Crypto Price Index Launch
Wintermute, a digital asset market maker, and The Block, a crypto news outlet, are teaming up to launch a groundbreaking cryptocurrency market price tracking index. The joint venture, called Global Markets Crypto Intelligence (GMCI), will introduce the GMCI 30 index, which will monitor the performance of the top 30 cryptocurrencies based on market capitalization. To ensure diversity, the index will limit the weighting of the top asset to 25% of the total value and will exclude stablecoins. To be included in the index, coins and tokens must be listed on centralized exchanges such as Binance, Bitfinex, and Coinbase. They must also be supported by BitGo, Coinbase Custody, or Gemini Custody. The assets must be listed on CoinMarketCap and CoinGecko, and must comply with U.S. Know Your Customer and Anti-Money Laundering laws.
The GMCI indices aim to bring transparency and simplicity to the rapidly evolving cryptocurrency market. Maarten Botman, the CEO of GMCI, expressed his belief that tracking the performance of the entire industry and its sub-sectors will become much easier with this index. To calculate index prices, GMCI will rely on data feeds from aggregator Coin Metrics.
Prior to the announcement of the index, Evgeny Gaevoy, the CEO of Wintermute, expressed his skepticism about crypto valuations, stating that he no longer understands the hype surrounding them when looking at the top 10 companies by market capitalization. It is worth noting that last November, The Block sold 80% of its stake to Foresight Ventures, a Singaporean venture capital firm, for $60 million.
7 thoughts on “Crypto Price Index Launch”
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Listing requirements on centralized exchanges? That’s just playing into the hands of big players. What about the smaller, decentralized projects that have great potential?
I applaud GMCI for partnering with reputable exchanges and custody solutions. This will build trust and confidence in the index.
It’s refreshing to see a CEO like Evgeny Gaevoy openly sharing his skepticism. The GMCI index will bring more clarity to crypto valuations.
I’m glad GMCI is complying with KYC and AML laws. This will contribute to the legitimacy and adoption of cryptocurrencies.
Excluding stablecoins from the index is a smart move. This will focus on cryptocurrencies with real potential for growth and innovation.
These indices are just another tool for Wintermute and The Block to control and manipulate the crypto market. It’s a dangerous game they’re playing!
Evgeny Gaevoy’s skepticism shows that this index is exactly what the market needs. It will bring more clarity to crypto valuations and dispel any doubts.