Upbit, which is the second-largest South Korean crypto-exchanges and the fifth in the world, announced the launch of the first in South Korea's cryptocurrency index. This is reported by Business Korea.
Dunamu Holding, which owns the Upbit exchange, said on March 22 that it is launching a new crypto-currency index called UBCI (Upbit Cryptocurrency Index, ie "Upbit Crypto Currency Index").
UBCI was developing since the launch of Upbit in October 2017. The purpose of the index is to suggest to local investors how to trade on the market, and also to serve as a standard index on an international scale.
The present situation of the cryptocurrency market is quite similar to the traditional financial market based on stocks and bonds in its early stage. Accordingly, as the market gets more sophisticated, the UBCI is expected to play an important role in this area in the future. We will also disclose the index rulebook and let the market evaluate it before long.
The indexes developed this time are:
- Market index
- Sector index
- Bitcoin Index
- Strategy Index.
Among them, Upbit will also launch the Market, Sector and Bitcoin Indices in April, while the Strategy Index will open later.