Update To The Constituents Of BNC Indices – (Coinbase-XRP)
The Brave New Coin (BNC) Index Governance Committee has approved the re-inclusion of the XRP/USD market on Coinbase as a pricing source for the XRP Liquid Index (XRPLX).
BNC Index Governance Committee announces the following change to the constituents of the BNC Liquid Index Series. This change will affect the XRP Liquid Index (XRPLX).
| Index Name | Nasdaq GIDS Ticker | Reuters Instrument Code |
|---|---|---|
| XRP Liquid Index (XRPLX) | INDEXNASDAQ:XRPLX | XRPINX=BNC |
Inclusion of Coinbase XRP/USD
On July 13th, 2023, the U.S. District Court of the Southern District of New York determined that Ripple’s XRP tokens, when sold on exchanges or through algorithms, did not constitute investment contracts. As a result, XRP does not immediately qualify as a security when it’s been offered through programmatic sales to the public or distributed to employees of Ripple Labs.
In light of recent developments, Coinbase has reinstated trading for XRP. Following a thorough review of liquidity conditions on the Coinbase XRP/USD, the BNC Governance Index Committee has determined that the traded volume and order book depth meet the requisite criteria for XRP’s re-inclusion in the XRP Liquid Index (XRPLX).
The market pair will be included with effect from Wednesday 23rd August, 00:30:00 and complete its 24 hour phase-in period by Thursday 24th August, 00:30:00 UTC.
| Index | Pricing Source | Market |
|---|---|---|
| XRP Liquid Index (XRPLX) | Coinbase | XRP/USD |
Please see the below public release for full details on this announcement.
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