Cryptocurrency mining giant Bitmain releases its own crypto index to track cryptocurrencies for investors and institutions.
The index hosts two types of prices; a real-time price display as well as a reference price released every morning at 10:00 Hong Kong time (GMT+8).
Currently, this index has two types of listings:
1. 17 single digital currency indices
2. Bitmain Large Cap 10 Index
To keep transparency and error in check, the index will be evaluated by Bitcoin Index Operations Committee as explained in the methodology by Bitmain.
‘..and is evaluated monthly by the Bitcoin Index Operations Committee to ensure that the index methodology and index weights are up-to-date and always representative.’ — BTC.com
Though the interface of the index has a long way to go, the idea behind this project is solid.
‘..a transparent, immediacy, representative, and methodologically based index product designed to meet the market participation and investment needs of institutional and individual investors.’ — BTC.com
Bitmain also explained the eligibility criteria for listing in the index. Along with this, the current sources of the data have been revealed and most of them are high-valued exchanges.
‘Eligibility criteria for data collection will be based on a variety of factors such as the reputation of the constituent exchange, price transparency, compliance levels, stability and trading volume. Current data collection sources include Bitfinex, Binance, Bitstamp, Bittrex, GDAX, Gemini, Huobi (Fire Coin), Itbit, Kraken, OKEX, and Poloniex’ — BTC.com