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The Chinese mining giant Bitmain has launched a new fund for cryptocurrency indices on Friday, November 30, 2018 with the aim of attracting institutional investors in the space of cryptocurrency, which the executives believe have been relatively inactive in the market.
The new service offers spot prices in real time for different cryptocurrencies, which according to Bitmain will be updated every second of every day. This means that the slightest change will be recorded to ensure that customers are always aware of it. Secondly, there is a reference price published approximately every 10 days in Hong Kong.
The index will also include spot prices of the major 17 cryptocurrencies in the industry. In addition to this fund, Bitmain has also announced the intention to launch the Crypto Large Cap 10 index (BLC 10). The executives argue that this index will follow the baskets of the ten largest cryptocurrencies for market capitalization. Customers can also look forward to updates every second through this platform.
In a press release, Bitmain explains:
"L & # 39; Index [has been] developed to provide institutional and retail investors with a transparent, timely, methodological and investable reference to the most active cryptocurrencies traded globally. "
A company at the limit
November was a mixed month for Bitmain and the company has seen its fair share of controversy over the last 30 days. Earlier this month, Bitmain filed a lawsuit against an anonymous hacker that executives said they stole about $ 5.5 million from the company's cryptocurrency portfolios. Court documents state that the hacker eventually gained access to the company's digital wallets and transferred cryptographic funds to their personal accounts, subsequently selling them at higher market prices and making a big fortune.
The lawsuit was filed in a US district court in Washington. Prosecutors say the hacker acted consciously in a way that eventually damaged and damaged Bitmain's commercial operations.
From victim to bully?
However, the company was subsequently slapped with a classy suit from around 100+ customers who had purchased Bitmain's assorted crypto ministers. The plaintiffs claimed that the company had secretly prepared the miners to extract new cryptocurrency units and transfer them to the company's cryptographic portfolio accounts by default.
Configuration and configuration processes for Bitmain miners are reported within a few hours to a few days to complete, which potentially gave Bitmain a huge window unnoticed for cryptocurrency. The plaintiffs are suing the company for over $ 5 million to cover the costs of electricity and legal fees.
Some specific details
The court's deposit for the case reads:
"In the past, Bitmain's ASM devices could be configured and initialized in a low-power mode that did not use Bitmain's cryptocurrency, but after Bitmain established itself as one of the world's biggest cryptocurrent miners in recent years, the defendant redesigned its ASIC devices to extract cryptocurrency for the benefit of itself rather than its customers who purchased the products.Conveniently, Bitmain earns every second needed to get the ASIC configured with customer specifications and places the substantial costs of operating ASIC devices at the feet of its customers. "
So, who gets the premium for the reference price?
Bitmain is not the only company that has tried to create a reference price for cryptocurrencies. The Finance magnates The intelligence department has also worked to develop a cryptocurrency performance benchmark, which presumably measures the current conditions of the major cryptocurrency markets.
The platform consists of the four largest cryptocurrencies for market capitalization (bitcoin, ether, XRP and bitcoin money) and constantly tracks their price changes, giving readers up-to-date information on their favorite coins regularly and during the day. In September 2017, the benchmark boasted an initial value of around 5,000 points.
