Nasdaq Adds Brave New Coin’s XRP Liquid Index To Global Data Service

Announcements, News | May 1, 2019 By:

Exchange operator Nasdaq has announced that it will be launching Brave New Coin’s XRP Liquid Index today.

Last month, Nasdaq partnered with New Zealand-based blockchain data and research firm Brave New Coin (BNC) to add Bitcoin and Ethereum Liquidity Indexes (BLX and ELX) to the Nasdaq Global Index Data Service, the exchange operator’s data suite of 4,000 indices. The indices are each designed to provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH, respectively.

In its latest announcement, the exchange operator said that on May 1, it will be adding a new cryptocurrency index for Ripple’s XRP.

“Effective Wednesday, May 1, 2019, Nasdaq, through its data dissemination relationship with Brave New Coin, will send real-time Ripple (XRP) index level information on the Nasdaq Global Index Data ServiceSM (GIDS),” Nasdaq said.

The XRP Liquid Index (XRPLX) has been developed by BNC to “allow users to track the price of the XRP token with far greater transparency than before.” The index is designed to report a market price at which liquidity could enter or exit an XRP position. The XRPLX captures a comprehensive, global sample of liquidity on the highest volume and quality exchanges.

“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,” Nasdaq said. “The index is calculated using a methodology that has been independently audited against key IOSCO principles. The XRPLX has been calculated back to August 14, 2014.”

BNC CEO Fran Strajnar said that that his company 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.

“The new asset class of cryptographic currencies and digital assets is global and has a diverse liquidity profile,” Strajnar said. “To ensure transparency, it is important to consider the geographical and technological diversity of crypto when calculating a global price index.”