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Digital asset exchange service, INX, has announced that it will use Brave New Coin’s Ethereum and Bitcoin indices to calculate conversion rates for its forthcoming INX Token.
Per a recent announcement, blockchain and cryptography data and research company Brave New Coin (BNC) has said that its cryptocurrency indices will now be applied by crypto trading service INX, as it prepares to launch its first fully approved security token sale. INX is focused on making sure that its offerings and practices are strict and as transparent as possible, a decision that has pointed the digital asset trading service in the BNC direction.
According to BNC, INX will use two of BNC’s indices including the Ethereum Liquid Index (ELX) as well as the Bitcoin Liquid Index (BLX), as a guide to properly calculate accepted conversion or exchange rates from the dollar to both Bitcoin and Ether, and vice versa.
The asset is dubbed the INX Token, and is a result of a process which has been a long time coming as registration for an initial public offering (IPO) was first done with the United States Securities and Exchange Commission (SEC), by the INX team headed by Alan Silbert.
Speaking on the news, Brave New Coin’s founder and CEO, Fran Strajnar, has said that the fact that INX has decided to float its token sale and ensure that all industry standards are met and enforced through solutions via a third-party, is very commendable. Strajnar suggests that this shows that the sector is attaining an interesting level of maturity where standards are more important than anything else. The CEO then further ads that this is a great solution to the problem of pricing as pointed out by regulators.
“Having conducted due diligence on all ETF and registered security token sales to date, we have identified that a common concern by regulators is poorly constructed benchmark pricing, resulting in a qualitative risk to investors. The INX team and value proposition is highly impressive and we are pleased to be supporting Alan and his team through this process.”
Founded back in 2014, BNC provides accuracy and accessibility to any entities requiring its services and strives to ensure that its pool of resources including research, data, and analysis, meet industry standards and satisfy its teeming customers.
Back in April this year, Nasdaq announced it has formed a partnership with the New Zealand company, to offer a “real-time” index for the New York-based stock exchange, to cover Ripple’s XRP. Called the XRP Liquid Index (XRPLX), the offering will allow Nasdaq customers to easily track XRP’s price swings on a trusted platform. The XRPLX sources its information mostly from major exchange platforms including Kraken, Poloniex, Bitfinex, Bitstamp, e.t.c.
In addition, BNC’s services are also being employed by Dow Jones’ Factiva, which is a comprehensive database that sources its information from several thousand channels to pull reliable information about the economy as well as finance, in one place.