Bithumb Launced Two Cryptocurrency Indices
The largest South Korean cryptocurrency exchange Bithumb sold 38% stake to the Singapore blockchain consortium BK Global and launched two cryptocurrency indices: one will track all digital assets traded on the trading platform, and the second - only altcoins.
BTC Holdings, which owns a 76% stake in Bithumb, on October 11, sold the 38% stake for $ 350 million to the BK Group. Most of the shares acquired by a plastic surgeon, Chairman of the Board of Directors of the BK Group, Kim Byung Gun.
Representatives of the company spoke about the Bithumb Crypto Index (BTCI):
“BTCI will serve as an indicator of trends in the cryptocurrency market. It consists of two indices: Bithumb Market Index and Bithumb Altcoin Market Index.
Another South Korean cryptocurrency exchange, Upbit, in May 2018, presented its cryptocurrency index called the Upbit Cryptocurrency Index (UBCI), consisting of two indices: the Upbit Market Index and the Upbit Altcoin Index. According to representatives of the exchange, the cryptocurrency index allows investors to assess the situation on the market and choose the right trading strategy. At the moment, the Upbit index takes into account only the South Korean market, however, in the future the company plans to monitor the state of the global market.