India’s first global crypto index, named IC15, will start trading on the Bitbns exchange from the first week of April. IC15 was launched by Cryptowire in January to monitor the performance of the 15 most traded cryptocurrencies in the world. CryptoWire is a specialized business unit (SBU) of crypto statistics provider Tickerplant. This development will enable crypto investors to monitor the entire market instead of staying focused on one asset. Trading on the index will also reduce liquidity risks.
IC15 index The business wants to put India on the global crypto map. The index prices will be globally tracked and will enable the industry to track market movements.
The IC15 index on Bitbns is also expected to broaden the product offering Exchange Traded Funds (ETFs) and other wealth management products for arbitrage benefits.
ETFs are financial products that are regulated and track the price movements of an underlying asset. ETFs give people an option to profit from an asset’s price trend without actually owning a single unit of it.
“The arrangement is similar to trading the S&P-Dow Jones and Financial Times Stock Exchange (FTSE) equity index or ETF products that trade New York Stock Exchange (NYSE)Chicago Mercantile Exchange (CME), Nasdaq and London Stock Exchange,” Cryptowire said in a press release.
license arrangement by cryptowire Covering and supporting crypto-focused research and development work will require royalty payments. These payments will include a mix of fixed and revenue-dependent variable charges.
“Participants will find the IC15 Index offering greater institutional use through ETFs and alternative wealth management products,” said Joseph Massey, Managing Director and CEO of Cryptowire.
About four million users of the Bitbns exchange will benefit from trading on IC15.
“The index will also show the market price impact of various news and policy decisions taken globally,” said Gaurav Dahake, Founder and CEO, Bitbns.
The Governance Committee of the IC15 Index consists of domain experts, industry professionals, as well as academics. They will maintain, monitor and administer the index, rebalancing it every quarter.
To be eligible for this list, a cryptocurrency Must be traded on at least 90 percent of trading days during the review period and be in the top 50 in terms of market capitalization circulating during the previous month, among other criteria.
By 1 March 2022, BitcoinXRP, EarthAnd cardano Were the top four crypto assets on the IC15 index.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, business advice or any kind of advice or recommendation given or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.
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