Upbit to Launch UBCI, Korea’s First Crypto Index

UBCI was developing since the launch of Upbit in October 2017
23 March 2018   611

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.

Lee Seok-woo

President, Dunamu

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. 

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.