Binance CMC Top 10 Equal-Weighted Index will be available to investors through Auto-Invest beginning in November 2022, allowing them to track the performance of the top ten cryptocurrencies.
The cryptocurrency exchange Binance announced that it will introduce its Top 10 Equal-Weighted Index as the first index product in its Binance CoinMarketCap (CMC) Index Series.
The Top 10 Equal-Weighted Index will track the progress of the top 10 cryptocurrencies in the market according to market capitalization, including Bitcoin and Ethereum. The exchange indices will make use of pricing data from the cryptocurrency exchange’s owned cryptocurrency price tracker CMC.
The Equal-Weighted Index, which will be rebalanced regularly, is intended to aid investors in assessing pricing and performance, according to the statement. Investors will be able to purchase the index products through Binance’s Auto-Invest service beginning in November 2022, starting with the Top 10 Equal-Weighted Index.
The community may anticipate more from the index series in the future, according to Binance, which will include “additional digital assets in a wide collection of goods.”
Binance and other significant crypto-industry giants have been expanding their service offerings to the larger community despite a protracted and challenging crypto winter.
According to a recent Q3 2022 report from the Web3 development platform Alchemy, this year may really set a new record for Web3 development.
Recently, Binance increased the number of markets in which it offers its services. On October 6, Kazakhstan awarded the exchange a perpetual license to provide services related to digital assets, and in 2022, it recorded a 49% increase in regional user sign-ups in the Middle East.
The network just finished its 21st quarterly Binance Coin (BNB) burn, which removed around $547 million worth of BNB from its supply. This announcement of the price index tools was made at the same time.
