Two new distribution deals have been signed by institutional digital assets platform trueDigital Holdings. This was done to expand the reach of the company’s over-the-counter (OTC) reference rates for bitcoin (BTC) and ether (ETH). TrueDigital plans to increase circulation of its bitcoin and ether OTC reference rates.
For the expansion, trueDigital said in March, that it has partnered with Kaiko, provider of cryptocurrency market data, and Inca Digital Securities, a data aggregation and analytics platform.
Earlier this year, trueDigital hired a new CEO. He was acquired from the world’s largest hedge fund, Bridgewater Associates. In December a blockchain payments system for crypto-friendly Signature Bank was helped to be built by the firm.
Kaiko and Inca will offer BTC and ETH OTC reference rates, through the partnership, to trueDigital’s customers, including asset managers and institutions. TrueDigital plans to increase circulation of its bitcoin and ether OTC reference rates.
Kaiko CEO Ambre Soubiran 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”.
According to the announcement, Inca will also use the reference rates data to develop new analytics: “The aim is to provide users with institutional-grade pricing data that helps elevate the quality of trading and risk management.”
Last July, TrueDigital’s OTC reference rates for BTC and ETH were launched in partnership with nine firms to enable “institutional grade derivative products.” The company also partnered with three other firms in January for distribution of its reference rates:
- CMT Digital
- QCP Capital
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.