20% of Financial Institutions to Offer Crypto Trading Next Year, Thomson Reuters Survey Finds

Omar Faridi
  • Ontario based financial information firm Thomson Reuters released survey results showing growing interest in the cryptocurrency market.
  • Thomson Reuters surveyed 400+ clients and found that one-fifth of them are planning to offer cryptocurrency trading services in the next 12 months, due to a significant increase in the number of requests from traders, which is “a major change.”

Thomson Reuters has recently published a press release that reveals the findings of a survey on financial institutions planning to provide cryptocurrency trading services. The Canadian mass media firm surveyed over 400 forex trading companies that use its products. Eikon, one of Thomson Reuters’ services, uses the company’s proprietary software to track financial data related to cryptocurrencies and other asset classes.

According to the press release, approximately 20 percent of the companies surveyed stated they might provide a cryptocurrency trading platform to their clients “over the next 3-12 months.”

About 70 percent of survey respondents who said they were considering offering crypto trading in 2018 also mentioned that they were preparing to provide them within “3-6 months.” Notably, the press release stated that survey results indicated there was a “generally widespread familiarity with cryptocurrencies.”

Neill Penny, co-head of trading at Thomson Reuters, acknowledged that:

“Cryptocurrency is still a relatively small part of the trading market, but this survey indicates this niche segment is starting to enter the mainstream of the financial services industry.  This is a major change from a year ago.”

Neill Penny

Based in Toronto, Canada, Thomson Reuters is a large financial information company whose shares are listed on the New York Stock Exchange (NYSE:TRI) and the Toronto Stock Exchange (TSX:TRI). Due to a significant increase in requests from clients wanting to trade cryptocurrencies, especially in the past 6 months, traditional financial companies like Thomson Reuters have had to allocate resources towards developing cryptocurrency trading platforms for their customers.

Growing Moment for Cryptocurrencies

Michael Go, Asia Pacific Head of forex trading market development at Thomson Reuters, stated that the rise of the cryptocurrency market indicates “strong momentum around this new technology and tradable asset class.” He added that the mass media firm’s proprietary Cryptocurrency Real Times service helps facilitate an “efficient” and “transparent” trading environment, which is essential in ensuring the “stability of cryptocurrency trading.”

Meanwhile, bitcoin trading exchange bitFlyer CEO Yuzo Kano has said that his company is “delighted to be able to provide valuable data to customers worldwide through Thomson Reuters.”

Recently, as reported, London-based LMAX Exchange Group will offer cryptocurrency trading services to its clients as well. The company is developing a regulated cryptocurrency trading platform for institutional investors, who’ve yet to make substantial investments in digital currencies.