Benchmark indices for OMG Network (OMG) and Orchid (OXT) against US Dollars (USD) launched

CF Benchmarks will begin publishing indices for OMG Network (OMG) and Orchid (OXT) on Thursday 28th January 2021.

From 1630 London time today, each asset will be represented by both a per-second Spot Rate (24/7), and a once-as-day Settlement Price published 365 days a year. Transaction and Order Book data for these indices will be drawn from the following Constituent Exchanges:

The new indices will become the latest members of the CF Cryptocurrency Index Family - full index methodology and governance documents can be found at www.cfbenchmarks.com

The new indices are named as follows:

OXT:

CF Orchid - Dollar Settlement Price

CF Orchid - Dollar Spot Rate

OMG:

CF OMG Network - Dollar Settlement Price

CF OMG Network - Dollar Spot Rate

As well as helping to develop the financial ecosystem around these assets, the indices will also bring standardised and transparently determined valuations of the assets to the substantial community of users of these assets. This will help alleviate frictions in valuing and accounting for holdings that many investors and holders often encounter.

"We are excited to be able to break new ground for OMG Network and Orchid and extend our coverage of the cryptocurrency asset class at this exciting time. Our benchmark price indices are the first for these assets to be offered by a regulated Benchmark Administrator," said Sui Chung, CEO of CF Benchmarks. "This means financial services providers can now use our indices and offer products referencing these assets with the confidence that a robust and transparent benchmark price index, calculated using tried and tested methodologies, brings."

Dr. Steven Waterhouse, Orchid's co-founder and CEO said of the launch of the OXT-USD: "We are thrilled that CF Benchmarks has selected Orchid for coverage, offering new participants the information they need to get involved in our ecosystem. This is an important step forward for Orchid, and for our mission to promote a free and open Internet."

Commenting on the news of the launch of the OMG-USD indices Blaine Johnson, Head of Marketing, OMG Network said: “OMG Network is pleased to be added to the CF Benchmark family of indices. Our inclusion will provide an accurate, institutional-grade solution of OMG/USD prices and enable the OMG token to be included in a wider range of financial and derivative products. CF Benchmarks continues to be a leader in standardizing cryptocurrency metrics for the broader marketplace." said Blaine Johnson, Head of Marketing, OMG Network.

Disclosure - CF Benchmarks Ltd. is a wholly owned subsidiary of Kraken, a provider of input data to the indices produced by CF Benchmarks