Bitbuy Crypto Exchange Acquired Canadian Bitcoin Index, CBIX

Bitbuy Crypto Exchange Acquired Canadian Bitcoin Index, CBIX

Bitbuy crypto exchange has acquired Canadian Bitcoin Index, CBIX, according to the latest press announcement. Terms of the acquisition are not disclosed.

Bitbuy is Canada’s leading cryptocurrency trading platform and only supports four digital (crypto) currencies namely Bitcoin, Bitcoin Cash, Litecoin and Ethereum.
Bitbuy logo

CBIX is a leading Canadian Bitcoin Index. It uses few of the crypto exchanges to derive their crypto index value. Those crypto exchanges include CoinField, EzBTCQuadrigaCX, Coinsquare, and Kraken. CBIX aka Canadian Bitcoin Index represents the cost of purchasing bitcoins through a Canadian exchange using Canadian dollars. Thus, CBIX represents a true indication of the price of bitcoin in Canadian dollars, according to the company.

Snip from with Live Exchange Data
PC: Snip from with Live Exchange Data

The cryptocurrency indexes (sometimes also referred to as bitcoin indexes) helps investors to understand the optimum value of Bitcoin. The massive price volatility of bitcoin due to unregulated market nature and cryptocurrency values among international exchanges demands need for crypto indexes. CBIX helps in getting the right price of bitcoin in Canadian dollars across leading exchanges.

Director of Product,Chris Swick said, “We saw an opportunity to acquire a valuable resource for Canadians. Bitbuy is prepared to invest and grow CBIX to ensure Canadians have the tools needed to help them navigate Bitcoin markets here in Canada,”

The acquisition of CBIX (Canadian Bitcoin Index) helps Bitbuy exchange to trade bitcoin with a fair understanding of Bitcoin market prices.

PC: pablo,unsplash

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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