Wintermute, a digital asset market maker, and crypto news outlet The Block are joining forces to introduce a pioneering cryptocurrency market price tracking index. According to an announcement made on February 12, the newly established joint venture, named Global Markets Crypto Intelligence (GMCI), will oversee the GMCI 30 index. This index is designed to monitor the performance of the top 30 cryptocurrencies by market capitalization, albeit with a capped weighting of the top assets at a maximum of 25% of the total index value. Notably, stablecoins will be excluded from the index.
To qualify for inclusion in the GMCI index, coins and tokens must be listed on select centralized exchanges such as Binance, Bitfinex, Bitstamp, Bybit, Coinbase, Kraken, OKX, and Upbit. Moreover, the digital assets must be supported by BitGo, Coinbase Custody, or Gemini Custody. Additionally, they must be listed on CoinMarketCap and CoinGecko. Tokens that do not comply with U.S. Know Your Customer and Anti-Money Laundering laws will also be barred from inclusion.
Maarten Botman, CEO of GMCI, emphasized that the GMCI indices aim to enhance transparency and simplicity within the rapidly evolving cryptocurrency asset class. These indices are designed to facilitate easy tracking of the entire industry and its sub-sectors. The announcement highlighted the role of Coin Metrics as the data source for index pricing calculations.
Prior to the index's unveiling, Wintermute CEO Evgeny Gaevoy disclosed that The Block, a co-creator of the GMCI index, had sold 80% of its shares to Singapore-based venture capital firm Foresight Ventures for $60 million. This strategic move underscores the growing interest and investment in cryptocurrency-related ventures, signaling a maturing market landscape.
