NASDAQ lists new crypto indices
The two indices are offered by Brave New Coin
NASDAQ has decided to list two indices offered by cryptocurrency market data company Brave New Coin (BNC). Both indices will be available to NASDAQ clients who use the Global Index Data Service (GIDS) and are designed to help traders have more robust data to make investment calls.
The indices are the Bitcoin (BTC) Liquid Index (BLX) and the Ethereum (ETH) Liquid Index (ELX). BNC says of NASDAQ’s decision to include them, “This institutional endorsement is what investors have been waiting for as Nasdaq has plans to launch a bitcoin futures market alongside Intercontinental Exchange’s (ICE) Bakkt futures market which was due to launch on its platform on January 23 but has since been pushed back to an undetermined date in Q2 2019. Efforts are still underway by several vendors to bring the first Bitcoin or Ethereum ETF to the US market.”
The company’s CEO, Fran Strajnar, adds, “The LX program was born out of a need for clear and transparent price discovery of liquid cryptographic assets and is a bigger need today than it was back in 2015 when we started this program.”
Another index will be added in the near future. BNC states that it is putting the final touches on its Ripple Liquid Index (RLX) and that it is almost ready to be introduced.
The indices are designed to be both quantitative and qualitative and incorporate a number of factors, such as volume, stability, book depth and more, to calculate a fair global value of the underlying assets. All prices are updated every 30 seconds to give the most up-to-date information possible, helping to improve the transparency of the digital currencies.