Binance officially announces the launch of its new cryptocurrency benchmark, the Binance CoinMarketCap (CMC) Index Series. The announcement was complemented by showcasing the roadmap drawn until 2023. The Index Series will enable traders to evaluate their crypto holdings better and monitor their performances. However, the pricing data is to be acquired from CoinMarketCap, a crypto tracking site owned by Binance.
According to the roadmap, Binance has already achieved the first phase, where it aimed at launching the top 10 Equal-Weighted Index. The next phase is tentatively scheduled for November 2022. Binance, during that phase, looks to launch the Auto-Invest Index plan. It will be crucial for users looking to diversify their crypto purchases.The final phase of the roadmap will conclude with the launch of new Auto-Invest trading indices.
The auto-Invest feature eliminates the manual interaction to buy cryptocurrencies. Instead, the feature automatically executes the process by relying on a dollar-cost averaging strategy. Users can opt to specify the cryptocurrency they wish to buy regularly through the Auto-Invest feature.
Top 10 Equal-Weighted Index functions by tracking the market performance of the top ten cryptocurrencies based on their market capitalization. It is calculated by multiplying the price of the digital asset in its USD form by its supply that is in circulation. All the digital assets in the top 10 are equally weighted and rebalanced every month.
Users can avail access to track the Binance CMC Top 10-Equal-Weighted Index performance on Binance. Binance was launched in 2017. It now has a headquarters in Malta with BNB as its native currency. Services offered by Binance are:-
- Crypto purchase
- Trade
- Derivatives
- Finance
- Earn
What works well for Binance are eWallets and Mobile Trading. Users can link their Binance accounts to their respective eWallets, to deposit and withdraw funds 24/7. Mobile Trading makes it convenient for traders to track and execute transactions at any time.
New users looking to get familiar with the tools of a crypto trading platform can start with the Basic Trading Account. Professionals can quickly shift to the Advanced Trading Account with the option to customize based on their requirements. Read more features on our Binance review.
Additionally, Binance Credit Cards are huge hits among the community. Linking a credit card to Binance Credit Card enhances the trading speed. With the first phase accomplished, Binance is now entering its second phase.An announcement for the launch of the Auto-Invest Index plan is awaited. The dollar-cost averaging (DCA) strategy weaved into the Binance CMC platform helps in giving full freedom to the users in choosing the cryptocurrency of their choice and carrying on with a smooth, unforgettable experience.
Source: https://www.cryptonewsz.com/binance-announces-its-index-series-and-one-year-roadmap/