Designed to be a robust hourly price for Bitcoin in USD across major spot exchanges
MV Index Solutions GmbH (MVIS) in partnership with CryptoCompare, the global leader in digital asset data, announced the launch of the MVIS CryptoCompare Bitcoin Benchmark Rate, an index designed to offer a robust hourly price for Bitcoin in USD.
SEBA Bank AG, the Swiss bank for digital assets and cryptocurrencies specialising in investments, trading and custody, was closely involved in the development of the reference rate and will use it to launch new, innovative products for the digital assets market. Daniel Kuehne, Head of Asset Management at SEBA: “It is essential for derivatives on cryptocurrencies to have a representative reference rate which is robust against market distortions and manipulations. We are pleased to have contributed to the MVIS CryptoCompare Bitcoin Benchmark Rate and to play a key role in helping the emerging derivatives market gain greater acceptance among professional and institutional investors”.
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The index serves as a reference rate for funds, asset managers and exchanges who wish to build financial products on bitcoin, such as derivatives and ETPs, using a robust index. It aggregates transaction prices on the top five exchanges selected via the CryptoCompare Exchange Benchmark and disseminates hourly. The index is based on an average of quantity weighted median prices.
“We are pleased to launch this index, which is designed to provide a price for bitcoin which is hard to manipulate,” said Thomas Kettner, Managing Director at MVIS. “The index follows our long-term mission in supporting new product developments with the aim of providing investors access to bitcoin data”.
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