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Digital assets market maker Wintermute and crypto news outlet The Block will be launching a novel cryptocurrency market price tracking index.
According to the Feb. 12&nbsp;announcement, the new joint venture, Global Markets Crypto Intelligence (GMCI), will&nbsp;<a href="https://www.prnewswire.com/news-releases/wintermute-and-the-block-launch-gmci-a-digital-asset-indices-provider-amid-etf-boom-302059131.html" target="_blank" rel="noopener nofollow">maintain</a>&nbsp;its namesake GMCI 30 index, which tracks the performance of the top 30 cryptocurrencies by market capitalization, with the weighting of the top asset limited to a maximum of 25% of the index’s total value. The index will not include stablecoins.&nbsp;
For inclusion into GMCI, coins and tokens must be <a href="https://assets-global.website-files.com/65a4f6fc22b05aa2801988e5/65c605130afadaa97363ad25_GMCI%20-%20Index%20Policy.pdf" target="_blank" rel="noopener nofollow">listed</a> on one of a handful of centralized exchanges, including Binance, Bitfinex, Bitstamp, Bybit, Coinbase, Kraken, OKX and Upbit. Digital assets must also be supported by either BitGo, Coinbase Custody or Gemini Custody. In addition, the indexed crypto assets must be listed on CoinMarketCap and CoinGecko. Tokens that are not compliant with U.S. Know Your Customer and Anti-Money Laundering laws are also barred from inclusion.&nbsp;
“GMCI indices are designed to bring transparency and simplicity to this quickly evolving asset class, tracking the performance of the entire industry as well as its sub-sectors is going to become incredibly simple,” said Maarten Botman, CEO of GMCI, in relation to the announcement. For index-pricing calculations, the firm will source data feeds from aggregator Coin Metrics.
Prior to the index announcement, Evgeny Gaevoy, CEO of Wintermute, <a href="https://twitter.com/EvgenyGaevoy/status/1756676679714431477" target="_blank" rel="noopener nofollow">said</a> on X: “Looked at top 10 companies by market cap for the first time in years, and I now honestly don’t get what all the fuss is with crypto valuations.” Last November, The Block, co-builder of the GMCI index, <a href="https://cointelegraph.com/news/crypto-news-site-the-block-shakes-off-sbf-ties-with-foresight-ventures-deal">sold 80% of its stake</a><a href="https://cointelegraph.com/news/crypto-news-site-the-block-shakes-off-sbf-ties-with-foresight-ventures-deal"></a> to Singaporean venture capital firm Foresight Ventures for $60 million.&nbsp;
<blockquote class="twitter-tweet">
 1/ Crypto has a new benchmark Tracking the performance of the entire industry has just become incredibly simple. Introducing GMCI — the index provider, crafting comprehensive digital assets indices. ↓ <a href="https://t.co/UaC7Omshoe">pic.twitter.com/UaC7Omshoe</a>— GMCI (@gmci_) <a href="https://twitter.com/gmci_/status/1757044776971477444?ref_src=twsrc%5Etfw">February 12, 2024</a>
</blockquote> 
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-50k-shortly-btc-price-erases-etf-dip">Bitcoin trader 'sees $50K shortly' as BTC price erases 20% ETF dip</a>

Wintermute and The Block launch crypto price index

Cointelegraph

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