Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) –Even though Cryptocurrencies has been faced with issues from the Securities and Exchange Commission (SEC) in the united stated, a branch of the US Federal Reserve has revealed that it has added four Cryptocurrency data to its database.
The Federal Reserve, St. Louis branch made known that it will extend its services by infixing price tracker of Bitcoin, Ethereum, Bitcoin cash, and Litecoin from as far back as 2014 up till date to its Federal Reserve Economic Data (FRED).
According to the announcement, the Federal Reserve Bank which was founded in 1914 noted that the price data would be gotten from the renowned Cryptocurrency exchange that is based in San Francisco, US, Coinbase, and the data will be updated every day.
Musing over the recent engagements of the Federal Reserve, the addition of the crypto data would not be seen as a surprise because the bank has for sometimes been oblique towards Cryptocurrency and its technology.
Speaking at the 2018 cryptocurrency conference in May this year, the Governor of the St. Louis branch of the Federal Reserve raised series of praises for the digital currency, flagging it as an answer to the present and future problems in the financial industry.
He maintained that albeit the significant challenge faced by Cryptocurrency these days which remains the massive number of coins present in the market which could result into “chaos of exchange rates,” the improved means of storing wealth and making transactions will help create a uniform currency system around the world.
As the united stated continues to hunt down on some cryptocurrencies through SEC’s probe and regulation, Coinbase, earlier in a report issued by the Wall Street Journal on May 18, was said to have spoken to regulators on how to obtain a federal banking license.
A spokesperson for the crypto exchange company mentioned the company is dedicated and loyal towards working with the state and federal regulators so that it can get licensed for the products and services it offers.
With the latest development, observers have been of the opinion that Litecoin, the 6th ranked coin in the market table, continues to get more popularity across the financial industry with the listing it got from Coinbase, while the like of Ripple (XRP) and EOS (EOS) that are ranked above it continue to be left out in the cold when opportunities like this prevail.