#CryptoCorner; Market Slump, Korean Exchange Launching Index and Canadian Exchange Group to Start Crypto Brokerage Service
#CryptoCorner; Market Slump, Korean Exchange Launching Index and
Canadian Exchange Group to Start Crypto Brokerage Service
Point Roberts, WA, Delta BC – March 26, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner – March 26, 2018
By Samuel Mowers at Investorideas.com
Market Slump, Korean Exchange Launching Index and Canadian Exchange
Group to Start Crypto Brokerage Service
The cryptocurrency market is starting the week in a
relative slump compared to last week’s modest recovery. The total market cap is
around $310 billion USD at press time, which is somewhat lower than last week’s
high of around $356 billion USD. At press time Bitcoin (BTC) comprises 44.5
percent of the crypto market share but is itself only trading at about $8150
USD, a drop from last week’s peak of roughly $9170 USD.
According to a recent story from
Business Korea, Korean cryptocurrency exchange giant Upbit will be launching
the country’s first crypto index. Calling it UBCI (Upbit Crypto Index), it will
feature four indexes called the Market Index, the Sector Index, the Bitcoin
Index and the Strategy Index.
“The Market Index is a market cap-weighted index
that takes into account the market's total liquidity ratio and enables
investors to catch the flow of all coins at a glance. The Sector Index is a
method of calculating an index for each sector by classifying the characters of
coins, and the Bitcoin Index is the indexation of Bitcoin representing the
market. Moreover, the Strategy Index is an indicator for setting a quantitative
investment rule and tracking the yields of operated portfolios in accordance
with the rule.
"The present situation of the cryptocurrency
market is quite similar to the traditional financial market based on stocks and
bonds in its early stage," said Lee Seok-woo, president of Dunamu.
“Accordingly, as the market gets more sophisticated, the UBCI is expected to
play an important role in this area in the future. We will also disclose the
index rulebook and let the market evaluate it before long."”
Canada’s TMX Group, which runs the Toronto Stock
Exchange, has announced the launch of a new cryptocurrency brokerage service. This will be done
through an agreement with TMX Group’s wholly-owned subsidiary Shorcan Digital
Currency Network (Shorcan DCN) and Toronto-based “value network and trustware provider for decentralized
financial services” Paycase Financial. The service will focus on bitcoin and
ether with BMO Financial Group providing Shorcan DCN with “banking services as
part of the payment and settlement infrastructure.”
“Shorcan DCN
is designed to leverage the combination of Shorcan Brokers' (Shorcan) expertise
in providing clients in the Canadian financial industry with liquid, efficient
and reliable brokerage services with Paycase's premier cryptocurrency data
aggregation platform and established worldwide network of industry leaders and
participants. Concurrently with the establishment of brokerage services,
Shorcan DCN, together with Paycase, will create proprietary-based
cryptocurrency benchmarks based on consolidated data from the world's leading
crypto exchanges as well as over the counter, or OTC, brokered volume.
"We are
excited to enter in to this agreement with Paycase, an industry leader with an
innovative and entrepreneurial spirit," said Peter Conroy, President,
Shorcan. "We look forward to putting in the necessary collaborative work
in the days ahead as we strive to make Shorcan DCN a lasting success."
John Lee,
Managing Director, Enterprise Innovation & Product Development, TMX Group
added: "Shorcan DCN represents a significant step forward in the execution
of TMX Group's digital strategy. As new technologies continue to reshape the
global financial industry, we continue to explore new ways to evolve our
business to address client needs in both traditional and non-traditional
markets."”
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