{"id":26372,"date":"2020-06-03T18:22:48","date_gmt":"2020-06-03T16:22:48","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=26372"},"modified":"2020-06-03T18:22:48","modified_gmt":"2020-06-03T16:22:48","slug":"cryptocompare-and-vaneck-subsidiary-mvis-launch-a-bitcoin-reference-rate-that-updates-hourly","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/cryptocompare-and-vaneck-subsidiary-mvis-launch-a-bitcoin-reference-rate-that-updates-hourly\/","title":{"rendered":"CryptoCompare and VanEck Subsidiary MVIS Launch a Bitcoin Reference Rate That Updates Hourly"},"content":{"rendered":"<p style=\"text-align: justify\">VanEck subsidiary <strong>MV Index Solutions GmbH<\/strong> (MVIS) has partnered with both <strong>CryptoCompare<\/strong> and <strong>SEBA Bank<\/strong> to launch a <strong>Bitcoin Benchmark Rate<\/strong> (BBR) which tracks the price of the flagship asset across five major spot marketplaces. <!--more--><\/p>\n<p style=\"text-align: justify\">CryptoCompare is a cryptocurrency market data aggregator while SEBA Bank AG is a Swiss-based financial institution that focuses on the digital asset marketplace. In a <strong><a href=\"https:\/\/www.businesswire.com\/news\/home\/20200603005174\/en\/MVIS-CryptoCompare-Launch-MVIS-CryptoCompare-Bitcoin-Benchmark\" target=\"_blank\" rel=\"noopener\">press release<\/a><\/strong> published on Wednesday, MVIS announced that the BBR index will update hourly showing the average price of bitcoin across the exchanges<strong> Bitstamp, Coinbase, Gemini, itBit, and Kraken<\/strong>.<\/p>\n<p style=\"text-align: justify\">The BBR index <em>\u201caggregates transaction prices on the top five exchanges selected via the CryptoCompare Exchange Benchmark and disseminates hourly. The index is based on an average of quantity weighted median prices,\u201d<\/em> MVIS explained.<\/p>\n<p style=\"text-align: justify\">According to the release, SEBA was part of the process of creating the BBR and will be using the reference rate to create new and innovative products in the future. Expectedly this will include bitcoin derivatives and probably exchange-traded funds.<\/p>\n<p style=\"text-align: center\"><em>\u201cIt is essential for derivatives on cryptocurrencies to have a representative reference rate which is robust against market distortions and manipulations,\u201d <\/em><strong>SEBA Bank\u2019s Head of Asset Management Daniel Kuehne<\/strong> said in a statement<em>. \u201cWe are pleased to have contributed to the MVIS CryptoCompare Bitcoin Benchmark Rate and to play a key role in helping the emerging derivatives market gain greater acceptance among professional and institutional investors&#8221;.<\/em><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-22649\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/3_btc.jpg\" alt=\"btc\" width=\"700\" height=\"245\" \/><\/p>\n<p style=\"text-align: justify\">A <strong><a href=\"https:\/\/crypto-economy.com\/buy-bitcoins\/\">bitcoin<\/a> <\/strong>or crypto reference rate is essential in the cryptocurrency market considering the recent reports about market manipulation and rampant wash trading practices. Inevitably these illegal practices serve to hurt rather than build trust and innovation in the crypto space.<\/p>\n<p style=\"text-align: justify\">A robust reference rate will expectedly track the price of leading and more trustworthy platforms which will also help build the trust of the reference rate. A BBR is only the start of the innovation curve because having a reference rate will aid other institutions to launch products that rely on the reference rate. This is helpful, especially when applying for operating permits and onboarding institutional clients.<\/p>\n<p style=\"text-align: center\"><em>\u201cWe are pleased to launch this index, which is designed to provide a price for bitcoin which is hard to manipulate,\u201d<\/em> <strong>Thomas Kettner,<\/strong> Managing Director at MVIS commented. <em>\u201cThe index follows our long-term mission in supporting new product developments with the aim of providing investors access to bitcoin data\u201d.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>VanEck subsidiary MV Index Solutions GmbH (MVIS) has partnered with both CryptoCompare and SEBA Bank to launch a Bitcoin Benchmark Rate (BBR) which tracks the price of the flagship asset across five major spot marketplaces.<\/p>\n","protected":false},"author":12,"featured_media":21843,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,70,74],"tags":[4602,4910,5001,4927],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/26372"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=26372"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/26372\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/21843"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=26372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=26372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=26372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}