CryptoQuant has become the official provider of on-chain data for CME Group’s Datamine. The announcement comes three months after the two platforms started working together when CME Group’s Datamine named CryptoQuant as its only on-chain data provider on July 22, 2022.
The partnership between the two platforms involves CryptoQuant offering its data via CME Datamine, making it possible for financial institutions and hedge funds who purchase data from the platform to also get digital asset data from the CryptoQuant-CME Datamine partnership. Some of the data that these financial institutions and hedge funds will be able to access following the partnerships include on-chain data for bitcoin, such as exchange flows, miner flows, long-term holders, e.t.c.
In the past few years, CryptoQuant has established itself as a reliable on-chain data provider, which has seen its use extend to trusted media services such as Forbes, Bloomberg and CNBC. They also played a significant part in Valkyrie’s Bitcoin Futures ETF approval in the US after the two worked together to develop an overview of the Bitcoin market.
In 2019, CryptoQuant worked on wallet verification technology and patented the technology, which has found application in areas such as anti-money laundering services. CryptoQuant also used its industry experience to take down the infamous criminals behind the Nth Room scandal when it collaborated with the Korean National Police. Today, the platform has exponentially grown to serve retail traders in over 200 countries and boasts of working with over 200 institutional clients.
Part of the reason for the recent growth in traction of the CryptoQuant platform and its services is that traders now realise that investment in the cryptocurrency industry can be as lucrative as any other asset classes, including stocks, gold, futures and other types of property. In the past, the lack of data meant that cryptocurrency investors were buying and selling their digital assets without a fuller picture of what was happening in the markets. This resulted, in most cases, the investors losing money or investing in digital assets with poor fundamentals and hence were more likely to fail.
Today, with the traditional financial system also expanding to the digital asset space, on-chain data services provided by CryptoQuant have become an integral part of retail traders, financial institutions, and hedge funds. Therefore, the CME Group’s Datamine, powered by CryptoQuant’s on-chain, will play a vital role in shaping the cryptocurrency industry.