MV Index Solutions, a subsidiary of New York-based investment and financial analysis company, VanEck, announced on Tuesday the launch of an OTC (over-the-counter) Bitcoin (BTC) market index, using Circle Trade, Cumberland and Genesis Trading as the primary sources for its information.
According to the press release, this is the first index of Bitcoin (BTC) OTC index market. OTC trading involves the exchange of goods, commodities and any other investment asset outside the books of purchase and sale of a particular investment firm, with a broader portfolio that can handle different types of prices and more substantial investments.
“We are very happy to be the first provider to launch a Bitcoin (BTC) index based on OTC trading desk prices. This allows over-the-counter clients to use this index as a reliable benchmark for their transactions or possible investment products,” said Thomas Kettner, the General Manager at MV Index Solutions.
VanEck Subsidiary Launched Bitcoin (BTC) OTC Market Index
VanEck is a significant company in the cryptocurrency ecosystem. Its Bitcoin (BTC) ETF application to the US Securities and Exchange Commission (SEC) is still under evaluation by the authority, while the final decision on that is expected in March 2019.
Executives from Circle, Genesis, and Cumberland assured that with the creation of this Bitcoin (BTC) OTC index, the investors have access to an instrument that will be extremely useful for this type of over-the-counter investments. According to VanEck’s Chief Strategy Officer, Gabor Gurbacs, this may help new institutional investors enter the OTC Bitcoin (BTC) market.
Similar to the creation of this Bitcoin (BTC) OTC market index, other instruments and investment assets linked to cryptocurrencies would be gradually incorporated into the more conventional stock market. This week the Swiss stock exchange Six Exchange received authorization to trade one ETP (exchange product) of five cryptos in a basket that includes Bitcoin (BTC), XRP (XRP), Ethereum (ETH), Bitcoin Cash ABC, and Litecoin (LTC).
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.