Market-leading crypto exchange Binance has announced that it is launching its first crypto index, Top 10 Equal-Weighted Index, which will also launch the Binance CoinMarketCap (CMC) Index Series.
The Top 10 Equal-Weighted Index tracks the performance of the ten largest cryptocurrencies, including well-known names such as Bitcoin All indices use the price data from CoinMarketCap, the crypto data service now also belongs to the large crypto exchange.
According to the announcement, the Equal-Weighted Index will be rebalanced every month. The aim of the product is to give crypto investors a simplified overview of price development and performance. The new crypto indices are expected to be available via Binance’s auto-invest feature as early as November 2022.
In the future, Binance wants to gradually expand the index service so that "more and more cryptocurrencies can be represented in various products".
Although the crypto winter is hitting the industry badly, Binance and some other big crypto companies are still busy developing new services.
A recent study by the Web3 developer platform Alchemy shows that despite the crisis, the current year has been the greatest success for the development of smart contracts on the Ethereum network.
Binance, meanwhile, has also pushed ahead with its global expansion plans, with the crypto company securing a permanent license for Kazakhstan on Oct. 6 , while the Middle East crypto exchange's main platform has seen a 49% increase in usership in 2022.
Also, the company recently conducted its 21st quarterly burn for its proprietary cryptocurrency, Binance Coin, which reduced the $547 million BNB supply.
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