Is the availability and consumption of data in the Digital Asset markets playing out in a broadly similar way to what has taken place in FX or are there important differences between them?
Although both foreign-exchange (FX) and cryptocurrency markets share certain characteristics—chiefly their fragmentation and the need for data that is consistent, accurate and delivered at speed—their underlying infrastructures diverge sharply. Regulation, pricing models and delivery mechanisms are markedly different. Live FX data, for instance, is typically delivered via cross-connected feeds; the notion of “on-chain” distribution, so central to crypto, is simply irrelevant in fiat markets.
NCFX operates as a Regulated Benchmark Calculation Agent—an approach rooted in transparency, process discipline and regulatory oversight. By contrast, such rigour is sporadically applied, at best, within the crypto world. As digital-asset markets mature, however, demand is likely to grow for independent firms such as NCFX that can bring fiat-grade compliance into crypto data provision.
One area of convergence is emerging in the delivery layer: API-based distribution. Concepts such as metered access and per-fetch billing, long familiar to technologists, are becoming standard across both FX and crypto ecosystems.
Why is NCFX data a good fit for applications in the Digital Asset trading space?
In the digital age, truth is expected to be verifiable, traceable and independently corroborated. That principle underpins the architecture of blockchain—and it also forms the foundation of NCFX’s approach to financial data. For over a decade, NCFX has brought rigour and neutrality to the fiat world, delivering independent benchmark data by aggregating multiple sources while remaining detached from the underlying transactions.
This expertise is now being applied with equal discipline to the world of crypto. Drawing on its roots in regulated fiat markets, NCFX has extended its capabilities to cover both centralised (CEX) and decentralised (DEX) crypto exchanges, applying the same data integrity and process discipline that have earned it credibility among traditional financial institutions.
Few firms can claim fluency in both ecosystems. NCFX’s dual-market expertise allows it not only to understand the fundamental differences between fiat and crypto but also to navigate the subtle points of connection—offering a rare bridge between two worlds that are, for now, converging faster than they are aligning.
What Digital Asset data are you currently providing and what types of firms are you doing this for?
NCFX provides live data for 380 tokens today, plus we supply T-0 FX data for instant FX settlements. We supply that data to every kind of crypto firm from the Oracles delivering data into smart contracts, to the stablecoin operators looking to understand what a price is at T-0 through to custodians seeking to value assets accurately. In short, we have customers in all areas of the evolving crypto world.
In what ways can the use of your data help firms to make more informed decisions and what other benefits does it deliver for firms active with Digital Assets?
In foreign exchange, knowing the true clearing rate is vital. In fiat markets, prices vary by counterparty, often obscured by spread, volatility, credit costs or simple markup. NCFX’s high-quality data brings transparency to these inefficiencies, enabling clients to optimise execution with precision.
Crypto markets, though less reliant on OTC trading, remain fragmented. Prices differ across exchanges, and liquidity shifts rapidly. NCFX allows clients to measure, record and transact rigorously, minimising slippage, understanding broker and exchange costs, and ensuring portfolios are accurately valued.
What steps have you taken to make your data available across the broader decentralized finance (DeFi) ecosystem and how can developers access it?
NCFX data is already being used my many members of the DeFi community. API keys are available from NCFX directly.
How important are Digital Assets becoming in your overall product mix and what are your plans to expand your offerings and extend the type of data you current provide for this fast growing industry?
Crypto assets have long been a strategic focus for NCFX. Innovation is accelerating across both decentralised and traditional markets—and NCFX is at the forefront. In crypto, we are developing feeds that draw exclusively from decentralised exchanges, bringing much-needed rigour to an often-opaque trading environment.
Alongside this, we are building accurate, real-time interest rate data to support a growing ecosystem of on-chain finance.
In the evolving hybrid FX landscape, where the lines between fiat and digital blur, we have built a T-0 streaming feed—allowing participants to exchange principal at a precise, real-time rate rather than relying on a lagging spot quote. As smart contracts increasingly integrate fiat instruments, we expect accurate, independent FX data to become a foundational layer of financial infrastructure.
In what ways do you think the Digital Asset marketplace will evolve which will further strengthen its need for industry-leading data providers like NCFX?
Digital assets are poised to reshape how buyers and sellers engage across all asset classes. Emerging technologies—ranging from Zero Knowledge Proofs to novel credit solutions—are laying the foundation for a more decentralised, all-to-all market structure. Such a transformation will not occur overnight. It demands not just time, but vast quantities of reliable, high-quality data.
As digital markets evolve, firms like NCFX are not merely observers but active participants at the forefront of innovation. By delivering transparency and ensuring accuracy, NCFX is helping to build the infrastructure that these new markets require. In a space often marred by opacity and fragmentation, NCFX stands out as a standard-bearer, enabling data-driven progress and fostering the trust needed to bring these technologies into the financial mainstream.