Solactive partners with CoinMarketCap to create Cryptocurrency Benchmark Indices
Solactive is pleased to announce that internationally renowned cryptocurrency information and data provider CoinMarketCap (CMC) joined forces with the German index provider to create new Cryptocurrency Benchmark Indices, labeled: CMC Crypto 200 Index – powered by Solactive. Initially, two indices are at the starting line covering 200 crypto currencies, with one index including the top cryptocurrencies by market capitalization and one subversion excluding the most prominent cryptocurrency Bitcoin (BTC).
The development of the indices was made possible through a joint collaboration, with Solactive providing index calculation using CMC’s data, which incorporates pricing from more than 200 crypto exchanges. The direct access to CMC’s crypto market data allows Solactive to provide tailormade index solutions to its clients going forward.
The first version of the CoinMarketCap Index – powered by Solactive is a market capitalization-weighted index consisting of the top 200 cryptocurrencies, which make up for more than 90% of global crypto market capitalization, a market currently worth over USD 120 bn. The rationale behind the ex-BTC version of the index is to display the general market conditions in the crypto-currency space while at the same time avoiding market bias through the market’s focus currency Bitcoin, which to date contributes to nearly 51% of all global trading volume.
“The ability to access CoinMarketCap data gives us the opportunity to develop custom indices for new clients. Conversations already started. We are looking forward to developing more crypto indices in the future, which, at the second step, optimistically speaking result in investable indices and might lead to further products.” expresses Fabian Colin, Head of Sales at Solactive. “We are very proud to be chosen as CMC’s index provider of choice in this exciting journey.”
“We are excited to launch and share these indices with the market,” says Brandon Chez, CEO of CoinMarketCap, “These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format. In partnership with Solactive, our chosen index administrator, we hope these professionally-calculated indices will serve to expand the reach of cryptocurrencies into the larger financial markets.”
Both the CMC Crypto 200 Index – powered by Solactive as well as its ex-BTC version went live on March 4th and are featured in NASDAQ’s distribution feed called GIDS from March 20th henceforward. Additionally, the indices will be available on Bloomberg (CMC200 Index, CMC200EX Index) and on Refinitiv/TR Eikon (RIC: .CMC200 and .CMC200EX). The indices are weighted according to market capitalization and are rebalanced quarterly.