Upbit to Launch Cryptocurrency Index
March 23, 2018
The South Korea’s second largest crypto exchange Upbit has announced launching the country’s first cryptocurrency index.
The index is to be named UBCI (Upbit Cryptocurrency Index). As Business Korea reports, the index has been in the works since the exchange was started in October 2017, with its purpose being consulting local investors on the matters of crypto trading.
UBCI will include 4 indexes that will be calculated based on the transaction data:
- Market index: cryptocurrency market capitalization which allows for investors assessing all coins on the market.
- Sector index: assessing cryptocurrencies in specific sectors.
- Bitcoin-index: monitoring BTC prices.
- Strategy index: long-term investment ratio enables analyzing profitability of single investment portfolios.
Market, sector and Bitcoin indexes will be launched officially as early as April while strategy one is still in the works and is to be presented later.
Song Chi-Hyung, CEO at Dunamu, the Upbit operator, has compared current situation at the market with that on the stock market at its earliest and voiced hope, UBCI will cut a good figure for further cryptocurrency development.
South Korea is among three largest cryptocurrency markets, but local exchanges are waiting for the governmental decision on adopting new regulatory measures towards cryptocurrencies. One of those taken was ban on anonymous digital currency trading.