Nasdaq Adding Index for XRP Cryptocurrency to Global Data Service

Stock exchange operator Nasdaq is adding yet another cryptocurrency index – this time for the world’s third-largest cryptocurrency, XRP.

The company announced Monday that, through its partnership with New Zealand-based blockchain data and research firm Brave New Coin, it will offer “real-time” index information for XRP starting May 1.

Specifically, the XRP Liquid Index (XRPLX) will offer a spot or reference rate for the price of XRP, quoted in U.S. dollars and “based on the most liquid ends of their markets.”

“The XRPLX sources data from only the most liquid exchanges by volume and order-book depth,” Brave New Coin said in a separate statement, adding:

“Current constituent exchanges for the XRPLX include Bitfinex, Bitstamp, Poloniex and Kraken with Coinbase to be added in the next review.”

The new stream will be available on the Nasdaq Global Index Data ServiceSM (GIDS), its consolidated data feed. The index includes data going back to 2014 and is refreshed every five minutes, Nasdaq said.

The index is calculated using a methodology that has been “independently audited” against the International Organisation of Securities Commissions (IOSCO) principles, the firm added.

Nasdaq first partnered with Brave New Coin earlier this year, when it added indices for bitcoin (BTC) and ether (ETH) to its global data service.

Last month, Nasdaq also started offering two benchmark indices covering the top 200 cryptocurrencies by market capitalization – one with bitcoin and the other without – using data provided by CoinMarketCap.

Nasdaq image via Shutterstock