Nasdaq’s Global Index (GIDS) To Add Bitcoin And Ethereum Indices Later This Month


Nasdaq, a leading stock exchange operator, has announced that it will add indices for both Bitcoin (BTC) and Ethereum (ETH) to its global data service. According to the company, the index will go live on February 25.

New Zealand based research and blockchain data firm Brave New Coin joins Nasdaq on the venture, with the two partnering to facilitate the indices, the operator announced on Monday.

The two indices, the Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX), will provide “real-time” index information for bitcoin and ethereum on Nasdaq’s consolidated data feed- the Global Index Data ServiceSM (GIDS).

As per Nasdaq’s announcement, the BLX and ELX indices are designed to specifically offer users access to “real-time spot or reference rate” for one bitcoin (BTC) or 1 ethereum (ETH) prices respectively.

These rates will be quoted in USD, and reportedly based on the coin’s “most liquid ends” in the markets. Additionally, the index data will be refreshed every thirty seconds to keep users updated with the latest information.

The indices are calculated via independently verified methodologies and adhere to the principles set out by the International Organization of Securities Commissions (IOSCO), the U.S.-based stock market giant explained.

The BLX and ELX indices have both been calculated back to 2010 and 2014 respectively, with the company noting that the latter remains the leading and “most widely-referenced BTC index” in the crypto space.

Adding bitcoin and ethereum indices to its data feed continues Nasdaq’s increasingly hands-on approach to blockchain and cryptocurrency, especially what the exchange has done in the last one year.

In September 2018, the firm was said to be looking into the possibility of having crypto datasets added to its market analytics tools.

And in November, Nasdaq reportedly partnered with VanEck to offer what the companies called a “regulated crypto 2.0 futures-type contract.” The product was to be launched sometime this year, although not much information has been released since last year.

Nasdaq is also expected to launch its Bitcoin futures within the first six months of 2019, at a time when the company’s CEO Adena Friedman predicted that bitcoin had the potential to become a global currency.

In January, the company helped blockchain startup Symbiot raise $20 million in its Series-B funding round, with the crypto firm’s goal being to offer white label solutions for exchanges looking to launch blockchain-based markets.

Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

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