From November 2022, the Binance Top 10 Equal-Weighted Index will be available to investors via Auto-Invest to track the performance of the top 10 cryptocurrencies.
Cryptocurrency exchange Binance has announced that it is launching its first index product, the Equal Weighted Top 10 Index, to kick off its Binance CoinMarketCap series of indices.
The Top 10 Equal-Weighted Index monitors the performance of the top 10 cryptocurrencies in the industry by market cap, including Bitcoin.
. Binance Indices use price information from cryptocurrency price tracker CoinMarketCap, which is owned by the cryptocurrency exchange.
Following the announcement, the equally weighted index is rebalanced monthly and is designed to help investors assess price and performance. Index products, starting with the Top 10 Equal-Weighted Index, will be available to investors from November 2022 via Binance Auto-Invest Service.
Binance said the community can expect more from the index series in the future, which will “embrace more digital assets across a diverse series of products.”
Related: BTC Price Hits 3-Week Lows on US CPI as Bitcoin Liquidates $57M
Despite a long and harsh crypto winter, Binance and other big giants in the crypto industry have been building up their service offerings for the wider community.
A recent Q3 2022 report from Web3 development platform Alchemy reported that this year could be the biggest year for development in the Web3 space.
Binance has recently expanded its services to various markets around the world. On October 6, Kazakhstan granted the exchange a permanent license to provide digital asset services, while the Middle East reported a 49% increase in regional user subscriptions in 2022.
This recent announcement of price index tools comes as the network completes its 21st quarter BNB.
burn, which removed approximately $547 million of the coin from its supply.