A New Crypto Market Price Tracking Index: GMCI 30
A joint venture between The Block and Wintermute has launched the GMCI 30 index, which tracks the price performance of the top 30 crypto assets. This new index is designed to bring transparency and simplicity to the rapidly evolving crypto industry. It limits the weighting of the leading asset to 25% of the index’s total value and excludes stablecoins. To be eligible for inclusion in the GMCI, cryptocurrencies and tokens must meet various requirements, including listings on centralized exchanges and supported custody on platforms like BitGo or Coinbase Custody. Compliance with CoinMarketCap and CoinGecko listings, as well as US KYC and AML laws, is also necessary. Coin Metrics will provide the data feeds for index-pricing calculations.
GMCI’s Plans for Expansion
The launch of the GMCI 30 index is just the beginning of GMCI’s strategy to offer a range of segment and category-specific indices for digital assets. The company plans to introduce additional sector indices focused on tracking Layer 1s, Layer 2s, and DeFi protocols in the near future. Evgeny Gaevoy, CEO of Wintermute, and Larry Cermak, CEO of The Block, will both serve on GMCI’s board of directors. Gaevoy expressed surprise at crypto valuations in a pre-launch post, questioning the hype surrounding them. Overall, the debut of the GMCI 30 index brings a new benchmark for tracking crypto market prices.
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