Two of the leading players in the crypto industry Brave New Coin and BTSE have launched a novel BNC-BTSE Composite index (BBCX) solution.
The partnership, which consists of Brave New Coin a leading provider of top value crypto data and multiple futures exchange BTSE is expected to break new grounds.
According to the excerpts from the launch, the new index will track the real time performance of popular coins Bitcoin, Ethereum and Litecoin.
BBCX will also be among the first solutions that track multiple crypto assets across different exchanges at sub-second frequency. BBCX index will utilise improve algorithm to track the performance of a group of large cap cryptos.
This algorithm is based on free float market capitalization gotten from data sources from five major exchanges which includes Bitstamp, Bitfinex, Kraken, Coinbase-Pro, and BTSE. Free float market capitalization wlll be used to determine the weights of each assets within the platforms.
The Assets weighting will be performed at the beginning of every quarter and will be kept constant all year round.
The current percentage for each assets are 60%, ETH 33.25% and LTC 6.75%. This current index is calibrated every quarter to reflect the performances if the assets.
This innovation has been lauded by the executives of both platforms. According to BTSE chief product officer Brian Wong the new solution will provide accurate analysis of the market.
“BNC’s and BTSE’s index futures enable crypto traders to speculate on the direction of the market as a whole,”
Fran Stajnar the CEO of Brave New Coin alluded to the advantage of the tool as a step forward in the crypto industry.
“We are joining forces with BTSE, an industry leader to equip traders, investors, and analysts throughout the industry with the right tools to make informed and educated decisions is another step forward to advanced industry.”
BTSE is a multicurrency futures exchange platform that offers futures, spot trading as well as multiple fiat on and off-ramps. The platform utilizes a collection of financial technology to deliver a maximum, secure trading experience.
It also developed Futures 2.0 which is a fully customizable futures contract that enables traders to combine margin and settlement assets.