Huobi’s Crypto Market Index (HB10) Added To Bloomberg Terminal
According to a Press Release on June 21st, Bloomberg Terminal, a paid financial data monitoring service, will now list crypto exchange Huobi's Cryptocurrency Index.
Huobi Pro represents itself the world’s third largest exchange by trading volume, referring to CoinMarketCap. HB10, a digital asset tracking Huobi main force index, was officially launched last month. It is designed to promote the exchange and circulation of digital assets at low risks.
Huobi launched HB10 index last month, which uses weighted samples to track a pool of top-10 crypto assets traded on its platform in real-time against tether (USDT), a U.S. dollar-pegged cryptocurrency, based on their liquidity and market capitalization. The exchange soon after launched an exchange-traded fund that uses the index as a benchmark to allow investors to invest in a variety of assets instead of buying into just one at a time.
The product is designed to fully replicate the Huobi 10 Index and is rebalanced based on the constituent coin trading pairs and their weight changes. The purpose of the HB10 is to
“help users attain exposure to the digital assets market with a relatively small capital outlay and also provide users with greater diversification across constituent coin trading pairs.”
Bloomberg Terminal’s addition of a crypto index is a mark of bringing cryptocurrencies into the mainstream financial marketplace. Cheng Huixin, Associate to CEO of Huobi Group, stated in the press release that the “index reflects the overall trend of the market, index investments can diversify investment risks and are a mature and rational investment method.
The index, which on 23 May 2018 started at a base of 1000 points, is currently at 941.33. The current components of the index (in the order of increasing weight) are DASH, IOST, LTC, ETC, XRP, BCH, ETH, EOS, BTC, and HT.
According to Bloomberg, there are over 325,000 users of the Bloomberg Terminal, all of whom will now be given access to cryptocurrency trading figures through the Huobi platform. This is an exciting crossover between the traditional financial world and the cryptocurrency world and although it might not be the biggest move for cryptocurrency adoption, it will, at the very least, put cryptocurrencies in the minds of some of the world's most powerful and influential investors.