Nasdaq to roll out new indices for Bitcoin, Ethereum
Nasdaq is launching two new indices for Bitcoin and Ethereum, according to the Nasdaq website. The indices named Bitcoin Liquid Index [BLX] and Ethereum Liquid index [ELX] will be launched on February 25.
Nasdaq’s new indices are being rolled out with the help of Brave new coin. Brave new coin is a website which offers cryptocurrency news and analysis on the cryptocurrency market.
“The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) are each designed to provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD, and based on the most liquid ends of their markets. Both indices are calculated using a methodology that has been independently audited against key IOSCO principles,” reads a Nasdaq alert.
“The BLX is one of the most widely-referenced BTC indices among crypto traders and has been calculated back to 2010. Likewise, the ELX has been calculated back to 2014,” the alert added.
Nasdaq Inc is also planning to launch Bitcoin futures at the beginning of 2019. The U.S. based stock exchange revealed plans to offer Bitcoin futures to users last year. The exchange plans to start trading futures in the first quarter of 2019, according to a Bloomberg report. Nasdaq has been working to get the futures approved from Commodity Futures Trading Commission [CFTC].
VanEck, the mutual fund manager, has partnered with Nasdaq to launch a Bitcoin futures product. VanEck seeks to employ the exchange’s stock markets surveillance system, called SMARTS.
It recently led a $20 million funding round for blockchain startup Symbiont. It provides marketing and surveillance technology to at least seven cryptocurrency exchanges. Nasdaq dipping its toes in the blockchain and cryptocurrency industry will drive more adoption of cryptocurrencies.
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