Nasdaq liquidity indices go live

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Nasdaq has launched Brave New Coin’s Bitcoin and Ethereum Liquidity Indexes (BLX and ELX) on its platform, which hosts 4,000 global indices. BNC is also close to launching an XRP liquid index, tracking Ripple’s crypto asset.

A blog post from Brave New Coin (BNC) says: “This institutional endorsement is what investors have been waiting for as Nasdaq has plans to launch a bitcoin futures market alongside Intercontinental Exchange’s (ICE) Bakkt futures market which was due to launch on its platform on January 23 but has since been pushed back to an undetermined date in Q2 2019.”

The move comes ahead of BNC’s plans to launch a separate index tracking the price of Ripple (XRP). The news comes at the same time as Coinbase Pro has added support for XRP, but as Cointelegraph remarks, “it remains unknown whether Nasdaq will host the XRP index, which is in the final stages of development.”

BNC CEO, Fran Strajnar, said in a statement: ““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.”

The ‘LX’ family of BNC indices has had its methodology independently audited against key IOSCO (International Organisation of Securities Commissions) principles, and Strajnar commented on this, saying, “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.”

He added, “The crypto derivative wave is inevitable. Once custody was solved, first with Fidelity’s announcements last November, and now with indices that align with IOSCO principles being available through the Nasdaq, there’s going to be a rush to produce all manner of financial instruments, which the institutional users have been asking for, for almost 3 years now.”

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