Cryptocurrency price

BGL partners with Cointree to provide cryptocurrency price feed

BGL has partnered with Cointree to launch a new service that provides daily price feeds for hundreds of cryptocurrencies.

SMSF technology and administration provider BGL, in conjunction with Cointree, a cryptocurrency exchange, has announced the release of NBOC, an industry-first solution providing daily price feeds for cryptocurrency.

“This is an industry-first solution, and we are extremely proud to have developed NBOC with our long-time friends and partners at Cointree,” said BGL Managing Director Ron Lesh.

“Unlike stocks on the ASX which stop trading every afternoon and have a single price, cryptocurrencies are traded 24/7 on multiple exchanges and in multiple countries.

This makes an accurate assessment difficult. So, BGL and Cointree developed NBOC to solve this problem for our customers with the aim of making cryptocurrency reviews reliable and more accessible to everyone.

Cointree Managing Director Shane Stevenson said there has been a significant increase in SMSFs and trusts investing in cryptocurrency over the past five years.

“There is a growing need to assess cryptocurrency transactions with accuracy and confidence. The BGL team has been fantastic to work with and we are all very pleased to provide an industry-first solution to SMSFs,” did he declare.

Cryptocurrencies are a growing asset class in BGL’s Simple Fund 360 and Simple Invest 360, which now administer hundreds of millions of cryptocurrencies, according to BGL.

NBOC’s proprietary daily automated data feed will provide Simple Fund 360 and Simple Invest 360 clients with up-to-date cryptocurrency prices for SMSFs, businesses, trusts and individuals, according to BGL. The cryptocurrency valuation is used to calculate the values ​​of members’ financial reports and balances as of June 30.

NBOC aggregates public price data from five of Australia’s largest and oldest crypto exchanges: Cointree, BTC Markets, CoinSpot, CoinJar and Independent Reserve. The combination of these data provides a fair and reasonable Evaluation. Since each exchange may have different prices, NBOC will generate a valuation taking into account these different prices.

“The BGL ecosystem has over 350 partners and we are delighted to add Cointree NBOC to the list,” Lesh added.

Tony Zhang

Tony Zhang is a reporter at SMSF Adviser, which is the leading source for news, strategy and educational content for professionals working in the SMSF industry.

Since joining the team in 2020, Tony has covered various publications in the legal, financial and professional services sectors, including Lawyers Weekly, Adviser Innovation, ifa and Accountants Daily.

BGL partners with Cointree to provide cryptocurrency price feed

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Last update: March 07, 2022

Posted: Mar 07, 2022