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Brave New Coin is engaged in collecting and validating cryptocurrency market data and creating crypto indices based on that since early 2014. It has been tied up with the Nasdaq since February 2018 with the aim to offer Bitcoin and Ethereum index level data on Nasdaq Global Index Data ServiceSM. BNC’s Liquid Indices are highly intellectual, transparent and backed by qualitative and quantitative data sources, traded volume, orde-book depth, tick size and other significant factors received from reputed crypto exchanges.
BNC’s new XRPLX Liquid Index will enable the users to track how the Ripple (XRP) price change at a frequency of 5 minutes, which will make tracking the XRP price even more transparent and will appear in a timely manner. The XRPLX was created to meet global market standards and based on live real-world trading activity; it will provide a real-time spot or reference price of 1 XRP in USD; it will help traders to take on or square off their XRP positions.
As mentioned before, XRPLX receives comprehensive data from global qualified crypto exchanges that make it quite suitable for settlements and accurate spot pricing. ‘30 second Intraday pricing, End-of-Day OHLCV and Time & Volume-Weighted-Averages’ are some other features of the XRPLX’s API. All the Liquid Indices created by BNC including XRPLX, are in compliance with key IOSCO (International Organization of Securities Commissions) principles.
Brave New Coin CEO Fran Strajnar, stated the following about the launch of this new Liquid index:
“BNC endorses the IOSCO principles and fully embraces the IOSCO’s goals of addressing the obvious conflicts of interest in the benchmark-setting process, which the nascent crypto industry is vulnerable to.”
To ensure transparency he further added that it is important to “consider the geographical and technological diversity of crypto” when calculating a global price index.
Previously, the Nasdaq has started to offer real-time Bitcoin and Ethereum index level information through third party’s indices named Bitcoin Liquid Index and Ethereum Liquid Index. Brave New Coin has created those indices that helped the Nasdaq and crypto traders to get real-time Bitcoin and Ethereum price and other such important details, as the Nasdaq delivers this up-to-date BTC and ETH index level data on the Nasdaq Global Index Data ServiceSM (GIDS).
With this current cryptocurrency endeavor, this relationship of the Nasdaq and BNC move forward to a new level of collaboration.