The Hong Kong Virtual Asset Consortium recently unveiled a new index called the Crypto Large Market Cap Index, which tracks the performance of cryptocurrencies within the large market capitalization segment globally. The new index includes several crypto tokens like DOGE, MATIC, ATOM, and VET, among several others.
Cardano influencer ADA Whale took to Twitter earlier today to share the news of ADA being included in HKVAC’s new virtual asset index:
Here’s one of the first of many new crypto indexes that will be used by institutional investors. It includes $ADA and all other major coins. A rising tide will lift all boats https://t.co/aaAkwo1dRO pic.twitter.com/8QzIYWcqlB
— ADA whale (@cardano_whale) June 27, 2023
According to the Cardano influencer, the HKVAC’s latest virtual asset index was the first of many that would be used by institutional crypto investors. The index included major crypto coins, including ADA, the world’s seventh-largest cryptocurrency by market capitalization. The influencer tweeted that “A rising tide will lift all boats,”, indicating the likely bullish trend that Hong Kong’s latest crypto push would trigger.
Crypto journalist Colin Wu broke the news of the Hong Kong Virtual Asset Consortium’s latest digital asset offering earlier today. According to Wu, the Hong Kong rating agency’s new index would be offered alongside BTC, ETH, and stablecoins that are currently offered.
Colin Wu tweeted that the HKVAC was supported by Hong Kong legislator Johnny Ng, who previously served as a member of the Legislative Council for the Election Committee constituency in the city-state. Leading crypto exchanges Huobi Global and KuCoin also supported the institution.
The tokens listed in the HKVAC’s new index included platform native tokens, privacy tokens, as well as several tokens that were previously deemed securities by the U.S. Securities and Exchange Commission (SEC). However, the crypto journalist reported that the reference value for the crypto community in Hong Kong was not high.
According to the factsheet published by the HKVAC on its official website, the new virtual asset index includes the top 30 eligible cryptocurrencies with the highest market capitalization in the world. Other eligibility criteria included an active trading period of three months for every token and a median daily market capitalization of at least US$ 10 million over three months.
