After having recently listed indices for Bitcoin (BTC) and Ethereum (ETH), Nasdaq is now adding an index for Ripple’s XRP to its Global Index Data Service, making it the third cryptocurrency to feature an index on Nasdaq.
The XRP Liquid Index (XRPLX) follows the Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX), and the addition has been made possible through a partnership with New Zealand’s blockchain data firm Brave New Coin. Real-time information will be available from May 1. The indices will be available on Nasdaq’s Global Index Data Service.
The official statement reads,
The XRP Liquid Index (XRPLX) is designed to provide a real-time spot or reference rate for the price of 1 XRP, quoted in USD, and based on the most liquid ends of their markets. The index is calculated using a methodology that has been independently audited against key IOSCO principles.
Brave New Coin’s statement stresses that greater transparency will now be available,
BNC has developed the XRP Liquid Index (XRPLX) to meet the marketplace requirement for a single, reliable and fair USD price for XRP — based on live real-world trading activity. The index is designed to report a market price at which liquidity could enter or exit an XRP position. The XRPLX captures a comprehensive, global sample of liquidity on the highest volume and quality exchanges. Ideal for settlements and accurate spot pricing, the XRPLX API includes 30 second Intraday pricing, End-of-Day OHLCV and Time & Volume-Weighted-Averages.
The data for the XRP liquidity index only comes from exchanges which have strong liquidity, Brave New Coin said,
Current constituent exchanges for the XRPLX include Bitfinex, Bitstamp, Poloniex and Kraken with Coinbase to be added in the next review.
Recently, rumours have been floating that Nasdaq has been testing bitcoin directly on its platform, though this is unconfirmed. It has also offered its proprietary surveillance technology to 7 crypto exchanges.