Stock exchange operator Nasdaq is adding a new cryptocurrency index — this time for the third-largest cryptocurrency in the world, Ripple (XRP).
The company announced Monday that, through its venture with New Zealand-based blockchain firm Brave New Coin, it is going to offer "real time" index information for XRP starting May 1.
The Ripple Liquid Index (XRPLX) will provide a reference rate for this cryptocurrency price, quoted in greenbacks and “based on the most liquid ends of their markets.”
“The XRPLX sources data from only the most liquid exchanges by volume and order-book depth,” Brave New Coin confirmed in a statement earlier this week, adding:
“Current constituent exchanges for the XRPLX include Bitfinex, Bitstamp, Poloniex and Kraken with Coinbase to be added in the next review.”
The indicator will be included on the Nasdaq Global Index Data Service, the company’s own consolidated data feed. According to a press release, the index will refresh every 5 minutes.
Moreover, Nasdaq representatives explained the index will be calculated with a methodology audited against the International Organisation of Securities Commissions (IOSCO) principles.
This deal is a new chapter in Nasdaq’s strategic partnership with Brave New Coin. Earlier this year, both companies partnered up to add Bitcoin (BTC) and Ethereum (ETH) indices to the global data service.
So far, Nasdaq has been one of the most forward-thinking exchanges on the subject of cryptocurrencies. Last month, two of its standard indices began covering top 200 cryptocurrencies by market capitalization, relying on information provided by CoinMarketCap.
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