ambcrypto.com
XRP, the third-largest coin on the CoinMarketCap has been going through a rough ride in the market due to a raging bear momentum. However, that hasn’t stopped its parent company Ripple from spreading its wings in other sectors. According to reports by DApplife, Brave New Coin is in its final stage of producing the Ripple Liquid Index [RLX].
XRP is fighting it out with Bitcoin and Ethereum to claim its spot on the Nasdaq’s platform, said the Brave New Coin report. The report read:
“BNC is in the final stages of producing the RLX (Ripple Liquid Index) and is working with a range of market participants to create custom basket indices. XRP was today listed on Coinbase Pro, which many view as a form of institutional endorsement for the asset as Coinbase Pro is a leading global exchange that serves high-end traders and investors”.
The CEO of the company, Fran Strajnar, was quoted in the report saying:
“The LX program was born out of a need for clear and transparent price discovery of liquid cryptographic assets and is a bigger need today then it was back in 2015 when we started this program.”
Soon after the announcement of XRP listing by Coinbase, Brave New Coin acknowledged the possibility that financial data from Coinbase Pro could be used to produce Ripple Liquid Index in the near future. The company was reported saying:
“Currently Coinbase Pro isn’t part of the constituents of the global price of XRP but given enough trading volume on the exchange it could become part of the RLX.”
The CEO of BNC also said that BNC indices have had its methodology audited independently against key International Organisation of Securities Commissions [IOSCO] principles.
He further explained that BNC endorses IOSCO principles and embraces its goal of addressing the conflicts of interests in the benchmark-setting process which the cryptocurrency industry is vulnerable to as it is still in its early stages.
The CEO added that the crypto derivative wave was inevitable. Strajnar said that there will be a rush to produce all manner of financial instruments that the institutional users have been looking forward to for the past three years.