TrueDigital Expands Distribution of Its Bitcoin and Ether OTC Reference Rates

Institutional digital assets platform trueDigital Holdings has signed two new distribution deals to expand the reach of its over-the-counter (OTC) reference rates for bitcoin (BTC) and ether (ETH).

Announcing the news on Monday, trueDigital said that it has partnered with Kaiko, provider of cryptocurrency market data, and Inca Digital Securities, a data aggregation and analytics platform, for the expansion.

The partnership will see Kaiko and Inca offering BTC and ETH OTC reference rates to their customers, including asset managers and institutions, trueDigital said.

“Kaiko’s mission is to build the data distribution infrastructure for institutional involvement in the cryptoassets industry. Our partnership with trueDigital will further this mission while also promoting much-needed data transparency,” said Kaiko CEO Ambre Soubiran.

Inca will also use the reference rates data to develop new analytics, according to the announcement. “The aim is to provide users with institutional-grade pricing data that helps elevate the quality of trading and risk management.”

TrueDigital’s OTC reference rates for BTC and ETH were launched in July of last year in partnership with nine firms to enable “institutional grade derivative products.” Back in January, the firm similarly partnered with three other firms – CMT Digital, Blockfills and QCP Capital – for distribution of its reference rates.

The reference rates are derived from the bid and offer prices from trueDigital’s 12 institutional market-maker partners, including Genesis Global Trading and Circle.

Last month, trueDigital hired a new CEO from the world’s largest hedge fund Bridgewater Associates. The firm has also helped build a blockchain payments system for crypto-friendly Signature Bank in December.

Bitcoin, ether image via Shutterstock