CryptoCompare gets FCA approval to operate as benchmark administrator

Karthik Subramanian

CryptoCompare, one of the oldest crypto companies that is now specialised in operating as a data aggregator and index provider, has announced that it has received approval from the Financial Conduct Authority (FCA) in the UK to operate as a benchmark administrator.

This is a growing sign that the crypto market is maturing as an asset class in which investors would be able to invest, not only small investors but also large ones as well. These indexes and benchmarks are important parameters that are likely to be used by most large investors and funds who would be interested to participate in the crypto market. It is only on these that many ETFs and mutual funds would be basing their investment decisions on and hence the data and the investing industry must develop hand in hand for the market to mature in the long term.

“I am delighted that CryptoCompare has now achieved FCA authorization, creating new avenues for institutional and retail investors to gain exposure to our standard-setting digital asset indices,” said Charles Hayter, CEO of CryptoCompare.

The data and index subsidiary of CryptoCompare, CC Data Limited, is the one that has received the FCA approval and it would not be able to issue benchmarks for financial instruments and measure the fund performance as well. It is an important development for the company as CryotCompare has been at the forefront of the crypto industry as a data collection platform and for long, it has been used by many crypto traders, big and small, for data references or to check the performance and backtesting of their robots as well. It has been a clear leader in this aspect and has risen to this position from its humble beginnings as a simple data provider within a short period.

CryptoCompare’s FCA authorization allows service providers to create various regulated financial products that are underpinned by CryptoCompare’s suite of digital asset indices. This includes the creation and issuance of investment product referencing indices; reference rates, contract settlement pricing, portfolio asset allocation, and the measurement of fund performance.

The platform provides real-time and historical data for over 5,500 coins/tokens and 250,000 token pairs. The data is at the tick-level which helps the platform to give a granular view of the market data across various sectors.

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