Binance, the global cryptocurrency exchange, has grown in prominence in the crypto sphere. The company has been saturating the cryptocurrency market with a myriad of collaborations. Now, the company has launched the Binance CoinMarketCap [CMC] Index Series in an effort to strengthen its relationship with cryptocurrency price tracker CoinMarketCap [CMC].
The exchange is slated to introduce its first index product as part of the aforementioned series, according to a recent release. According to reports, it is known as the “Top 10 Equal-Weighted Index.” The performance of the coveted top 10 crypto assets will be monitored by this program.
In November 2022, Binance announced that this would be made available to investors. Users will be able to use this service by using the Auto-Invest function of the exchange.
According to reports, the Equal-Weighted Index would be adjusted monthly to help investors evaluate price and performance. It should also be mentioned that platforms are still looking for fresh items despite the weak market.
Binance rolls out top 10 Equal-Weighted Index
The roadmap for the exchange’s Index product series is straightforward. The Top 10 Equal-Weighted Index has just been released by Binance, and it has already checked off the first item on the list. Users will currently be able to monitor the performance of these assets.
The Auto-Invest function, which is scheduled to go live in November, was included in the second item on the list. With a broad range of indexes, the third on the roadmap will make its debut in 2023.
As was already mentioned, Binance and CoinMarketCap have a long-standing relationship. CMC was purchased by the exchange in April 2020. The company’s CEO, CZ, previously stated the following in regard to the collaboration,
“Our common vision will be strengthened by this acquisition to further growth and instill transparency in the industry. This will enable us to build on each other’s strengths, jointly serving as infrastructure providers of crypto.”
The most recent collaboration is probably a reflection of Binance’s original objective.