Every time there is a drop in the price of Bitcoin, most people who are not familiar with this market question the legitimacy or viability of digital currencies in the long term.
This past week, for example, the value of Bitcoin has ranged between $8,300 and $9,400 USD. The reason is the same as always: a young, speculative market in which any news, as irrelevant as they could seem, have the potential to modify the sector.
However, also this past week there were two good pieces of news that can give us an idea of where this new economic trend is going.
The first one was that DX.Exchange, a NASDAQ-powered cryptocurrency exchange platform, will be launched in June, becoming only the latest in a list of Exchanges that are entering the digital currency market, which continues its maturing process.
DX is partnering with NASDAQ to use the stock market index's matching engine to offer a more efficient 'P2P' cryptocurrency exchange platform.
According to Bitcoinist, DX CEO Daniel Skowronski said the platform will benefit from NASDAQ in three key areas: brand recognition, technological infrastructure, as well as legal and regulatory compliance.
But what looks even more appealing about this new platform is that it will not charge trading fees. Instead, the users will only have to pay a monthly fee of 10 euros, which will benefit mainly those who trade frequently, since in other Exchanges they pay fees between 1% and 4% every time they buy or sale.
It should be noted that more than 70 Exchange services around the world use the NASDAQ matching engine.
Nonetheless, the news that really lets us see the growing interest the cryptoeconomy is generating around the globe, was the announcement of news agency Reuters about the launching of a cryptocurrency real-time data feed, in association with two of the largest Exchanges in the world.
The service, named Cryptocurrency Real Time Rates, will provide real-time information across six currencies selected from major Exchanges in the cryptocurrency market, including bitFlyer and BITpoint.
Reuters decided to extend its information coverage to this sector, partly after what they found in a survey they did among financial institutions: 20% of them indicated they will begin trading in cryptocurrencies in the coming year.
Reuters press release also included a quote from CEO and co-founder of bitFlyer, Yuzo Kano.
“As the world’s largest Cryptocurrency exchange, bitFlyer has made efforts to facilitate the development of cryptocurrency markets. We are the first company to obtain a license to trade cryptocurrencies in Japan, the US and Europe and we are delighted to be able to provide valuable data to customers worldwide through Thomson Reuters,” Kano stated.
Founded over a hundred years ago, Reuters is an international news agency based in London, United Kingdom, and is one of the most recognized agencies in the world, with presence in 100 countries.
The launching of both the DX.Exchange platform and the Cryptocurrency Real Time Rates news service are two strong indicators of the steady growing of the cryptocurrency sector and the Blockchain technology that supports it.
By Alejandro Cortés
Sources: Reuters and Bitcoinist