The New York Stock Exchange is stepping up its involvement in the Bitcoin ecosystem with the launch of a bitcoin index.
Launching today, the NYXBT Index will represent the US dollar value of one bitcoin unit based upon actual transactions occurring on select bitcoin exchanges which have passed muster with the Nyse. The first of these is Coinbase Exchange, in which Nyse has a minority interest.
“Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class,” says Nyse group president Thomas Farley. “As a global index leader and administrator of ICE Libor, ICE Futures US Dollar Index and many other notable benchmarks, we are pleased to bring transparency to this market.”
NYXBT relies on rules-based logic to analyse a dataset of matched and verified transactions to produce a fair daily value set at 16.00 London time.
Farley says the Exchange will launch further products around the initial index 'over time'.