Bitmain releases crypto index to track Bitcoin and 16 altcoin prices

The aim of the Bitmain Crypto Index (BCI) is for both retail and institutional investors to reliably track the price of cryptocurrencies.

In an official statement Bitmain said the product was “developed to provide institutional and retail investors with a transparent, timely, methodology-based, and investable benchmark of the most active cryptocurrencies traded globally”.

The company added: “The Index is solely owned by Bitmaintech Pte. Ltd. and is administered by Bitmain Index Operating Committee (‘BIOC’) which will conduct regular review and engagement with external stakeholders for feedbacks to keep the Index methodology as updated and representative as possible.”

Bitmain’s co-founder Jihan Wu has found himself in the news for the wrong reasons of late, with his involvement in the Bitcoin Cash fork shrouded in controversy.

The mining giant was planning on launching an IPO based in Hong Kong, but there are now doubts over whether it will go ahead due to the ongoing $5 million lawsuit involving Bitmain over unauthorised mining.