Cryptocurrencies are slowly making their way out of the shadows and into the mainstream. The latest foray comes from American stock-exchange NASDAQ announcing the listing of Brave New Coin’s XRP liquidity index “XRPLX”. This follows on from the February listings of the corresponding Bitcoin (BLX) and Ethereum (ELX) indexes. BNC has a history of creating “fair” and “accurate” price indexes for over 5 years.
The liquidity index will give users greater transparency in determining the price of 1 XRP. BNC’s liquidity indexes use both qualitative and quantitative data to determine a “fair” price. This will be established via live trading from exchanges such as Poloniex, Bitfinex and Bitstamp, taking into consideration factors such as trading volume and order books sizes.
Brave New Coin is providing prices which are independently audited, accurate and unbiased. The recent events surrounding Tether has seen large fluctuations in Bitcoin’s price amongst different exchanges, further outlining the importance of such indexes. With the cryptocurrency market still very much in its infancy, carrying a high susceptibility to manipulation, the importance of trusted and transparent liquidity indexes cannot be undervalued.
The XRPLX index goes live on the NASDAQ GID Service on May 1st.
NASDAQ image licensed via Shutterstock