Nasdaq Reportedly Looking to Add Cryptocurrency Data To Its Analytics Hub Service
American stock market giant Nasdaq is reportedly looking to add data over 500 cryptocurrencies to its Analytics Hub data analysis tool.
As the cryptocurrency market interest from institutional investors continues to grow, companies are looking to offer products that would help them better understand and navigate the market.
NASDAQ is the latest one according to Cointelegraph. The stock market giant currently looking to add cryptocurrency datasets to its Analytics Hub analytical tools. The resource will help predict the price movements of crypto assets.
The stock market giant is looking to add the crypto asset tools to its market analytical tools, according to the company’s Head of Alternative Data Bill Dague.
Crypto datasets are a priority
Dague commented that an increasing interest on the crypto dataset is the main reason why the company is working on the idea. However, he is not sure if the exchange will launch a crypto-related product.
The cryptocurrency dataset is currently in beta test, with NASDAQ expected to launch it by November. After it is developed, it will be added to the Nasdaq Analytics Hub, a unique, alternative platform that provides access to financial data used for investment strategies.
The analytics hub which was launched last year makes use of the processing power and analytical capabilities of cutting-edge technologies such as machine learning and natural language processing (NLP).
The hub processes the data collected from different sources and predict the future movement of the market, usually with a higher precision level. Since it was created, it has been focused on traditional securities like equities.
With the addition of cryptocurrencies, the analytical hub is set to expand its coverage. Learn more about Nasdaq’s tool with the video below:
Crypto price prediction tool to explore different sources
Sources close to the company have revealed that the crypto price prediction function might make use of three approaches to its analysis. The tool promises to compare multiple datasets, including social media, data from exchanges, and flow between wallets.
The tool is expected to list over 500 cryptocurrency assets and will be able to predict with great accuracy with regard to future growth.
Once NASDAQ releases the product, it will compete with others already available in the market from Bloomberg, Reuters, and Dataminr.
NASDAQ has interest in crypto services
This latest development doesn’t come as a surprise to many as the stock market giant has expressed interest in cryptocurrency related products in the past.
Back in July, the CEO Adena Friedman revealed that the company has plans to support the crypto market in the future once it has matured and is fully regulated.
She expressed her belief that cryptocurrencies will continue to persist and it is just logical that NASDAQ provides crypto-related services.