The New York Stock Exchange announced the launch of NYSE Bitcoin Index (NYXBT), the first exchange-calculated and disseminated bitcoin index.
NYXBT will be the US dollar value of one bitcoin based on transactions occurring on bitcoin exchanges selected by NYSE. The index will be calculated as of 4 p.m. London time and published shortly thereafter.
The bitcoin-based index appears to be the first of more soon-to-be-released indexes by NYSE, according to statements made by NYSE group president Thomas Farley.
"Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class," Farley said. "By combining our technology infrastructure with our expertise in index calculation and data management, we will continue to launch complimentary products based on our rigorous standards and proprietary index methodology."
Initially, NYXBT will be based on transactions from Coinbase Exchange, a US-based bitcoin exchange which NYSE made a minority investment in earlier this year. Coinbase currently has over 2.8 million consumer wallets, 39,000 merchants and 7,000 developers.
NYSE plans on identifying and reviewing the data sources for the index calculation process as more exchanges meet its standards for use.
For more on the growth of bitcoin, and the technology behind it, read Buy-Side Technology deputy editor Tim Bourgaize Murray's May feature here.
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