Aiming to develop a solid work relationship with CryptoCompare a UK crypto analytics company, MV Index Solutions (MVIS), a subsidiary of VanEck has invested a significant amount in the platform. The beneficiary institution has seen a surge in paying clients and firms during this period.
Jan Van Eck, the CEO of VanEck said that the company is happy to seek investments in leading enterprises that offer crypto and Blockchain services. The total amount invested in CryptoCompare has not been revealed to the public, however, insider information rates the amount high enough for MVIS to hold a significant stake in the startup.
CryptoCompare is swiftly gathering a reputation as a renowned data selling firm. It sells data that cuts across over 5,000 tokens and over 250,000 currency pairs to institutional entities. CryptoCompare’s API is popular within the cryptocurrency community.
The Relationship Between MVIS and CryptoCompare
Since 2017, the duo has been active partners working on index products. It was during this period that the MVIS CryptoCompare Digital Assets 100 Index was established. The index trails the movements of over 100 active digital assets and leverages them in the assessment of other assets.
Together, both platforms licensed the MVIS CryptoCompare Ethereum Benchmark Rate as well as the MVIS CryptoCompare Bitcoin Benchmark Rate indices to a Canadian ETF manager. CryptoCompare’s CEO Charles Hayter has reaffirmed the partnership of his company with MVIS and its parent company VanEck as it awaits SEC’s ETF approval.
The agreement for investment between MVIS and CryptoCompare was met last year but was officially implemented this year. The firm has over £4 billion in assets under management and is helping to run over 40 indices. CryptoCompare enjoys a massive client base from data clients to financial institutions and regulators.