The GMCI index will track the price performance of the top 30 cryptocurrencies by market cap, with conditions.
Digital assets market maker Wintermute and crypto news outlet The Block will be launching a novel cryptocurrency market price tracking index.
According to the Feb. 12 announcement, the new joint venture, Global Markets Crypto Intelligence (GMCI), will be maintaining its namesake GMCI 30 index tracking the performance of the top 30 cryptocurrencies by market capitalization with the weighting of the top asset limited to a maximum of 25% of the index’s total value. The index will not include stablecoins.
For inclusion into GMCI, coins, and tokens must be listed in one of the centralized exchanges, including Binance, Bitfinex, Bitstamp, Bybit, Coinbase, Kraken, OKX, and Upbit. Digital assets must also be supported by either BitGo, Coinbase Custody or Gemini Custody. In addition, the indexed crypto assets must be listed on CoinMarketCap and CoinGecko. Tokens that are not compliant with U.S. Know Your Customer and Anti-Money Laundering laws are also barred from inclusion.
“GMCI indices are designed to bring transparency and simplicity to this quickly evolving asset class, tracking the performance of the entire industry as well as its sub-sectors is going to become incredibly simple,” said Maarten Botman, CEO of GMCI, in relation to the announcement. For index-pricing calculations, the firm will source data feeds from aggregator Coin Metrics.
Prior to the index announcement, Evgeny Gaevoy, CEO of Wintermute, said on X: “Looked at top 10 companies by market cap for the first time in years, and I now honestly don’t get what all the fuss is with crypto valuations.” Last November, The Block, co-builder of the GMCI index, sold 80% of its stake to Singaporean venture capital firm Foresight Ventures for $60 million.
1/ Crypto has a new benchmark
Tracking the performance of the entire industry has just become incredibly simple.
Introducing GMCI — the index provider, crafting comprehensive digital assets indices. ↓ pic.twitter.com/UaC7Omshoe
— GMCI (@gmci_) February 12, 2024