Announced recently, Nasdaq exchange will offer two additional indexes integrated to the cryptocurrency market. Accordingly, the new third-party indexes on GIDS data feed (Nasdaq Global Index Data ServiceSM) will go live on February 25, 2019.
Brave New Coin BTC and ETH Indexes Joins Nasdaq
Consequent to the announcement those two indexes are ‘Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX). Both the indexes are created by Brave New Coin, a cryptocurrencies technology research company founded in the year 2014. Per the announcement, Nasdaq with Brave New Coin will send ‘single price point’ information about Bitcoin and Ethereum on the GIDS. The announcement reads that;
Effective Monday, February 25, 2019, Nasdaq, through its data dissemination relationship with Brave New Coin, will send real-time Bitcoin and Ethereum index level information on the Nasdaq Global Index Data ServiceSM (GIDS)
Both the index by Brave New Coin aims at providing ‘real-time spot’ for the value of 1 Bitcoin (BTC) and 1 Ethereum (ETH). Then the information will be disseminated to the clients of Nasdaq’s GIDS feed. However, the rate is likely quoted in USD as well as ‘on the most liquid ends of their market’. It further notes that;
Both indices are calculated using a methodology that has been independently audited against key IOSCO principles. 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.
A well-known name in the crypto industry, Nasdaq is already operating futures, options, and equity marketplaces. Moreover, as Coingape reported the world’s second-largest exchange, Nasdaq is working with seven cryptocurrency trading platforms but only two exchanges are out of sight up until now. Accordingly, it has lent its surveillance technology hands for those seven crypto exchanges.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com