Nasdaq, the second largest stock exchange in the world, announced an addition to the Nasdaq Global Index Data Service SM. Accordingly, the launch of the two new indices on Feb 25 will track Bitcoin and Ethereum prices. Further, the indices will enable traders evaluate investments and track portfolios with ease.
Brave New Coin Indexes
Brave New Coin’s creation, the Bitcoin Liquid Index and the Ethereum Liquid Index are the two new additions. Besides, they will offer a real-time reference or spot rate for the price of 1ETH and 1 BTC respectively, quoted in USD. Also, it will take intervals of thirty seconds to offer updates. Explaining the functioning of the indexes, Nasdaq further added,
“Both indices are calculated using a methodology that has been independently audited against key IOSCO principles. Crypto TRADERS REFERENCE BLX INDICES WIDELY WHICH CALCULATES back to 2010. Likewise, the ELX calculateS back to 2014.”
The BLX and ELX will join 40,000 Nasdaq indexes at the end of the month.
Nasdaq And the Crypto World
With a foot set in the crypto world, Nasdaq is gaining quantum through products and services related to cryptocurrency. As a matter of fact, it is currently providing market surveillance and trading technology to seven different cryptocurrency exchanges. Furthermore, it has also partnered with Symbiont to offer a white label solution that would facilitate launching markets based on blockchain technology.
Additionally, Nasdaq has work-in-progress for its own Bitcoin futures product. Prior to the World Economic Forum annual meet, Adena Friedman, CEO of Nasdaq commented on Bitcoin,
“The invention itself is a tremendous demonstration of genius and creativity, and it deserves an opportunity to find a sustainable future in our economy.”