Binance, one of the largest cryptocurrency exchanges in the world by market cap, announced on Monday that it had launched a new series of cryptocurrency indices in cooperation with the popular crypto-tracking service CoinMarketCap.
According to a press release, the Binance CoinMarketCap (CMC) Index Series is designed to enable users to evaluate and monitor the overall crypto market conditions to make easier investing decisions. As suggested by their names, new indices will use pricing data provided by CoinMarketCap, which Binance has owned since 2020.
Alongside the announcement, the cryptocurrency exchange presented the first one of the whole series, the USD-denominated Binance CMC Top 10 Equal-Weighted Index. Its main objective is to track the results of 10 cryptos with the highest market cap.
“The new Index tracks the performance of the top 10 digital assets by market capitalization relative to the base fiat currency, the US dollar. The basket of 10 digital assets is equally weighted and is rebalanced on a monthly basis. The market capitalization of a digital asset is calculated by multiplying its price in USD by its current circulating supply,” Binance commented in its newest post.
Binance Expands Its Territories with New Licenses and Offices
The refreshed product offering is not the only news that Binance has unveiled over the past month. In September, the crypto exchange gained an MVP license from Dubai’s Virtual Asset Regulatory Authority (VARA), re-entered South Africa’s crypto futures market a few days later and continued its global expansion by launching a new office in New Zealand.
As stated above, the most relevant information seems to be the presence in the Middle East. VARA, as mentioned, started its operations in March 2021 and aims to make Dubai the world’s most important cryptocurrency hub. It has already welcomed some more prominent crypto names, including Blockchain.com, Crypto.com and now Binance. For the crypto brokerage regulated in Spain, France and Italy, it raises an opportunity to build its dominance in another part of the globe.
