Crypto Corner: Market Slump, Korean Exchange Launching Index and Canadian Exchange Group to Start Crypto Brokerage Service
Point Roberts, WA and Delta, BC - March 26, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.
Crypto Corner - March 26, 2018
By Samuel Mowers at Investorideas.com
Market Slump, Korean Exchange Launching Index and Canadian Exchange Group to Start Crypto Brokerage Service
The cryptocurrency market is starting the week in a relative slump compared to last week's modest recovery. The total market cap is around $310 billion USD at press time, which is somewhat lower than last week's high of around $356 billion USD. At press time Bitcoin (BTC) comprises 44.5 percent of the crypto market share but is itself only trading at about $8150 USD, a drop from last week's peak of roughly $9170 USD.
According to a recent story from Business Korea, Korean cryptocurrency exchange giant Upbit will be launching the country's first crypto index. Calling it UBCI (Upbit Crypto Index), it will feature four indexes called the Market Index, the Sector Index, the Bitcoin Index and the Strategy Index.
"The Market Index is a market cap-weighted index that takes into account the market's total liquidity ratio and enables investors to catch the flow of all coins at a glance. The Sector Index is a method of calculating an index for each sector by classifying the characters of coins, and the Bitcoin Index is the indexation of Bitcoin representing the market. Moreover, the Strategy Index is an indicator for setting a quantitative investment rule and tracking the yields of operated portfolios in accordance with the rule.
"The present situation of the cryptocurrency market is quite similar to the traditional financial market based on stocks and bonds in its early stage," said Lee Seok-woo, president of Dunamu. "Accordingly, as the market gets more sophisticated, the UBCI is expected to play an important role in this area in the future. We will also disclose the index rulebook and let the market evaluate it before long.""
Canada's TMX Group, which runs the Toronto Stock Exchange, has announced the launch of a new cryptocurrency brokerage service. This will be done through an agreement with TMX Group's wholly-owned subsidiary Shorcan Digital Currency Network (Shorcan DCN) and Toronto-based "value network and trustware provider for decentralized financial services" Paycase Financial. The service will focus on bitcoin and ether with BMO Financial Group providing Shorcan DCN with "banking services as part of the payment and settlement infrastructure."
"Shorcan DCN is designed to leverage the combination of Shorcan Brokers' (Shorcan) expertise in providing clients in the Canadian financial industry with liquid, efficient and reliable brokerage services with Paycase's premier cryptocurrency data aggregation platform and established worldwide network of industry leaders and participants. Concurrently with the establishment of brokerage services, Shorcan DCN, together with Paycase, will create proprietary-based cryptocurrency benchmarks based on consolidated data from the world's leading crypto exchanges as well as over the counter, or OTC, brokered volume.
"We are excited to enter in to this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit," said Peter Conroy, President, Shorcan. "We look forward to putting in the necessary collaborative work in the days ahead as we strive to make Shorcan DCN a lasting success."
John Lee, Managing Director, Enterprise Innovation & Product Development, TMX Group added: "Shorcan DCN represents a significant step forward in the execution of TMX Group's digital strategy. As new technologies continue to reshape the global financial industry, we continue to explore new ways to evolve our business to address client needs in both traditional and non-traditional markets.""
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