The operator of the New York Stock Exchange (NYSE) – the Intercontinental Exchange (ICE), has teamed up with major blockchain company Blockstream. They are working on a product which will facilitate cryptocurrency data tracking.
ICE Getting Serious About Blockchain
The Intercontinental Exchange (ICE) has announced a new partnership with major blockchain company Blockstream to work on a new service which will enable real-time, as well as historical data for over 60 cryptocurrencies pulled from major trading markets and cryptocurrency exchanges throughout the world.
The collaboration is geared towards providing investors with a solution for monitoring data for some of the most actively traded cryptocurrencies.
Blockstream, on the other hand, introduced the product as “Crypto Feed V3”. The company claims that the updated service already includes over 400 cryptocurrency and fiat trading pairs and more than 30 venues.
Additionally, the new service is supported by the Secure Financial Transaction Infrastructure (SFTI) tool of ICE. It claims to be able to eliminate the downtime for investors, while also enabling instant notifications if there is an emergency.
Blockstream’s Liquid Network
Blockstream introduced the Liquid Network last year in November. The solution speeds up transaction times for sending and receiving Bitcoin to a consistent two minutes or less than that.
According to Allen Piscitello, Director of Product Management at Blockstream, Liquid’s “federated sidechain” system is able to authenticate and organize transactions onto the blockchain in a way which is more efficient compared to Bitcoin’s traditional proof-of-work model.
However, at current times, using the Liquid Network is more expensive. Investors have to pay between 10 and 20 cents per transaction, which is more or less double than what they pay using Bitcoin’s main network.
Piscitello has also made it clear that Liquid Network doesn’t intend to function as a scalability solution for Bitcoin because the overall capacity of the network remains the same.
In any case, over 23 exchanges, financial institutions, traders, and brokers, have signed up for using the Liquid Network. These include major market players like BitMex, OKEx, and Bitfinex.
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