CoinDesk Buys TradeBlock, Joining Rush for Bitcoin Analytics

CoinDesk Inc., a bitcoin-focused media company, has acquired analytics company TradeBlock Inc., in a bid to capitalize on demand for data-driven products in the burgeoning cryptocurrency industry. TradeBlock is a data and trading firm that publishes both free and subscription data. Its most notable product is a bitcoin price index called the XBX that is used as the reference rate, or benchmark price, for investment funds such as the Grayscale Bitcoin Trust . Terms of the deal weren’t disclosed. CoinDesk is owned by Digital Currency Group, or DCG, which had been a minority investor in TradeBlock. DCG also owns Grayscale Investments, which sponsors the bitcoin trust. Reference rates are an important feature of the traditional capital markets, used in areas such as exchange-traded funds and lending rates. They offer transparency and standardized pricing, which helps improve liquidity and lower costs to investors. The TradeBlock deal illustrates how important data and…

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