Crypto bourses eye products based on Indian index

economictimes.indiatimes.com:

Mumbai: In a first for an Indian entity, several domestic as well as foreign crypto exchanges are in talks with CryptoWire, a Financial Technologies Group entity, to launch products based on its IC15 index. IC15, which tracks the top cryptocurrencies around the world in terms of their market capitalisation, is the first crypto index to come out of India. Several Indian and international exchanges have approached CryptoWire for licensing its IC15 index to launch products on their exchanges based on this benchmark, CryptoWire MD & CEO Joseph Massey said. IC15 index was launched on January 3 this year. It is a rule-based broad market index by market capitalisation that tracks and measures the performance of the top 15 widely traded liquid cryptocurrencies listed on leading crypto exchanges of the world, a company release had noted during its launch. Apart from introducing simple index-based products like exchange-traded funds, many other investment products are expected to be developed based on the IC15 index, officials said.

Did you Know?

A statue honouring mysterious Bitcoin founder Satoshi Nakamoto was unveiled in a business park near the Danube River in the Hungarian capital Budapest

Globally, Bloomberg’s Galaxy Crypto Index is one of the most popular indices for the crypto sector. In addition, there are several others that are fast gaining acceptance. S&P has an entire suite of indices on cryptocurrencies and some related assets, while MSCI, one of the most accepted index-management firms globally, also plans to launch some indices for this sector.