4 million users of Bitbns exchange can now trade IC15
CryptoWire licenses IC15 to Bitbns exchange
For the 1st time India will witness trading on a crypto index
Trading of IC15 on Bitbns exchange will commence from the new financial year i.e. 1st week of April 2022
Mumbai, March 01, 2022: Bitbns, one of the leading cryptocurrency exchanges of the country, has entered into an agreement with CryptoWire – a global crypto super app, for trading IC15, India first global crypto index, launched by CryptoWire on 3rd January 2022.
Trading of IC15 on Bitbns exchange will begin from the new financial year i.e. 1st week of April 2022. In another first from CryptoWire, with the commencement of trading on IC15, market participants, – individuals and institutions, get the advantage of spreading their risks by taking a view on the entire market versus concentrated risk on a single currency. Also, liquidity related risks would be mitigated by trading on the index. It will broaden the product offerings through Exchange Traded Funds (ETFs) and other wealth management products, derivatives and basket trading for arbitrage benefits. Around 4 million users of Bitbns exchange will get the benefit of trading on IC15.
This arrangement is similar to Trading of S&P-Dow Jones and FTSE equity indices or ETF products which trades on NYSE, CME, Nasdaq and London Stock Exchange. IC15 will now be traded on Bitbns exchange giving its users greater market leverage.
Commenting on the development Mr. Gaurav Dahake, Founder and CEO, Bitbns said, “Trading in IC15 index will bring India on global crypto map as the index prices will be seen globally and enable industry to monitor broad-based movement in crypto industry. The index will also show the market price implications of various news and policy decision taken globally. Bitbns exchange licensing arrangement with CryptoWire will meet the much-desired need of the trading community for trading in IC15 index which allows clean trading on prices of underlying without the challenges of the taking delivery in individual cryptocurrency. Bitbns exchange has 4 million users and 350 coin-pairs traded on the exchange, and we believe that our users will derive great benefit from IC15.”
Welcoming the strategic partnership of CryptoWire with Bitbns exchange, Mr. Joseph Massey, MD & CEO CryptoWire commented, “IC15 is India’s 1st Global Index of Cryptocurrencies, and it represents more than 80% of crypto assets by market capitalization. As the cryptocurrency market develops and widens, the participants would find the IC15 index offering of much greater institutional use through ETF and alternate wealth management product.”
The licensing arrangement by CryptoWire would entail royalty payments consisting of a mix of fixed and revenue dependent variable charge to cover and support research and development work.
An Index is the most visible barometer representing the business dynamics happening in the underlying real and digital economy. The IC15 index represents cryptocurrencies which have a large value chain integrating the real economy with blockchain / digital economy.