The second largest stock exchange, Nasdaq launched real-time information on two new indices linked to the crypto asset market – Bitcoin core and Ethereum. Bitcoin Liquid Index [BLX] and Ethereum Liquid Index [ELX] were incorporated on NASDAQ’s platform on 25 February.
NASDAQ in an online statement earlier this month announced,
“provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD, and based on the most liquid ends of their markets.”
The two indices that were developed by Brave New Coin, will procure information and data from various exchanges to render a ‘single price point for Bitcoin [BTC] and Ethereum [ETH].’
BLX and ELX joins the likes of Nasdaq Composite, its main index, and the Nasdaq 100, through its Global Index Data Service.
The end goal is to bolster mainstream adoption by fusing crypto asset indices into traditional entities like the stock market, in turn, garnering greater interest and investments into such assets.
The second largest stock market in the world in 2018, had published analytical reports on Bitcoin [BTC] and collaboration with the investment management firm, VanEck to launch BTC futures – Crypto 2.0.
NASDAQ also joined hands with the New York-based blockchain startup, Symbiont, in a deal which was the stock market’s largest investment in the blockchain tech space.
NASDAQ has over 3000 firms under its hood. Earlier this year, Adena Friedman, the President and CEO of Nasdaq Inc. asserted that the underlining invention of the crypto asset is a “demonstration of genius and creativity.”
“They are reading the writing on the wall and don’t want to get left behind. Adoption happens gradually right in front of you, until you finally pause, look around, and bitcoin is the dominant asset. This is huge.”
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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.