Crypto exchange Binance announced that it’ll launch its first index product, the very best 10 Equal-Weighted Index, to start its Binance CoinMarketCap Index Series.
The Very Best 10 Equal-Weighted Index will monitor the performance from the industry’s top ten cryptocurrencies by market capital, including Bitcoin (BTC) and Ether (ETH). Binance’s indexes will utilize prices information from crypto cost tracker CoinMarketCap, that the crypto exchange owns.
Based on the announcement, the Equal-Weighted Index is going to be rebalanced monthly and is made to help investors evaluate cost and gratifaction. The index products, starting with the very best 10 Equal-Weighted Index, is going to be open to investors beginning in November 2022 through Binance’s Auto-Invest service.
Binance stated the community can get more in the index series later on, that will encompass “more digital assets inside a diverse group of products.”
Related: BTC cost hits 3-week lows upon us CPI as Bitcoin liquidates $57M
Despite a lengthy, harsh crypto winter, Binance along with other major crypto-industry giants happen to be developing their service choices towards the broader community.
A current Q3 2022 report from Web3 development platform Alchemy reported this year might be the greatest year ever for rise in the Web3 space.
Binance lately expanded its service choices in multiple markets all over the world. On March. 6, Kazakhstan granted the exchange a lasting license to provide digital asset services, whilst in the Middle East, it reported a 49% surge in regional user sign-ups in 2022.
This recent announcement from the cost index tools may come as the network completed its 21st quarterly BNB (BNB) burn, which eliminated roughly $547 million price of the gold coin from the supply.
