The largest cryptocurrency exchange in South Korea have announced the launch of the country’s first cryptocurrency index.
Upbit, a relatively new Korean crypto currency exchange, which quickly reached the largest trading volume in the country, is launching the first national cryptocurrency index to help investors better understand overall market trends. UBCI (Upbit Crypto Index), the index will be measured on four stock market indexes based on long-term data exchange transaction by calculating the standard values in the confidence interval, according to
The four indexes are:
Market index: General cryptocurrency weighted index that defines the ratio of total liquidity in the market, providing investors with an overview of all coins.
Industry index: to classify the coins in specific sectors based on their characteristics.
Index of bitcoin: is focused on the price of bitcoin on the market.
Strategic index: based on the rules and is a good indicator of the quantitative characteristics for investors, and monitors the profitability of their crypto-currency portfolios.
Upbit exchange was founded
South Korean FINTECH startup Dunamu with the support of the American markets Bittrex. Initially it was positioned as a brand new trading platform, supporting over hundreds of cryptocurrency. Despite the fact that the exchange occurred
regulatory and technical problems at the end of last year, just a few months of its operation it became the largest trading platform in the country – according to various estimates on the platform occurs more than 50% of all transactions with cryptocurrencies in South Korea.
After the announcement of the launch of the index the President Dunamu Whether H-Woo (Lee Seok-woo) drew Parallels between the current stage of the cryptocurrency market and development of traditional financial markets, and stressed the need for such indices to investors. He said:
«The current situation in the cryptocurrency market is very similar to the development of the traditional financial markets. Accordingly, as the market becomes more saturated, UBCI will play an increasingly important role.»
Upbit intends to launch three indices in April, and the last remaining strategic index to the end of this year.