Earlier in the month, mega exchange, Nasdaq, announced that it would be listing price indices for two new cryptocurrencies by Brave New Coin, BLX and ELX. The information was posted in a blog post by Nasdaq. Now, the latest update is that BLX, Bitcoin Liquid Index, and ELX, Ethereum Liquid Index, are now available on Nasdaq’s Global Index Data Service (GIDS).
This new listing by Nasdaq comes just after Brave New Coin kicks off with its plans to launch an index that would be used to track XRP. XRP finally got listed on Coinbase Pro on Tuesday. For now, Nasdaq hasn’t said anything about listing XRP indices. Brave New Coin said that they are currently in the final stage of development for the index. The CEO of BNC, Fran Strajnar said:
XRP (XRP) Price Today – XRP / USD
“The LX [Liquid Index] program was born out of a need for clear and transparent price discovery of liquid cryptographic assets and is a bigger need today then it was back in 2015 when we started this program,”
Nasdaq Has Faith In The Cryptocurrency Industry
Nasdaq is one of the many big brands that are now exploring the cryptocurrency and blockchain industry. As time passes, the firm’s cryptocurrency-related products are gaining increasing popularity. In January, Nasdaq revealed that seven exchanges now use its monitoring tool. This tool helps exchanges track the activities of bad actors.
Last month, Nasdaq’s CEO, Adena Friedman, said that she believes cryptocurrencies will become global legal tenders in the future. She said that cryptocurrencies deserve an opportunity to grow and find a place in the current global economy. The CEO posted this on her LinkedIn page ahead of her appearance at the World Economic Forum that took place in Devos on the 22nd of January.
Friedman noted that Nasdaq has faith that cryptocurrencies will play a key role in the future of the global economy. In her words; “the invention itself [as] a tremendous demonstration of genius and creativity.”
She said that cryptocurrencies have passed the hype stage which typically part of the invention life cycle and is usually marked by new market entrants and high volatility. At this point, a dose of reality has been served leaving cryptocurrencies at a crossroad. In her words, one of two things can happen at the moment:
“Either the innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric (e.g., the Internet); or the invention fails to achieve broad adoption and its commercial applications as medium of exchange are limited (e.g., the Segway).”
In Friedman’s argument, cryptocurrencies are now practical inventions that offer real value. All that is left is regulatory clarity and stable governance. If these two things are put in place, according to her, the core principle of cryptocurrencies will be removed but the industry will reach mass adoption.
She said that Nasdaq appreciates the fair and transparent nature of cryptocurrencies and this is why they have provided in-house technology to promote best practice in new exchanges.
Do you think Nasdaq will list the XRP index when BNC finally debuts it? Share your thoughts below.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.