Upbit, the fourth cryptocurrency exchange by trading volume, is going to launch the very first digital currency index ter South Korea. The index will be called UBCI (Upbit Crypto Index). The intention is to provide investors better understandings of the cryptocurrency markets and trends.
Korea&rsquo,s Very first Cryptocurrency Index
According to Business Korea, the company explained that the index will measure market conditions by suggesting a standard on coin quotes. At the same time, Upbit is also thinking about expanding its business overseas reaching other markets and not just South Korea.
Upbit wasgoed launched te October and permits South Koreans to have access to several cryptocurrencies ter the market. At the same time, the exchange is now processing more than $1 billon dollars being STORM/KRW, BTC/KRW and ADA/KRW the most traded pairs accounting for Two/Trio of the total trading volume of the toneel.
Voorzitter of Dunamu, the company behind Upbit, commented:
&ldquo,The present situation of the cryptocurrency market is fairly similar to the traditional financial market based on stocks and bonds te its early stage. Accordingly, spil the market gets more sophisticated, the UBCI is expected to play an significant role te this area ter the future. Wij will also disclose the index rulebook and let the market evaluate it before long.&rdquo,
Upbit is an significant player te the South Korean market. It accounts for more than half of the trading volume of the country just some months after being launched. At the uur, the company accounts for almost 53% of the national market.
The gegevens used by the index will be measured by Upbit andwillbe used to develop a standard value te confidence intervals. Thesis indexes that will be created are: the market index, the Sector index, the Strategy index, and the Bitcoin index. Some of them will be available ter April, while others will be launched straks this year.
The indexes will use different metrics according to what they are attempting to measure. Some of them would permit investors to celador all imaginario currencies at a glance, and others would provide analytical instruments for investors ter order to develop quantitative investment strategies.