Nasdaq Exchange Is Officially Adding The XRP Liquid Index
Nasdaq exchange decided to add the Brave New Coin XRP Liquid Index starting from May 2nd that will lead the crypto traders in an expected bull frenzy. Following the latest cryptocurrency news on the new addition, the XRP price surged about 4 percent.
The announcement reached the surface after the Nasdaq Exchange planned for months to add the Brave New Coin’s (BNC’s) Bitcoin Liquidity index but also the Ethereum (ELX) one. They are all a part of the Global Index Data Service currently. The launch of the crypto indices is really important because it represents the huge catalyst of mass adoption for cryptocurrencies. Traders who have been on the sidelines for too long are now getting sucked into the crypto space with the launch of each index.
The launch of the indices could even speed up the regulatory approval for crypto-based derivatives on the market. The new addition to the Nasdaq Exchange of the BNC and XRP index will allow all of the users to keep an eye on the price of XRP with improved transparency. XRP has a market cap of about $12 billion which puts it on the third-largest crypto asset position behind Ethereum and Bitcoin. According to the press release by Nasdaq, we can read:
“The XRP Liquid Index (XRPLX) to meet the marketplace requirement for a single, reliable and fair USD price for XRP — based on live real-world trading activity. The index is designed to report a market price at which liquidity could enter or exit an XRP position.”
The XRP liquid index has multiple featured that will make it a perfect choice for settlements and spot pricing. This includes 30-second intraday pricing and time and volume weighted-averages according to what the Nasdaq exchange explains. The XRP index as previously explained in the altcoin news will also provide a real-time spot or reference rate for the price and could also serve as the base price for the XRP token and regulated investments in the long term.
Aside from the Nasdaq Exchange, the other trading platforms that support the XRPLX include Bitstamp, Poloniex, Kraken, and Bitfinex. Traditional players such as Nasdaq are considered to be a key element for mass adoption of cryptocurrencies. The exchange wants to join the growing market despite the also growing challenges.
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