Nasdaq, the second-largest stock exchange in the world, is publicly embracing blockchain and everything that comes with it.
On October 15, the stock exchange-listed an artificial intelligence-powered index (CIX100) that consists of 100 cryptocurrencies. The index was created by Cryptoindex, an encrypted data provider, to assist Wall Street traders in having a quick glance at the crypto market. Surprisingly, the index takes into consideration more than 200 factors and without human intervention.
Additionally, the AI-powered index will derive its data from the leading nine virtual currency exchanges globally and combine it with data from social media platforms and crypto news releases. Fortunately, the index, by employing artificial intelligence, will reportedly detect and exclude coins with fake rankings and volumes.
According to Kirill Marchenko, Project Manager, Cryptoindex:
“We make sure our index includes only [coins] that have no fake volume, have no manipulation, that come from scrupulous companies …We’ve become a more accessible and convenient financial instrument for all types of investors, not only professionals.”
To help with selection and fairness, the index will be rebalanced every month and will be made of cryptocurrencies that have consistently made it into the top 200 coins for a minimum of 90 consecutive days.
Cryptoindex CIX100 is already listed on Bloomberg, TradingView, and Reuters. Since its launch in 2017, the index has roughly gained a daily accuracy of 8.2 percent. Interestingly, the index puts Bitcoin’s dominance at 77.7 percent, Ethereum at 7.28 percent, and XRP at 4.19 percent.
Ultrain is backed by top minds
In July this year, representatives from Nasdaq Asia Pacific visited Ultrain, a blockchain project meant for commercial use. Ultrain is based in China and is backed by top minds such as Ray Guo, a former technical director at Alibaba Security group, William Li, a blockchain technology leader at Ant Financial Group, and Samuel Xiao who formerly occupied the position of a senior manager at IBM Global Consulting.
Form its website, Ultrain fronts itself as:
“A leader in trust computing… [to develop an] easy and affordable products using distributed, efficient and secure technology innovation (to) support enterprises and developers and aim (s) to become the world’s no.1 commercial public blockchain.”Notably, Nasdaq is listed as Ultrain’s partner. On its part, the stock exchange has expressed its commitment to support blockchain projects in the Asian region, especially China.