Wintermute and The Block Launch Index Tracking Top 30 Cryptocurrencies
Summary:
Leading digital asset market maker Wintermute partners with top-tier crypto news platform The Block to unveil the Global Markets Crypto Intelligence (GMCI). This development introduces the GMCI 30 index, designed to track the top 30 cryptocurrencies by market capitalization. The index, which excludes stablecoins, offers an easily accessible and transparent view of the industry's performance. Coins and tokens need to meet particular criteria for inclusion, ensuring adherence to US Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.
Taking the crypto world by storm, Wintermute, a prominent figure in the digital asset market, teams up with top crypto news platform, The Block, to launch a unique cryptocurrency market price tracking index. In an unveiling made on February 12, the duo revealed their collaborative venture, Global Markets Crypto Intelligence (GMCI), responsible for maintaining the GMCI 30 index. This index examines the performance of the top 30 cryptocurrencies, based on market capitalization. However, the leading asset's weight will not exceed 25% of the total index value and it excludes stablecoins.
For a coin or token to be included in the GMCI, it must be listed by any of the recognized centralized exchanges such as Binance, Bitfinex, Bybit, Bitstamp, Kraken, OKX, Coinbase, and Upbit. Furthermore, these digital assets must either be endorsed by BitGo, Coinbase Custody, or Gemini Custody. It is also crucial for these indexed crypto assets to be listed on CoinMarketCap and CoinGecko, and comply with the US laws on Know Your Customer (KYC) and Anti-Money Laundering (AML).
The GMCI's simplicity and transparency resonate with the asset class's rapid advancement. "Observing industry performance and its sub-sectors is now incredibly simplistic," pronounced Maarten Botman, the CEO of GMCI. The firm will depend on Coin Metrics for data sourcing during index-pricing computations.
Prior to the GMCI index introduction, Wintermute's CEO, Evgeny Gaevoy, observed that the top 10 companies by market cap bore no relevance in relation to the hype around crypto valuations. The Block, the co-creator of the GMCI index, sold a significant 80% stake to Singapore based Foresight Ventures in November, garnering $60 million.
The new crypto benchmark, the GMCI, makes tracking the crypto industry performance effortless. As GMCI serves as an index provider, it supplies extensive digital assets indices.
Published At
2/12/2024 7:48:29 PM
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