

Does Binance’s New CoinMarketCap Index Blur Company Lines?



What benefits will the "Binance CMC Index Series" give users? Does the CoinMarketCap integration compromise its independence from Binance? Learn more here!
Binance CoinMarketCap Index
Binance has announced the introduction of its first Index, entitled the "Binance CMC Index Series," in collaboration with CoinMarketCap, a major crypto price-tracking website it acquired in 2020.
According to the announcement, the Index will include the top 10 cryptocurrencies by market capitalization and will be available to users in November.
Users can expect more from the Index Series in the near future, as the company aims to incorporate other popular digital assets. According to Binance, integrating the Index into "Binance's auto-invest function" will enable investors to make better financial decisions by investing or diversifying their portfolios directly through the app, using the Dollar-Cost Averaging method.
Furthermore, the Index's user interface is designed to make it easier for users to analyze and monitor the market in real-time.
How Independent is CoinMarketCap?
The Index will be rebalanced at the beginning of each month, and live price data will be used with the assistance of CoinMarketCap, the most-used crypto price tracker in the world.
Although it has been owned by Binance since April 2020, CoinMarketCap stresses that it operates independently from its parent company, but this index integration sparks questions about whether the two companies can still be considered independent, or if this is a move toward erosion of that independence.
Growth of Binance, Centralization
Binance already ranks as the world's largest crypto exchange in terms of trading volume. During the ongoing bear market, the company has continued to develop digital services and expand its footprint.
For example, the company recently acquired an operating license in Kazakhstan and opened an office in New Zealand. It has now established a foothold in Central Asia, effectively expanding its global reach beyond the Middle East, Europe and the Americas. The acquisition of CoinMarketCap and integration within the Binance ecosystem is another step in Binance’s journey to crypto world dominance.
The basic premise behind Vitalik Buterin's Ethereum and Nakamoto's Bitcoin was to give individuals more control and provide for decentralization. However, those ideals can seem to be in conflict with the growing influence of cryptocurrency exchanges.
Binance maintains its mission to make cryptocurrency more accessible and to serve as many customers as possible by providing an easy-to-use platform. Its popularity attests to its success, but also gives rise to a significant debate: Is Binance’s continued growth, and by extension greater centralization of blockchain finance, beneficial to the crypto industry, which many people believe by definition ought to be decentralized?
What Is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
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Related News


Ether Futures ETFs Hit the Market: ProShares, VanEck, and More Offer Options

This marks the first-ever ETFs based on ether futures, following the introduction of the first bitcoin futures ETF two years ago.
Summary
- A range of exchange-traded funds (ETFs) targeting the performance of ether futures have been launched.
- These offerings mark the first-ever ETFs based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF.
In a significant development for the crypto industry, a range of exchange-traded funds (ETFs) targeting the performance of ether futures have been launched. These offerings mark the first-ever ETFs based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF.
Renowned for launching the first U.S. bitcoin futures ETF, ProShares leads the charge with the launch of the ProShares Ether Strategy ETF, along with two additional offerings that provide a blend of exposure to both bitcoin and ether. ProShares’ CEO, Michael L. Sapir, expressed optimism about the appeal of these crypto-linked ETFs to investors, stating, "We think that many investors who are interested in cryptocurrencies but are concerned about custody risks, or who are challenged by the learning curve and complexities required to buy them directly, will be attracted to our crypto-linked ETFs."
Bitwise also joined the fray with two ether futures ETFs: the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF.
VanEck, a prominent asset manager, has also entered the arena with the VanEck Ethereum Strategy ETF. This ETF is designed to target capital appreciation by investing in ether futures contracts, providing investors with an alternative path to participate in the robust futures market centered around Ethereum.
Additionally, the VanEck Ethereum Strategy ETF has also entered the market, “designed to seek capital appreciation” through ether futures contracts. As highlighted by Kyle DaCruz, Director of Digital Asset Product at VanEck, these offerings provide a means for investors to tap into the robust futures market surrounding Ethereum.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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