Some of the biggest names within today’s cryptocurrency industry are teaming up with trueDigital, a trading firm led by Wall Street honcho Sunil Hirani, to develop and create two new pricing indices for BTC and ETH.

At the time of writing this report, some of the firms that trueDigital has partnered with on this project include Goldman Sachs-backed Circle as well as other Chicago based operations, namely DV Trading and Hehmeyer Trading.

While other companies such as the CME Group are also offering their own reference rates for Bitcoin and Ether, many financial experts believe that trueDigital’s model is more sophisticated, since it sources data from OTC firms— whose information is more trustworthy than the data being delivered by cryptocurrency exchanges.

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One of the key proponents of this project is Michael Moro, the head of Genesis Global Trading. Genesis is a market-making firm based in New York that provides data for trueDigital’s reference rates.

While talking with a respected media outlet recently, Moro was noted as saying

While the exchanges dominate volume, the truly institutional guys are trading OTC, and it might be a truer indication of where those institutional trades will get done. Still, the OTC market is going to give you a much better sense of the price on multi-million dollar trades. What trueDigital is trying to do is address the more institutional crowd.

Even though everyone may not be sold on trueDigital’s latest offering, this development is promising to say the least. 

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