India’s first global crypto index, name IC15, will begin trading on Bitbns exchange starting from the first week of April. IC15 was launch by CryptoWire in January, in order to monitor the performance of 15 most trade cryptocurrencies in the world.
CryptoWire is a special business unit (SBU) of crypto stats provider TickerPlant.
This development will enable crypto investors to monitor the entire market rather than remaining concentrate on one asset.
Liquidity-relate risks would also be mitigate by trading on the index.
IC15 index trading looks to put India on the global crypto map.
The index prices will be seen globally and will enable the industry to monitor market movements.
The IC15 index on Bitbns is also expect to broaden the product offerings through Exchange Traded Funds (ETFs) and other wealth management products for arbitrage benefits.
ETFs are financial products that are regulate and keep track of the price fluctuations of an underlying asset.
ETFs give people an alternative to extract profits from the price trend of the asset without really owning even one unit of it.
CryptoWire said in a press release :
“This arrangement is similar to trading of S&P-Dow Jones and Financial Times Stock Exchange (FTSE) equity indices or ETF products which trades on New York Stock Exchange (NYSE), Chicago Mercantile Exchange (CME), Nasdaq, and London Stock Exchange,”.
The licensing arrangement by CryptoWire would entail royalty payments to cover and support crypto-focus research and development work.
These payments will include a mix of fix and revenue-dependent variable charges.
Joseph Massey, Managing Director and CEO, CryptoWire Said :
“The participants would find the IC15 index offering of much greater institutional use through ETF and alternate wealth management product,”.
Around four million users of Bitbns exchange will get the benefit of trading on IC15.
Bitbns Founder and CEO Gaurav Dahake Said :
“The index will also show the market price implications of various news and policy decision taken globally,”.
The governance committee of the IC15 index comprises domain experts, industry practitioners, as well as academicians.
They will maintain, monitor, and administer the index while rebalancing it every quarter.
To be eligible for this list, a cryptocurrency needs to be trade on at least 90% of the trading days during the review period and should be in the top 50 in terms of the circulating market capitalisation during the preceding month among many other criteria.
As of 1st March, 2022, Bitcoin, XRP, Terra, and Cardano were the top four crypto assets on the IC15 index.
