Frankfurt-based MVIS “develops, monitors and licenses the MVIS Indices, a selection of focused, investable and diversified benchmark indices.” Approximately $14.48 billion in assets are “currently invested in financial products based on MVIS Indices.”
On 6 November 2017, MVIS announced that it had “became the first major index provider to offer digital asset (crypto) indices” via a partnership with CryptoCompare, and said that “MVIS CryptoCompare Indices are the first to meet investment industry benchmarking standards by providing a public rulebook for fork treatments and other events, industry-wide data distribution, proper identifiers and further standard index governance requirements that are expected from a regulated, unaffiliated, major benchmark provider.”
In a press release shared with CryptoGlobe, the two companies said that their newly-launched Bitcoin Benchmark Rate is an index “designed to offer a robust hourly price for Bitcoin in USD.”
BBR is a rules-based index that covers the five highest ranked exchanges in CryptoCompare’s Exchange Benchmark. At the time of writing, these top five exchanges are three AA-rated exchanges itBit, Gemini, Coinbase, Kraken, and Bitstamp, as you can see from the screenshot below:
The MVIS CryptoCompare Bitcoin Benchmark is meant to serve “as a reference rate for funds, asset managers and exchanges who wish to build financial products on bitcoin, such as derivatives and ETPs.”
Currently, SEBA offers a wide variety of crypto services, including trading, custody, lending, research, and asset management (“with active and passive strategies”).
Daniel Kuehne, Head of Asset Management at SEBA, had this to say:
“It is essential for derivatives on cryptocurrencies to have a representative reference rate which is robust against market distortions and manipulations. We 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”.s
As for Thomas Kettner, Managing Director of MVIS, he added:
“We are pleased to launch this index, which is designed to provide a price for bitcoin which is hard to manipulate. The index follows our long-term mission in supporting new product developments with the aim of providing investors access to bitcoin data”.
Finally, Charles Hayter, CEO and Co-Founder of CryptoCompare, stated:
“We are excited to be leading the charge to bring greater transparency to the digital asset class by providing high-quality data and trusted indices. Working in partnership with MVIS, we are pleased to offer investors a premium tool to better measure the performance of their Bitcoin exposure.”