CoinMarketCap Partners with Vela to Integrate Crypto Price Data

CoinMarketCap Partners with Vela to Integrate Crypto Price Data

Popular crypto price tracking site CoinMarketCap has announced it will be partnering with Vela, a provider of trading and market access technology. The deal will give clients of Vela access to CoinMarketCap’s price data, a further step towards the integration of crypto into the existing financial system.

Also read: World Bank Prices Its Blockchain Bond at $73 Million USD

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Crypto Price Data Goes Into the ‘Superfeed’

CoinMarketCap’s price data for more than 1,800 cryptocurrencies and tokens will now be available on Vela’s streaming feed, called Superfeed, which already provides price information from more than 100 data sources, including for all major U.S. and European stock exchanges. The integration of CoinMarketCap’s professional API into Superfeed means that Vela’s clients, which include financial industry players such as broker-dealers, banks, and other retail firms, will have reliable access to crypto price action.

Crypto is coming to Superfeed, courtesy of CMC and Vela’s team-up.

Brandon Chez, founder of CoinMarketCap said in a statement that:

“With our goal to remain the most trusted and accurate source of data for the cryptocurrency community, we are pleased to be partnering with Vela, a well-respected and independent technology leader in trading and market access. Together, we are able to extend our reach to major banks, broker-dealers, and institutional firms so that they can access our information directly.”

CoinMarketCap Developing Alongside Crypto

CoinMarketCap appears to be leveraging the recent surge of public interest in crypto markets, becoming one of the most popular sources of price information for traders. Earlier this month, it released several new products, including a professional API, which allows third-parties to use its data in product offerings at several price tiers, and price data for derivatives markets.

However, growth hasn’t come without challenges, as the site suffered a glitch on August 3rd, when prices for bitcoin and several other altcoins became skewed due to due to a price calculation error for Tether. CoinMarketCap quickly the resolved the problem, and offered up a post-mortem of what happened on their blog.

Growing Crypto Adoption … and Competition

CoinMarketCap and Vela are not alone in their strategy of integrating crypto with the traditional financial markets. In January, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange and other markets, partnered with Blockstream to create the Cryptocurrency Data Feed. The feed offers streaming price and market information for 15 cryptocurrencies, including bitcoin, ether, XRP, XMR, and Zcash.

And in April, ICE rival Cboe Global Markets released the Cboe Crypto Feed, which reports on BTC/USD, ETH/USD, and ETH/BTC trading pairs. The data will be sourced from the Gemini exchange, which also partners with Cboe on their Bitcoin futures product. In another example of traditional and crypto market cooperation, Gemini announced in April it would be using Nasdaq’s SMARTS Market Surveillance technology to police its platform for manipulation.

Further, CoinMarketCap could potentially face competition in the future from crypto rivals such as CoinAPI, CryptoCompare, CoinGecko, or Coinlib, who also provide crypto price information through websites and APIs.

Have your say. What’s your preferred cryptocurrency price tracker site? Let us know in the comments below.


Images via Pixabay

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