As more and more people participate in cryptocurrency trading, cryptocurrencies are quickly becoming a mainstream trading option.
As crypto assets grow in popularity, stock exchanges have begun to include certain crypto assets in their indices.
Nasdaq, one of the leading stock exchange operators, has launched a new index for decentralized finance projects. Nasdaq has partnered with a European investment services company called EXANTE to provide investors with the Decentralized Finance Index (DeFix).
EXANTE was founded in 2011 and the company provides financial services for a wide range of assets. The company's clients can choose from a variety of investment methods.
DeFix is the first index of its kind
The platform created by Nasdaq and EXANTE is the first index to show real-time changes in six decentralized systems. The six services listed in the index are Gnosis, Numerai, Ox, Augur, Amoveo and Maker.
The listing of these crypto assets gives investors the opportunity to predict and speculate on the performance of these assets through data that they can see for themselves, unlike most crypto asset listing platforms which do not provide real-time trading updates.
DeFix will be listed on Nasdaq as DEFX, and investors can already track the index through the Nasdaq Global Index Data Service (GIDS).
Investors can also use other services such as Google and TradingView to track the index. Yahoo Finance said they plan to list the index in the near future.
Nasdaq continues to move into crypto
The new index listed by Nasdaq is unique, but it is not the first time the stock exchange operator has listed a cryptocurrency-related index.
Earlier this year, the exchange began listing indices for Ethereum and Bitcoin, named the Ethereum Liquid Index (ELX) and the Bitcoin Liquid Index (BLX), respectively.
The indices were developed through a partnership between the US trading service provider and Brave New Coin.
Subsequently, Nasdaq added an index for XRP. The XRP Liquid Index (XRPLX) provides real-time data on XRP token activity and is denominated in U.S. dollars like other indices.
Quandl, a platform developed by Nasdaq, has announced a partnership with CryptoCompare. The partnership will provide users of the platform with a comprehensive index of prices across multiple “liquid” cryptocurrency markets.
The listing of a cryptocurrency index could be a sign that cryptocurrency trading could be available on Nasdaq in the future.
Currently, there are no trading options for these digital assets on the stock exchange operator’s platform, but with other platforms such as Fidelity establishing cryptocurrency exchanges, it is reasonable to expect that Nasdaq will soon work on building its own platform.
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