On February 26, two of the most popular cryptocurrency indices from the US blockchain and crypto market data company, Brave New Coin (BNC), were officially listed on Nasdaq, the leading benchmark for US technology equity.
The two listed crypto indexes are the Bitcoin and Ethereum Liquidity Indices (BLX and ELX), which have officially joined Nasdaq’s platform, which hosts 4,000 global indices.
The listing of the BLX and ELX liquidity indexes on Nasdaq comes at an opportune time as Nasdaq prepares to launch their Bitcoin futures market alongside the Intercontinental Exchange’s (ICE) Bakkt futures market, which is purportedly launching in Q2 2019 after being pushed back multiple times.
BNC’s Liquid Index (LX) Indices
BNC’s Liquid Index (LX) Indices factor in a variety of qualitative and quantitative data such as volume, book depth, tick size, and other factors from qualified market participants, to calculate a fair global value for the price of Bitcoin (BTC) and Ethereum (ETH), expressed in USD, every 30 seconds.
BNC’s methodology for calculating Liquid Index (LX) Indices adds to the transparency of pricing crypto assets, putting regulators at ease and enabling the indices to be listed on Nasdaq.
Per the press release, BNC CEO Fran Strajnar commented on BNC’s Liquid Index (LX) Indices, stating:
“The LX [Liquid Index] program was born out of a need for clear and transparent price discovery of liquid cryptographic assets and is a bigger need today then it was back in 2015 when we started this program.”
BNC Is Launching a Ripple Liquid Index (RLX) Soon
Apart from the Bitcoin and Ethereum Liquidity Indexes (BLX and ELX) being added to Nasdaq, BNC has also announced that their RLX (Ripple Liquid Index) is in the final stages of production and will be launching soon.
This news comes shortly after Coinbase Pro launched trading of the XRP token on Tuesday. However, BNC noted that currently the Coinbase Pro XRP listing isn’t a part of the constituents of the global price of XRP, but will be if the trading volume reaches the required levels.
Moreover, it remains unknown if the RLX (Ripple Liquid Index) will be listed on Nasdaq, but seems likely if the banker-oriented cryptocurrency maintains its position among the top 3 cryptocurrencies by market capitalization.
The crypto industry is gaining ground in its goal of being seen as a legitimate market. What development will legitimize cryptocurrencies next? Let us know what you think in the comment section below.