US-based crypto change Coinbase simply launched a brand new benchmark index for monitoring the digital belongings market.
In a press release, the publicly-listed agency says the Coinbase 50 Index (COIN50) is a regulated benchmark representing the 50 largest crypto belongings on its platform that meet the basic standards for token economics, blockchain structure and safety.
To qualify for entrance into the index, the belongings should not be pegged to different digital belongings, should have most of their token provide in public circulation and should not have any recognized safety vulnerability.
“The Coinbase 50 Index, rebalanced quarterly, is a market cap-weighted index of the highest 50 belongings that meet the index’s standards. Merchants can use the index to trace the efficiency of the broader crypto market and benchmark their returns.”
The change says that whereas the Coinbase 50 Index presently covers round 80% of the crypto market cap, the plan is to launch a considerably broader index because the market grows and diversifies.
“This path units the inspiration for our indices to evolve alongside the trade, guaranteeing they supply crucial value discovery and stay a complete benchmark for the cryptoeconomy.”
Eligible institutional and retail customers can now commerce the index by way of a COIN50 perpetual futures contract on Coinbase Worldwide Trade and Coinbase Superior albeit the contract isn’t out there to merchants based mostly within the US, UK and Canada.
The change says it’s exploring extra methods to offer merchants publicity to the index.
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