MUMBAI: CryptoWire, a global crypto super app, today announced that it has entered into an agreement with Bitbns exchange for trading IC15, India's first global crypto index, launched by CryptoWire in early January this year.

Making the announcement  Joseph Massey, MD & CEO CryptoWire said that it will for the first time that India will witness trading on a crypto index and once the trading on IC15 begins, around 4 million users of Bitbns exchange will now be able to trade IC15.

Massey said, "IC15 is India’s 1st Global Index of Cryptocurrencies, and it represents more than 80% of crypto assets by market capitalization. As the cryptocurrency market develops and widens, the participants would find the IC15 index offering of much greater institutional use through ETF and alternate wealth management product."

With the commencement of trading on IC15, beginning the first week of April 2022, market participants, both individuals and institutions will get the advantage of spreading their risks by taking a view on the entire market versus concentrated risk on a single currency. 

According to Massey, it will broaden the product offerings through Exchange Traded Funds (ETFs) and other wealth management products, derivatives and basket trading for arbitrage benefits. Around 4 million users of Bitbns exchange will get the benefit of trading on IC15.

Commenting on the development Gaurav Dahake, founder and CEO of Bitbns exchange said that trading in the IC15 index will bring India on the global crypto map as the index prices will be seen globally and enable the industry to monitor broad-based movement in the crypto industry. 

"Bitbns exchange licensing arrangement with CryptoWire will meet the much-desired need of the trading community for trading in IC15 index which allows clean trading on prices of underlying without the challenges of the taking delivery in individual cryptocurrency. Bitbns exchange has 4 million users and 350 coin-pairs traded on the exchange, and we believe that our users will derive great benefit from IC15," Dahake added.