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The launch is Binance’s first index product and would see the exchange begin its Binance CoinMarketCap (CMC) Index Series.
The world’s largest crypto exchange by trading volume Binance has announced that it’s launching what it calls the Top 10 Equal-Weighted Index. According to the announcement, the launch is Binance’s first index product and would see the exchange begin its Binance CoinMarketCap (CMC) Index Series.
Equal-Weighted Index to Track the Performance of BTC, ETH, and Others
Binance claims that the index series will begin with the Top 10 Equal-Weighted Index, which will track the performance of the top ten cryptocurrencies by market capitalization. That is Bitcoin (BTC), Ether (ETH), and others. However, the index will use the pricing data from CoinMarketCap – a Binance-owned data tracking site.
The announcement also claims that the Equal-Weighted Index will be adjusted monthly and is designed in such a way that will benefit investors immensely. That is, investors can use the crypto pricing and performance information to make well-researched decisions about investments.
Per Binance, the rollout of the Top 10 Equal-Weighted Index will start next month and will be done via its Auto-Invest service. However, the exchange also revealed broader plans, assuring the community of more products to come from the index series. This means there may be futuristic plans to onboard more digital assets in various other products.
Web3.0 Development on a Rise
Without gainsaying, it’s been a long crypto winter. But despite the difficult terrain, giant crypto firms are not giving up on their Web3.0 aspirations. In fact, they have mostly been expanding their product offerings in multiple markets globally.
To put the above statement into perspective, Alchemy recently published a Q3 report. According to the report, the Web3 development platform submitted that 2022 may be the biggest in terms of Web3 development. And truly, that may not be far from the truth.
Recall that Binance, for instance, has recently been gaining ground and expanding its service offerings around the world. Earlier this month, the exchange got a nod of approval to offer digital asset services in Kazakhstan. The exchange also reported that it has seen an increase of about 50% in Middle Eastern users’ signup in 2022.