In an interesting development, the Chinese cryptocurrency company, Bitmain Released to Crypto Index, designed to provide retail and institutional investors with a transparent, timely, methodological and investable benchmark of the most active crypto-currencies traded globally, denominated in USD. The Index is the exclusive property of Bitmaintech Pvt. Ltd. and is administered by the Bitmain Index Operating Committee ("BIOC").
According to the publication, the index publishes two types of index prices – Real-time spot price ("RTP") that is published every second and Daily reference price ("DRP") that is published once a day around 10:00 am Hong Kong Time ("HKT").
Eligibility criteria will be based on a variety of factors such as the reputation of constituent trade, price transparency, compliance level, stability and level of transaction. Currently, data will be collected from some of the main sources such as Bitfinex, Binance, Bitstamp, Bittrex, Gemini, Huobi, OKEx, Kraken, Itbit and Poloniex.
The first phase includes 17 individual digital currency indices and the Bitmain Large Cap index 10. Bitmain large cap 10 Index is defined as a complete index of market capitalization, which represents 90% of the value of the digital currency of the market and covers various currency classes, various decentralized exchanges and anonymous digital asset classes.
The version adds that the index is entirely owned by Bitmaintech Pte. Ltd. and is assessed monthly by the Bitcoin Index Operations Committee to ensure that the index methodology and weight of the index are up to date and always representative.
At the start of this year, there have been reports that Crypto's mining giant was planning an IPO, but doubts persist that this event will take place in the near future. The main colossus of the mining crypt has not been devoid of its own share of controversy. Earlier this month, a lawsuit was filed against Bitmain in the US District Court in northern California. Gor Gevorkyan, the main plaintiff in this case, used an Antminer S9 produced by Bitmain. He now claims that the device has extracted Bitcoin to the advantage of the encryption giant and not the intended user and is claiming nearly $ 5 million in damages.
See also: Bitmain is accused of using customer devices to extract Bitcoin: cause
Bitmain's Jihan Wu will sell the cash holdings of Bitcoin Cash SV, could trigger a market crash
Image via Shutterstock
Join our Telegram Group