Bloomberg, the financial and technical information platform, has vastly expanded its coverage of crypto markets after a decision to include data on the top 50 crypto assets in the Bloomberg Terminal.
It has been reported that the product manager for cryptocurrencies at Bloomberg Alex Wenham suggested 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.”
However, Bloomberg already had 10 cryptocurrencies in its terminal as of 2018, including Bitcoin (BTC), Ether (ETH), and Ripple (XRP). The expansion adds an additional 40 coins to the mix such as Solana (SOL), allowing financial professionals and institutions access to real-time financial market data and to place trades.
The report said that 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 on Friday 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.
Likewise, 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 CRYP. 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.
Thus, their interest is evidenced by the Italian stock exchange Borsa Italiana listing a Bitcoin-thematic exchange-traded fund (ETF) on Thursday.