Crypto mining giant Bitmain launches “Crypto Index” to track cryptocurrencies
In an interesting development, the Chinese crypto mining company, Bitmain released a Crypto Index, designed to provide retail and institutional investors with a transparent, timely, methodology-based, and investable benchmark of the most active cryptocurrencies traded globally, denominated in USD. The Index is solely owned by Bitmaintech Pvt. Ltd. and is administered by Bitmain Index Operating Committee (“BIOC”).
As per the release, the index publishes two types of index prices–Real-Time Spot Price (“RTP”) that is published every second and Daily Reference Price (“DRP”) that is published once a day around 10:00 am Hong Kong Time (“HKT”).
Eligibility criteria will be based on a variety of factors such as the reputation of the constituent exchange, price transparency, compliance level, and stability and transaction level. Currently, the data will be collected from some of the leading sources such as Bitfinex, Binance, Bitstamp, Bittrex, Gemini, Huobi, OKEx, Kraken, Itbit, and Poloniex.
The first phase includes 17 single digital currency indices and Bitmain Large Cap 10 Index. Bitmain large cap 10 Index is defined as a comprehensive index of market capitalization, accounting for 90 percent of the market’s digital currency value and it covers various currency classes, various decentralized exchanges, and anonymous digital assets classes.
The release adds that the index is fully owned by Bitmaintech Pte. Ltd. and is evaluated monthly by the Bitcoin Index Operations Committee to ensure that the index methodology and index weights are up-to-date and always representative.
Earlier this year, there were reports that the Crypto mining giant was planning for an IPO, but doubts still persist whether such an event will take place in the near future. The leading crypto mining giant has not been without its own share of controversies. Earlier this month, a lawsuit was filed against Bitmain in the U.S. district court of Northern California. Gor Gevorkyan, the lead plaintiff in this case, used an Antminer S9 manufactured by Bitmain. Now he claims that the device mined Bitcoin for the benefit of the crypto mining giant and not the intended user and he is claiming nearly $5 million in damages.
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