CoinMarketCap is planning to launch two cryptocurrency headline indices on Bloomberg Terminals, NASDAQ GIDS, Borse Stuttgart and Thomson Reuters Eikon which will cover over 200 leading cryptocurrencies in terms of market capitalization.
CoinMarketCap two indices one with Bitcoin and one without
The first benchmark index will be called CMC Crypto 200 index with one including Bitcoin covering over 90% of the crypto market in the world. The second index called CMC Crypto 20 ex BTC index will be for tracking market performance without Bitcoin’s influence because it is a leading crypto coin that is responsible about 50% of the total market capitalization in the crypto industry. These indices shall be rebalanced at the end of each calendar quarter.
CoinMarketCap CEO, Brandon Chez stated that they were delighted to launch and share the indices in the market as they will promote and enhance accessibility to crypto data in a comprehensive and understandable format. He added that the company has partnered with Solactive as the index administrator and they were optimistic that the professionally calculated indices will help in expanding the financial reach of cryptocurrencies in the market.
Solactive to administer the CMC indices
Solactive also administers over 3000 custom indices and it is the company behind the CBOE Bitcoin Futures index that launched in 2017. The German-based index provider will have the responsibility of calculating and administering the indices to standards.
The Solactive Sales head, Fabian Colin in response to the opportunity to provide the indices stated that access to CoinMarketCap’s cryptocurrency data is a great chance for the company to develop customized indices for the company’s customers. He said that they were proud to be part of the providers of CCMC’s index indicating that discussions are already underway for the same.
Going forward Solactive plans to continue developing more new cryptocurrency indices that will ultimately result in delivery of investable indices that can lead to the development of other products.
In February Nasdaq launched its two new tracking indices created by Brave New Coin. Also in November last year, MV Index solutions launched a Bitcoin Index based on OTC desks.