Nasdaq Is Working On An Analytics Tool To Provide Digital Assets Data

Nasdaq, one of the world’s largest stock exchange platforms, is currently working on adding data about digital currencies to its Data Analytics Hub. The new tools built by Nasdaq will help investors to take important trading decisions.

Nasdaq launched its data Analytics Hub last year in 2017 to present unstructured and scattered data in an intelligible former to the investors. Nasdaq’s Analytics Hub tool uses language processing and machine learning techniques to structure the data obtained from several different sources.

The Analytics Hub presents a range of data sets like a monthly “iSentium Social Media Sentiment” dataset, a “Global News Exposure” investment risk management tool, and “eVestment ESG,” — referring to Environmental, Social and Governance (ESG) data.

Nasdaq soon plans to add cryptocurrency data to this Analytics Hub which will certainly drive the attention of Wall Street investors to the cryptocurrency market.  Bill Dague, the head of alternative data at the Nasdaq said: “Given the abundance of interest, we are exploring cryptocurrency related datasets… Whether or not we launch a crypto-related product remains to be seen.”

Sources familiar with the matter said that the new cryptocurrency data set will comprise data and information of 500 digital assets. This new function added to the Analytics Hub is currently under beta testing. This new function is expected to arrive by November this year.

Nasdaq has been closely following the cryptocurrency space since last year. When the cryptocurrency market was blooming last November, reports suggested that Nasdaq would like to launch its own Bitcoin futures this year. However, things don’t seem to have materialized in this regard, so far.

Nasdaq CEO Adena Friedman expressed interest over launching a cryptocurrency exchange provided a better regulation comes in act ensuring safety for investors. Friedman said: "Certainly Nasdaq would consider becoming a crypto exchange over time. If we do look at it and say 'it's time, people are ready for a more regulated market,' for something that provides a fair experience for investors.”

She said: "I believe that digital currencies will continue to persist it's just a matter of how long it will take for that space to mature. Once you look at it and say, 'do we want to provide a regulated market for this?' Certainly Nasdaq would consider it.”

Nasdaq has also launched its SMARTS surveillance technology which allows to monitor the crypto trading pairs to avoid market manipulation. It works by automating the process of analyzing, detecting and investigating trading practices that may appear to be disorderly or deceptive. Popular cryptocurrency exchanges like Gemini are also using Nasdaq’s SMARTS surveillance technology.