Digital asset market maker Wintermute and media platform The Block announced support for digital asset index company ‘GMCI’. GMCI launches GCMI 30, a benchmark index that tracks the market performance of large cryptocurrencies.
Wintermute joins The Block in announcing its sponsorship of GMCI. GCMI will provide comprehensive index products for the cryptocurrency asset management market.
GMCI tracks the price performance of the top 30 cryptocurrencies by market capitalization.
Wintermute, a digital asset liquidity provider and OTC trading desk, announced that it will support GMCI in collaboration with The Block, a digital asset information service provider. According to a press release, the new company aims to provide comprehensive index products for the cryptocurrency custody market.
The new joint venture, Global Market Crypto Intelligence (GMCI), is led by CEO Maarten Botman, who brings 15 years of experience from Optiver to the project. GMCI’s board of directors includes Larry Cermak, CEO of The Block, and Evgeny Gaevoy, CEO of Wintermute.
According to a press release, the venture’s flagship project, the GMCI 30 Index, provides an index that tracks the price performance of the top 30 cryptocurrency assets, providing cryptocurrency and TradFi investors with a “best-in-class” benchmark against which to evaluate returns. , extensive market performance and risk management.
Assets must be listed on at least one of the eight selected centralized exchanges.
The GMCI 30 Index represents an index of 30 cryptocurrency assets based on market capitalization, and is “a structure that limits the weight of top assets to a maximum of 25% of the total value of the index.” For an asset to be included in an index, it must also meet certain criteria.
According to the announcement, “assets must be listed on at least one of the eight selected centralized exchanges (CEXs) and supported by at least one of the three selected custodians.” There should also be comprehensive market capitalization data available for each asset.
Maarten Botman commented on the convenience of the joint venture.
“Gaining broader or specific market exposure is often a difficult task for anyone who doesn’t spend all their time digging deeper into the digital asset ecosystem. GMCI indices are designed to provide transparency and simplicity to a rapidly evolving asset class. Tracking the performance of entire industries and subsectors will become incredibly simple.”
The GMCI 30 Index is just the first step
The company explained that the GMCI 30 Index is only the first step in its plan to offer a wide range of sector- and category-specific custom indices for digital assets. According to GMCI, additional sector indices specifically tracking layer 1, layer 2 and decentralized finance (DeFi) protocols will be launched shortly after the flagship index.
The ultimate goal is to trade the exchange-traded fund on a regulated stock exchange, Botman said, adding that the initial go-to-market strategy is to use the flagship index and allow a third party to build a perpetual swap product and list it on a major futures exchange.
Evgeny Gaevoy, CEO of Wintermute, said:
“The launch of GMCI is a very important step in making the industry more accessible to both insiders and new entrants. That mission is simple yet ambitious, and we are excited to support it with Wintermute’s extensive expertise and positioning.”
Larry Cermak, CEO of The Block, said:
“We are excited to help The Block display a powerfully designed index to the market. Tracking hundreds of cryptocurrency assets has become an impossible task, and with GMCI’s transparent approach, anyone can now track prices across sectors. You can access it.”
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.