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The institutional digital badet platform TrueDigital Holdings has signed two new distribution agreements to extend the reach of its OTC reference rates for bitcoins (BTC) and ether (ETH).
TrueDigital, which announced this new Monday, announced its partnership with Kaiko, data provider of the cryptocurrency market, and Inca Digital Securities, a data aggregation and aggregation platform.
The partnership will allow Kaiko and Inca to offer BTC and ETH OTC benchmark rates to their customers, including badet managers and institutions, TrueDigital said.
"Kaiko's mission is to build the data distribution infrastructure for institutional involvement in the cryptobadet industry. Our partnership with trueDigital will continue this mission while promoting the necessary transparency of data, "said Kaiko CEO Amber Soubiran.
According to the announcement, Inca will also use benchmark rate data to develop new badyzes. "The goal is to provide users with institutional-level pricing data that improves the quality of transactions and risk management."
TrueDigital's OTC reference rates for BTC and ETH have been launched in July last year, in partnership with nine companies, to enable the creation of "institutional-quality derivatives". in partnership with three other companies – CMT Digital, Blockfills and QCP Capital – for the distribution of its benchmark rates.
The benchmark rates are derived from the bid and offer prices of 12 trueDigital's financial partners, including Genesis Global Trading and Circle.
Last month, trueDigital hired a new CEO from the world's largest hedge fund, Bridgewater Associates. The company also helped set up a block-code payment system for Signature Bank, a crypto-user-friendly solution, in December.
Bitcoin, ether image via Shutterstock
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