Fintech Firm trueDigital Expands Over-the-Counter BTC, ETH Reference Rate Distribution

New York-based fintech infrastructure provider trueDigital Holdings (TDH) is partnering with crypto data firm Kaiko and digital assets analytics company Inca Digital Securities to widen the distribution of its over-the-counter (OTC) reference rates for Bitcoin (BTC) and Ethereum (ETH). The development was shared with Cointelegraph in a press release on March 25.

As reported last year, TrueEX created TDH as an affiliate in March 2018, immediately announcing a TDH partnership with prominent blockchain tech firm ConsenSys (created by Ethereum co-founder Joseph Lubin) to create a benchmark rate for the price of Ethereum.

The newly forged strategic partnership deal will see Kaiko and Inca distribute trueDitigal’s reference rates to their clients, including asset managers and institutions. Inca will further reportedly use the OTC reference rates as the basis for new analytics.  

Kaiko, which is based in Paris, reportedly collects and distributes its crypto market data via a websocket, REST API and cloud-based data feed in order to spur global institutional engagement in the crypto industry.

Inca — a self-described remote-only firm with meet up locations in Washington DC, Tokyo, Paris, and St. Petersburg — provides analytics for data scientists, finance professionals and government policy makers, as well as industries looking to implement blockchain solutions.

As the press release outlines, trueDigital’s rates are reportedly derived from twelve institutional market-maker partners and are intended to prevent market manipulation by providing an accurate picture of institutional digital asset pricing and liquidity.

Nick Goodrich, director of business development at trueDigital, has given a statement outlining that the reference rates aim to contribute to the establishment of institutional-grade infrastructure for digital asset trading.

In its own statement, Kaiko has underscored the need to promote data transparency in the crypto sector.

TrueDigital claims that ahead of the new partnership, its OTC reference rates have already generated over 17 million price points since their launch in July 2018,  and are used by asset managers and other enterprises for pricing, NAV calculations and to support regulated index-based crypto products.

As recently reported, trueDigital announced the appointment of former Bridgewater Associates chief operating officer Thomas Kim as its new CEO in mid-February.

Momentum for infrastructure for the crypto industry continues to gather pace, with stalwart exchange Nasdaq launching two new indices tracking crypto prices last month, designed to provide real-time spot or reference rates for BTC and ETH quoted in USD.