.
• It's teaming up with Blockstream to launch the product, which is aimed at hedge funds.

Intercontinental Exchange, the Atlanta-based owner of the New York Stock Exchange, announced Thursday it is gearing up for the launch of a cryptocurrency data feed built for hedge fund clients.

The so-called Cryptocurrency Data Feed, which ICE built in partnership with blockchain tech company Blockstream, will draw information from 15 cryptocurrency exchanges, according to a release on the news.

"With the broad array of cryptocurrencies and exchanges, and given the price variances between exchanges, it's critical that investors have a comprehensive source of pricing information," said ICE data services president and COO, Lynn Martin, in a press release.

Blockstream, a San Francisco-based blockchain tech company, is behind a number of projects aimed at enhancing the the underpinning technology of bitcoin, the largest cryptocurrency on the market.

The feed is set to launch in March and will join a family of more than 450 real-time data feeds operated by ICE. Such a product could be easily integrated into the infrastructure of banks and hedge funds which already utilize the exchange's other data feeds.

The news is on the heels of a massive sell-off in the cryptocurrency markets. During Wednesday's trading session, the total value of the cryptocurrency market fell below $420 billion, almost half of its worth on January 7.

The markets have since come storming back and at last check the market capitalization for all cryptocurrencies stood at $582 billion, according to CoinMarketCap data.

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