XRP, the third largest currency in CoinMarketCap, has decided through its parent company Ripple to extend its wings in other sectors, given the prolonged crypto winter. According to Dapplife reports, Brave New Coin is in its final stage of production of the Ripple Liquid Index [RLX].
One week after announcing and finally transmitting the liquidity indices of the Brave New Coin (BNC) and the liquidity indices of Ethereum, BLX and ELX, the company that is part of the Techemy Group and a “provider of data solutions of degree Standard institutional and non-standard, highly compatible”, is in the final stages of deploying an XRP liquidity index.
Ripple has enjoyed a deluge of positive news in recent days, while its cryptocurrency token XRP has been fighting with Ethereum and Bitcoin to claim its place on Nasdaq, the Brave New Coin report confirmed today.
“BNC is in the final stages of production of the RLX (Ripple Liquid Index) and is working with a range of market participants to create customized basket indexes.”
XRP appeared today on the Coinbase Pro list, which many consider a form of institutional support for the asset, since Coinbase Pro is a leading global exchange that serves high-level investors and investors, the company said in a press release.
The company’s CEO, Fran Strajnar, was quoted in the report as saying:
“The LX program was born out of the need for a clear and transparent price discovery of liquid cryptographic assets and is a greater need today than in 2015 when we started this program.”
Shortly after the announcement of the inclusion of XRP in Coinbase, Brave New Coin acknowledged the possibility that Coinbase Pro’s financial data could be used to produce the Ripple Liquid Index in the near future. The company was reported saying:
“Currently, Coinbase Pro is not part of the global price components of XRP, but given the volume of operations sufficient in the exchange, it could become part of the RLX.”
Through this subscription-based service, companies now have a reliable source to track a unit price of Bitcoin or Ethereum, since the indices “are calculated using a methodology that has been audited independently according to the Organization’s key principles. International Securities Commission (IOSCO)”.
Ripple, led by CEO, Brad Garlinghouse, is at the forefront of technology development in the incredibly profitable cross-border payment space.
The deep connections between Ripple and major financial institutions, such as American Express, Santander or Standard Chartered, mean that he is likely to maintain his enviable position as the bridge between the brave new world of the cryptocurrency and the old world of traditional finance.
The CEO of BNC said that his company supports the principles of the IOSCO and accepts its objective of addressing conflicts of interest in the process of establishing benchmarks to which the cryptocurrency industry is vulnerable, as it is still in its first stages.
The way through the entrance to the crypto space to the traditional markets is increasingly evident.
On the one hand, there are the Bitcoin Futures of CBOE, and on the side of Nasdaq, it is a matter of time of the physically delivered Bitcoin Futures and Bakkt that are awaiting the approval of the regulator.
In a positive case, along with the Bitcoin, Ethereum and Ripple indexes, the entry of institutional money will be a good entry point for the health of the ecosystem.