Major cryptocurrency exchange, Huobi Pro, announced today that it had launched a new index, tracking the platform’s 10 top-traded digital currencies against Tether (USDT) in real time. The company said that the constituents of the Huobi 10 index were classified into four categories: coins, platforms, applications and utility asset tokens.
“The number of constituents selected in these four categories depends on their transaction volume of last quarter,” Huobi said in a press release. “After deciding the allocation of constituents into each of the four categories, the average daily trading volume in the previous quarter is used to decide the weight of the constituent in the index”. Huobi, which also sad that the index would “comprehensively” reflect the market performance of the platform, also plans to launch an “index trading product” in early June.
Huobi Pro is currently the third-largest cryptocurrency exchange by trading volume, behind OKEx and Binance. It is a peer-to-peer platform, launched last year, in response to China’s ban on cryptocurrency exchange trading in September. Prior to the ban, its parent company, Huobi Global, was one of China’s largest digital currency operators, but it was forced to relocate to Singapore in the wake of the crackdown.
Huobi is also aggressively expanding in major cryptocurrency markets. It launched a South Korean subsidiary in late March and is looking to enter the US market in the near future.
Last month, the company also announced plans to open an office in London. Chern Chung, Huobi’s senior business development manager for Europe, told reporters at the time that the company wanted to have a presence in the UK capital because “our statistics show that London is the most active trading scene across all of Europe.”
According to data from Coinmarketcap, Huobi has generated trading volume of nearly $1.2 billion in the past 24 hours.