Recently, on May 1, Nasdaq added yet another crypto index to their Global Data Service feed. The world’s third largest cryptocurrency by market cap XRP will join BTC and ETH. XRPLX (XRP Ripple Liquid Index) will show the price of 1 XRP in U.S. dollars “based on the most liquid ends of their markets”, says Nasdaq.
Data partnership with Brave New Coin
Brave New Coin (BNC) is a New Zealand-based blockchain data and research company which offers real-time index information for the world’s top cryptocurrencies. BNC already provides Nasdaq with BTC (Bitcoin Liquid Index) and ETH (Ethereum Liquid Index) real-time price indexes. Real-time means that BNC is frequently refreshing the index every 5 minutes. The XRPLX is the latest addition to Brave New Coin’s suite of Liquid Indices Program. Also, BNC has managed to calculate the XRPLX back to August 2014 data.
“The XRPLX captures a comprehensive, global sample of liquidity on the highest volume and quality exchanges. Ideal for settlements and accurate spot pricing, the XRPLX API includes 30-second Intraday pricing, End-of-Day OHLCV,
Methodology and Transparency
BNC collects data from the most liquid exchanges by volume and order book depth. BNC says that they review their mix of exchanges every quarter to ensure the quality of its indices. Currently, BNC XRPLX index consists of data from Bitfinex, Bitstamp, Poloniex, and Kraken. BNC says that they will add Coinbase in the next review.
Additionally, the CEO of Brave New Coin Fran Stajnar says that the BNC indices have been independently audited against key IOSCO (International Organization of Securities Commissions) principles.
“BNC endorses the IOSCO principles and fully embraces the IOSCO’s goals of addressing the obvious conflicts of interest in the benchmark-setting process, which the nascent crypto industry is vulnerable to.”Fran Stajnar
Also, he adds that BNC indices are accurate and transparent. saying that one of the most important things is to “consider the geographical and technological diversity of crypto”.