CryptoWire, a global crypto Super App, is in talks with international bourses including crypto exchanges domiciled abroad to licensc out its IC15 index, Joseph Massey, Managing Director & CEO, has said.
IC15 is the first crypto index to come out of India. This index has been developed by a division of CryptoWire, which is a knowledge company. Massey reiterated that CryptoWire is neither a crypto exchange nor a cryptocurrency.
IC15 is a rule-based broad market index by market capitalisation that tracks and measures the performance of the top 15 widely traded liquid cryptocurrencies listed on leading crypto exchanges of the world.
“We are talking to exchanges outside India and within India at different level of readiness. In 2022-23, we will have exchanges both within India and some outside India trading IC15,” Massey told BusinessLine.
Design derivative contracts
He also said that CryptoWire was open to help the bourses design derivative contracts around the IC15 index. “This index (IC15) that we provide can be used for derivatives as well as exchange traded funds. Our research department can help the exchange design a derivative contract on this index. Our support to them (exchanges) is index creation, index maintenance and it is arms length relationship. We also give them advisory in designing their product,” he said.
Massey said that talks are on — for licensing out IC15–with a “mix” of overseas exchanges — crypto exchanges, commodity exchanges and equity exchanges.
“We are at an advanced stage. We are at different stages with exchanges. In some countries after the exchanges agree, they will have to go for regulatory approval”, Massey said. He, however, declined to name the exchanges with which talks are being held.
Massey also said that CryptoWire is the process of coming out with more indices in the crypto space, while declining to elaborate on the plans.
CryptoWire has recently entered into a partnership with Bitbns, a leading domestic crypto exchange that has over 4 million users and 150 coin pairs traded on the exchange.
Globally, Bloomberg’s Galaxy Crypto Index is one of the most popular indices for the crypto sector. In addition, there are several others that are fast gaining acceptance. S&P has an entire suite of indices on cryptocurrencies and some related assets, while MSCI, one of the most accepted index-management firms globally, also plans to launch some indices for this sector.