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Bitmain Releases New Index for Crypto Tracking

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Fri, 30/11/2018 - 16:31
Bitmain Releases New Index for Crypto Tracking
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Chinese company Bitmain introduced several new cryptocurrency indices designed to track the largest digital assets for large-scale investors and private ones.

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Bitmain Crypto Index (BCI) allows providing real-time tracking of spot prices. Its data is updated every second, while the base prices are updated daily. Spot index data is presented for the 17 largest crypto by market capitalization according to CoinMarketCup.

It is expected the index will update the information about coins that appear after hard forks within 10 days. At the same time, each coin will be evaluated by a set of key points to determine its importance, the company notes.

Among other requirements for inclusion into the index, they should be listed on at least two same-scale exchanges, as well as at least two hundred daily transactions of the newborn token paired with USD or equivalent pairs at any constituent exchange.

The index rights belong to the company Bitmaintech Pte. Ltd. But it's administered by the operating committee, which will fulfil supervisory functions and provide feedback to all external stakeholders. It will keep ongoing and timely updates.

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Also available on the service is the combined index Bitmain Big 10 (BLC10), formed on the basis of data from the 10 largest cryptocurrencies. Its assets account for 90 percent of the total market share.

The criteria for their choice included: reputation, price transparency, stability, and trading volume. Subsequently, the list of exchanges providing information may change. Every month, the company's committee will review the service technology.

The service is already available on the official website.

The confrontation between the largest Chinese miner, Bitmain, and its co-founder Jihan Wu has been exacerbated along the recent Bitcoin Cash (BCH) cryptocurrency hard fork, as both sides have had a significant impact on the process.

According to sources, Bitmain is also preparing for an IPO in Hong Kong, while the company's officials haven't confirmed this information yet.

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