By Zain Ahmed and Rachel Walker
By Zain Ahmed and Rachel Walker

Reference Data: The key that unlocks the crypto ecosystem

Arguably, reference data is one of the most misunderstood terms in business. Without fully understanding exactly what reference data is, its importance is difficult to realize or fully value, and could lead to the inefficient or faulty implementation of business processes.

First Published: e-Forex Magazine 89 / ALGOFX LAB / October 2019

Reference data is a building block of all businesses. For the financial services industry, however, it is the foundation on which the industry operates. The traditional financial services industry has had a few hundred years head start over the emerging crypto industry, and has developed a comprehensively defined view of what reference data is, why it is needed, how it is structured and where to obtain it.   In the financial services industry, reference data has traditionally been defined as static data that provides additional information about an asset or its issuing organization. This can include the list of identifiers by which an asset or organization is known, detailed descriptive data of the asset or issuing / underlying organization, and the metadata surrounding those details.  When referring to reference data, some people mistakenly include non-static data such as price and trading volume.  Although used interchangeably at times, reference data does not traditionally include such...continued

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