MVIS Indices and cryptocurrency data provider CryptoCompare are launching an hourly Bitcoin (BTC) Benchmark Rate developed in close cooperation with cryptocurrency bank SEBA.
According to an announcement on June 3, MVIS highlighted that the new rate aggregates BTC transaction prices on the top five trading venues included in CryptoCompare’s Exchange Benchmark and disseminates each hour.
SEBA, the licensed crypto bank will be using the new rate to launch further products for the digital assets market.
Daniel Kuehne, SEBA’s head of asset management, added:
“It is essential for derivatives on cryptocurrencies to have a representative reference rate which is robust against market distortions and manipulations.”
Previous research have highlighted that a significant number of crypto exchanges worldwide use wash trading and other strategies to artificially inflate trade volumes.
CryptoCompare’s Exchange Benchmark was launched explicitly in response to the growing concerns.
MVIS’ managing director Thomas Kettner and CryptoCompare CEO Charles Hayter have both indicated the need to provide professional investors with high-quality crypto data and indices.
This will ensure that such investors can accurately measure the performance of their crypto exposure and encourage more confidence in the asset class.
Meanwhile, the development of better datasets and indices to support institutional exposure has steadily emerged as an area of focus over the years.
Source: Cointelegraph | Image: Unsplash
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