Investors Tyler and Cameron Winklevoss well-known for their addiction to cryptocurrencies decided to launch a bitcoin index called Winkdex for pricing the virtual currency. It was disclosed in a registration statement that was filed with the U.S. Securities and Exchange Commission.
The index behavior can be monitored on the tailor-made website Winkdex.com. The print is calculated using a formula which takes into account trading results at largest bitcoin exchanges. Currently, the twin investors are filing a patent for this formula.
These exchanges have to meet certain requirements, such as to render bitcoin exchange to dollars, to ensure availability of trading data and trouble-free operation. Currently, Winkdex is blending the going prices of a bitcoin at the top three U.S. exchanges. As of 9:30 am GMT February 26, the index showed $574. The biggest deviation from an average index was displayed at MtGox which reads as little as $150. However, on February 7 the bitcoin exchange faced some glitches and suspended funds withdrawal. As a result, the bitcoin exchange rate plummeted 80%.
For your reference, Tyler and Cameron Winklevoss invested large sums in Bitcoin-related ventures and the currency itself. Besides, they are famous for their lawsuit against founder of Facebook Mark Zuckerberg who was also their fellow student at Harvard University. Furthermore, the brothers gear up to launch the first publicly traded U.S. bitcoin fund for investment in bitcoins. Nowadays, there are similar funds in the U.S., but only well-off investors can get access to them. However, the Winklevoss twins aim to make their exchange-traded fund available for people who are willing to invest modest money in the cryptocurrency.
