Singapore Exchange Ltd (SGX) recently announced plans to launch two new cryptocurrency indices in the Asia region. The two indices are the iEdge Bitcoin Index and the iEdge Ethereum Index. According to Simon Karaban who is the head of Index Services at SGX, the Bitcoin and Ethereum indices will fill in the gap of lack of transparency in the crypto sector. He added:
“It’s important to bring transparency to this segment of the market. In addition, regulators in Asia are more receptive to creation of derivatives products if they’re on regulated exchanges.”
Also, SGX has joined up with UK-based crypto market data specialists CryptoCompare to execute the plans. The iEdge will use data provided by CryptoCompare to calculate a total price for BTC and ETH against the US dollars.
In addition, the new iEdge indices will use an Exchange Benchmark rating system to use prices from exchanges rated AA and A.
The commercial director at CryptoCompare James Harris also commented on the new synergy. He emphasized on the need for transparency in the marketplace:
“Our mission is to bring greater transparency to the digital asset class by providing high-quality, trusted data and indices.”
In addition, research conducted by CryptoCompare revealed a positive and productive future for the indices. This shows that the new cryptocurrency indices are posed to further expansion in Asia.
Image Credits: Pixabay
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