Bloomberg has extended its coverage to 50 crypto assets to provide its investor clients with better data on movements in the market.
Bloomberg Adds 40 Cryptos in Its Coverage, the Largest Expansion Since 2013
Financial and tech firm Bloomberg has expanded its coverage of crypto markets following a decision to add data on the top 50 crypto assets in its Bloomberg Terminal.
According to Alex Wenham, the product manager for cryptos at Bloomberg, institutional investors across the globe are growing their interest in crypto assets and need a way of incorporating them into their portfolios.
Bloomberg had already added 10 cryptos in its terminal of 2018, including Ripple (XRP), Ether (ETH), and Bitcoin (BTC). The expansion now adds 40 coins, including Solana (SOL), helping professionals get real-time financial market data to place their trades.
This expansion is the largest for Bloomberg since 2013, when the Bloomberg Terminal was created.
In his view, Su Zhu, the co-founder of Three Arrows Capital crypto investment fund, said the addition is impressive. He also commended them for linking to the white papers.
Bloomberg Terminal is a seminal tool designed for professional and institutional investors because it provides analysis and insights on risks and compliance, helping people to make trades. Bloomberg indicates that it comprehensively vets assets on the terminal using data-driven approaches to “ensure that approach evolves along with the crypto markets.”
The addition of more crypto assets to the Bloomberg Terminal indicates a higher level of maturity in the market. Today, unlike in the past, institutional investors are taking a closer look at the available opportunities to improve profits. One of the recent activities highlighting the institutions’ interest is the listing of a Bitcoin-thematic exchange-traded fund (ETF) at the Italian stock exchange, Borsa.