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Brave New Coin Liquid Indices Pause Bitfinex Exchange data

Brave New Coin Liquid Indices Pause Bitfinex Exchange data

Brave New Coin (BNC) announced that it will suspend Bitfinex data for its Liquid Indices such as Bitcoin Liquid Index (BLX), Ethereum Liquid Index (ELX) and XRP Index (XRLX).

Nasdaq, on 25th February 2019, launched the Bitcoin and Ethereum Liquid Indices named Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) to its Global Index Service Offerings in collaboration with Brave New Coin (BNC). The BNC's API for Bitcoin Liquid Index (BLX), Ethereum Liquid Index (ELX) and XRP Index (XRLX) determine a USD price point for one bitcoin, ethereum and xrp at tick intervals of 30 seconds.

The BNC's announcement noted that there is significant price divergence observed on Bitfinex exchange prices as compared to prices on the other constituent exchanges in BNC’s Liquid Indices product portfolio.

The announcement said, "Due to concerns about price disparity and a lack of transparency at the Bitfinex exchange, Brave New Coin has decided to remove Bitfinex data from its Bitcoin, Ethereum and XRP Liquid Indices pending further review."

Liquid Indices Governance Panel Decision

Brave New Coin's Liquid Indices Governance Panel (LXGP) has decided for the suspension of Bitfinex from all LX products including the BLX, ELX and recently released XRPLX. It was noted in the announcement that LXGP looked into the disparity, the concurrent market communications from Bitfinex, Bitfinex USD trading premium in combination with difficulties withdrawing USD and lack of transparency from the exchange are the reasons for the latest suspension of Bitfinex data from its LX (Liquid Indices) product.

However, BNC also noted that the situation will be reassessed in due course as a part of the ongoing Liquid Indices Governance Panel (LXGP) monitoring and review agenda. But as of now, it will remove Exchange data from Bitfinex from the LX algorithm and all LX indices.

As of May 10th at 6am UTC, Brave New Coin started a 24-hour phase-out of Bitfinex constituents, says the announcement.
PC: Brave New Coin

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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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