Intended to cover top 80% of cumulative free-float adjusted market capitalization in the crypto universe
— Today, ixAsia Limited (‘ixAsia’) announced the launch of ixCrypto Index (“IXCI”), the first crypto benchmark index launched in Hong Kong, which aims to reflect the performance of the cryptocurrency market. The first index level will be available tomorrow at the ix Fintech webpage at 12:00 noon,Hong Kong time.
Despite with anti-money-laundering and crypto hacking issues, the world is still advancing by using digital currencies. Last month, Switzerland became the first country to approve a cryptocurrency ETF and Six Swiss Exchange also became the first stock exchange to offer an ETF-like Bitcoin product. Hong Kong SFC has also released an announcement in November to include the investment funds made up with crypto assets of more than 10% to be under its regulations. Such implied increase in acceptance of investments in cryptocurrencies, coupled with the increasing presence in the media, has drawn the attention of many investors to cryptocurrency market. The launching of IXCI follows SFC’s direction and assists the public to learn about the characteristics of the cryptocurrency market including its performance and volatility.
“From the perspective of preventing money laundering and adopting trustworthiness of cryptocurrencies, cryptocurrency may still have a long way to go in regard to both its attractiveness among investors and technical advancement. However, this market is still limited to a minor group of investors and they often find there is not much information to make investment decision. We are therefore dedicated to assisting investors to demystify its appeal by helping them to review the market at a quick glance. Hong Kong, being an international financial centre, shall show our openness to learn the best practice for cryptocurrency market while being cautious of the potential problems that crypto investments can bring.” Irene Wong, CEO & Founder of ixAsia, said.
IXCI is designed to be easy to understand while providing a good representation of the crypto market. It aims to cover the top 80% of the cumulative free-float adjusted market capitalization in the crypto universe and at the same time, the crypto currencies should fall within the top 25, ranking by trading volume in the 90 days preceding the review date. The index has 7 constituent cryptocurrencies at launch and is calculated and disseminated daily. The index is to be reviewed quarterly and with a fast entry rule.
About ixFintech and ixAsia
ixFintech Limited is a Fintech start-up company established in June 2015. It aims to promote financial literacy and bring a new user experience to option learner. As part of the Cyberport Hong Kong Incubation Program in 2016, ixFintech graduated with the launch of the ixOption App in August 2018. ixAsia is a finance consultancy company. ixCrypto Index is created by ixAsia and licensed to ixFintech for dissemination. Website: ixfintech.com/crypto.html
Name: Grace Kan
Phone: +852 6482 9738
Release ID: 460888