This advancement would allow crypto investors to keep track of the entire market rather than just one asset.
The IC15, India’s first global crypto index, will begin trading on the Bitbns platform in the first week of April. CryptoWire created IC15 in January to track the performance of the world’s 15 most popular cryptocurrencies. TickerPlant’s crypto statistics supplier CryptoWire is a special business unit (SBU). This move would allow crypto investors to keep an eye on the entire market rather than just one asset. Trading on the index would also help to reduce liquidity issues.
India’s IC15 index trading appears to be putting the country on the global crypto map. The index pricing will be visible around the world, allowing the industry to keep track of market developments.
The Bitbns IC15 index is projected to expand product offers through Exchange.
ETFs are regulated financial instruments that track the price changes of an underlying asset. ETFs provide investors with a way to profit from an asset’s price trend without actually owning a single unit.
In a press statement, CryptoWire said, “This arrangement is similar to the trading of S&P-Dow Jones and Financial Times Stock Exchange (FTSE) stock indexes or ETF products on the New York Stock Exchange (NYSE), Chicago Mercantile Exchange (CME), Nasdaq, and London Stock Exchange.”
CryptoWire’s licencing agreement will include royalty payments to cover and support crypto-related research and development. There will be a mix of fixed and revenue-dependent variable charges in these payments.
“The IC15 index offering would find the far higher institutional application through ETFs and alternative asset management products,” stated CryptoWire’s Managing Director and CEO, Joseph Massey.
Trading on IC15 will be available to about four million Bitbns exchange members.
“The index will also highlight the market price ramifications of various news and policy decisions made globally,” said Gaurav Dahake, Bitbns’ founder and CEO.
Domain specialists, industry practitioners, and academicians make up the IC15 index’s governance committee. The index will be maintained, monitored, and administered by them, and it will be rebalanced every quarter.
A cryptocurrency must be traded on at least 90% of trading days during the review period and be in the top 50 in terms of circulating market capitalization during the prior month, among other requirements, to be considered for this list.
The top four crypto assets on the IC15 index as of March 1, 2022, were Bitcoin, XRP, Terra, and Cardano.