CoinDesk is pleased to announce the addition of Coinbase and itBit to its Bitcoin Price Index (BPI).
, editorial board member at CoinDesk, commented on the integration:
Matonis added the inclusion was not expected to have a major impact on the reported index value, given that both itBit and Coinbase trade fairly in line with the existing components.
"However, one immediate benefit is that companies and services relying upon the CoinDesk BPI will have a more robust, representative index that is less likely to be dominated by a single regional exchange house and less subject to market anomalies," concluded Matonis.
To join the Bitcoin Price Index, bitcoin exchanges are required to submit a questionnaire and meet specific industry criteria; including servicing an international customer base and allowing minimum trades of less than $1,500 or equivalent.
The inclusion of Coinbase in CoinDesk's BPI comes after the New York Stock Exchange (NYSE) based its bitcoin price index on transactions taking place on Coinbase's exchange.
Commenting on the rationale behind itBit's addition into CoinDesk's BPI, marketing director Ben Pousty said: "As the first and only regulated bitcoin exchange available to US customers nationwide, as well as traders around the world, itBit is a trusted platform within the industry."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.