SGX licenses its iEdge Bitcoin Index to MAS-licensed Propine
THE Singapore Exchange (SGX) will be licensing its iEdge Bitcoin Index to Propine, one of the first Monetary Authority of Singapore-licensed digital asset custodian and Bitcoin exchange-traded fund service provider.
The index was developed in collaboration with UK-based digital asset market data provider CryptoCompare and was launched back in September 2021. The index tracks over 165 global spot exchanges with only AA and A grade venues considered for the indices.
"As enthusiasm in index-linked passive investing continues to grow, investors' demand for access to emerging and big market themes in a low-cost and efficient manner is on the rise. We are therefore delighted to be partnering with Propine, as it sees increasing market interest for this digital asset," said Ng Kin Yee, managing director and head of data, connectivity and indices, SGX.
Tuhina Singh, chief executive officer of Propine, said: "Propine is pleased to be SGX's first partner to license the iEdge Bitcoin Index. This represents a major step not just for us, but for the region's asset managers and institutional investors interested in Bitcoin."
Shares of SGX traded lower 0.8 per cent or S$0.08 to S$9.74 as at 1.15 pm.
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