Nasdaq is adding Ripple’s XRP as its latest cryptocurrency index.
XRP Will Be Nasdaq’s Third Crypto Listing
The company will join hands with the New Zealand-based blockchain firm Brave New Coin to offer “real-time” index data for XRP beginning in early May.
A spot or reference rate for the price of XRP (quoted in USD) will be offered to users. It will also be “based on the most liquid ends of their markets.”Brave New Coin issued a statement following the announcement, claiming:
The XRPLX sources data from only the most liquid exchanges by volume and order-book depth. Currency constituent exchanges for the XRPLX include Bitfinex, Bitstamp, Poloniex and Kraken with Coinbase to be added in the next review.
Nasdaq first worked with Brave New Coin in early 2019. During that time, the platform added indexes for both bitcoin and Ethereum. Last March, Nasdaq also began providing two “benchmark indices” covering the “top 200 cryptocurrencies by market capitalization” using information derided from CoinMarketCap.com. One index had bitcoin, while the other did not.
Data surrounding XRP and its respective price will be listed on the Nasdaq Global Index Data Service (GIDS) SM. It will contain information going back five years and will be updated every five minutes.
Nasdaq claims that the index is “calculated using a methodology that has been independently audited against the International Organization of Securities Commissions (IOSCO) principles.”
Nasdaq listing XRP is just more evidence that cryptocurrencies are becoming more mainstream, and that traditional financial firms are looking to cash in on what is no longer a growing trend, but a legitimate asset class. Recently, Live Bitcoin News reported that trading and investment firm E-Trade was very close to rolling out cryptocurrency trading options for its customers, something they had been demanding for a very long time.
Ultimately, it was Fidelity Investments that first got this ball rolling in 2018, and E-Trade is just likely following in its footsteps.
But the Intercontinental Exchange (ICE) – which owns the New York Stock Exchange – has also been working hard to garner approval for its new crypto trading platform Bakkt for several months. This process has even involved obtaining the dreaded (and infamous) Bitlicense so that it can do business in the state of New York – a region widely known for its anti-crypto attitude.
When Will Bakkt Arrive?
Bakkt will arguably revolutionize cryptocurrencies. It has already partnered with companies such as coffee king Starbucks and software giant Microsoft. Both companies have commented that users will be able to purchase goods and services with bitcoin and other digital assets.
2019 is proving to be a big year for crypto if platforms like the Nasdaq are already listing assets such as bitcoin, Ethereum and Ripple’s XRP. No doubt further coins will follow in the coming months.