Cryptocurrency exchange Bitbns tied up with CryptoWire, the global Cryptocurrency Exchange super app to trade IC15 the cryptocurrency index. In January 2022, CrytoWire launched this index. The trading of this index on the Bitbns exchange will start from the first week of April this year. CryptoWire’s CEO and managing director Joseph Massey said that IC15 is the first global crypto index in India. It represents over 80% of cryptocurrency assets by the market cap. With the development and widening of the crypto market, the participants will be finding the index offering of huge institutional use via exchange-traded funds along with alternate wealth management products, basket trading, and derivatives for many benefits.
Exchange-traded funds are known to be those financial products that are well regulated and they keep a track of the fluctuation in the price of any underlying asset. They give individuals an alternate way of extracting gains from the asset’s price trend without actually owning even a unit of it. CryptoWire’s licensing arrangement will be entailing royalty payment including a mix of revenue dependent and fixed variable charges for covering and supporting development and research work. He commented that CryptoWire is not a crypto exchange or a cryptocurrency. He also said that they are at some advanced stage with exchanges. In a few countries after the agreement of exchanges, they need to pass through some regulatory approval. However, he refused to name those exchanges with which he has held talks.
Designing derivative contracts
- IC15 index trading will be placing India on the global cryptocurrency map as the index prices will be globally seen.
- IC15 trading commencement will let almost 4 million Bitbns users enjoy all advantages of trading on this index. It will provide an insight regarding the new asset class.
- All market participants along with individuals or institutions will get the benefits to spread their risks by checking the entire market against the concentrated risk on one currency.
- As it will be traded on Bitbns it will give all its users huge market leverage.
- Any liquidity-related risk will get mitigated by this index trading.
- Such an arrangement is the same as FTSE equity indices and S&P-Dow Jones trading and ETF products that trade on CME, NYSE, London Stock Exchange, and NASDAQ.
- Globally the most renowned indices for this cryptocurrency sector is Galaxy Crypto Index.
- It is known that an index is considered to be the most visible barometer that represents the dynamics of the business happening in the underlying digital and real economy.
- This index represents cryptocurrencies having a huge value chain that integrate the real economy with the digital economy and blockchain.
- IC15 index’ governance committee has domain experts, academicians, and industry practitioners.
- They will be maintaining, monitoring, and administering the IC15 index while they rebalance it each quarter.
- To become eligible for such a list, crypto requires to be well traded on a minimum of 90% of the trading days at the time of the period of review.
- It must also be in the first 50 concerning the circulating market cap during the previous month.
- As of 1st March 2022, Cardano, Bitcoin, Terra, and XRP were the first four cryptocurrency assets on the index of IC15.
- Transak a UK-based payment gateway of fiat-to-crypto currency made its entry into the market of India.
- To grow in the market it has partnered with some web3 players like Polygon, Zilliqa, and WazirXNFT.
Major coins to keep an eye
- Bitcoin, the largest cryptocurrency in this market saw an increase in its price by 13.36% in the last 24 hours on 1st March when it traded at $43.391.50.
- Ethereum traded at $2911.50 and Binance Coin traded at $409.43.
- Cardano rose to $0.9629 by 9.39 % and Solana to $97.01 by 8.39 %.
Meme coin rise
- Dogecoin traded at $0.1316 rising by 5.85 %.
- Its rival Shiba Inu traded at $0.0000259 and rose by 8.66 %.
IC15 index will be showing the implications of the market price of many news, policy decisions, etc. that will be globally taken. Bitbns includes 4 million users. Almost 156 coin pairs are traded on this exchange. The government along with the SEBI and the RBI have been warning people about the crypto being a high risk asset.