OTC cryptocurrency dealers of Genesis Trading, Trade Cumberland and Circle can provide your data chart of MVIS Bitcoin US OTC Spot Index, which will help financial institutions to determine the price of bitcoin. To control the new product will be an investment company VanEck, according to The Block.
@MVISIndices partners with OTC trading titans @CumberlandSays @circlepay and @GenesisTrading to bring to market the first established #OTC #Bitcoin #Index. Ticker: #MVBTCO. Giant leap in #Bitcoin and #digitalassets market structure development! More info: https://t.co/LfMRTG1ndR pic.twitter.com/Ax7ktWk9iT
— Gabor Gurbacs (@gaborgurbacs) 20 Nov 2018.
It is expected that MVIS Bitcoin US OTC Spot Index will become a new tool for financial institutions, as previously they have only received data from cryptocurrency exchanges.
“In the OTC market comes transparency. Never publish these prices, and all transactions were going on behind the scenes”, – said the head of strategy in the sphere of digital assets VanEck Gabor Gorbach.
Given the fact that OTC platforms regulated by the Commission commodity futures U.S. (CFTC), the company hopes that this approach will dispel the doubts of regulators on the possible manipulation of the cryptocurrency market.
“To give an answer to doubts related to possible manipulation of the exchange rate bitcoins, which will be implemented by the trust, will be evaluated in accordance with the index of the OTC market in the USA”, – stated in the documents VanEck, directed to the Commission on securities and exchange Commission (SEC).
It is assumed that MVIS Bitcoin US OTC Spot Index will be able to apply the institutional investors in the decision-making process, it is also planned to use it in the activities of the bitcoin ETF, to be launched VanEck not going to give up.
However, some experts said the new tool is imperfect because of the engagement of OTC sources.
“Transparency will be much higher if you use a display of practical quotations”, – says the CEO of the company CoinRoutes Dave Weisberger.
According to some estimates, the volume of trading on OTC markets is substantially greater than the volume of cryptocurrency exchanges, who in recent days has exceeded $20 billion.
ForkLog previously reported that the decision of the SEC to launch a bitcoin ETF from VanEck, and companies SolidX will be delivered before March 2019.