Nasdaq bringing in an XRP index after partnering with Brave New Coin

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Nasdaq bringing in an XRP index after partnering with Brave New Coin
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Nasdaq, one of the world’s largest stock exchanges, is adding in a cryptocurrency index for Ripple (XRP). This will make the currency available for day trading somewhere outside of a cryptocurrency exchange.

Adding to the pack

This news came to us Monday via an announcement on NasdaqTrader.com:

“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. The XRPLX is the latest addition to Brave New Coin’s suite of Liquid Indices Program, which also includes the Bitcoin Liquid Index (BLX) and the Etheruem Liquid Index (ELX). The XRPLX has been calculated back to August 14, 2014.”

The ticker on Nasdaq’s platform will be (XRPLX). And, of course, it references Ripple’s price tag based on its U.S. dollar amount. To do so, Nasdaq is partnering with Brave New Coin, which helps it provide “real-time” index data. It’s going live today, May 1.

A fruitful collaboration

Originally, the two set up a partnership when Nasdaq went to list Bitcoin and Ethereum liquidity indexes. This XRP index is meant to “report a market price at which liquidity could enter or exit an XRP position.”

As of now, data comes from “only the most liquid exchanges” in terms of volume and “order-book depth”. Moreover, Brave New Coin examines the cryptocurrency platforms they pull from each quarter. This is to ensure that all information is as accurate as possible.

Right now, the project pulls from Bitfinex, Bitstamp, Poloniex, and Kraken. It will also add Coinbase next quarter.

As of this writing, XRP is in third place regarding market cap. It’s one of the most reliable assets, and it shouldn’t surprise anyone that a space like Nasdaq is looking to pick it up.

[via Coindesk]

About Max Moeller

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend. LinkedIn: https://www.linkedin.com/in/maxwell-moeller-912044b4/