Lykke, a Swiss fintech startup, has launched two cryptocurrency indexes alongside associated service tokens, expanding its array of products that the company says offer \"a simple path to the crypto ma
Lykke, a Swiss fintech startup, has launched two cryptocurrency indexes alongside associated service tokens, expanding its array of products that the company says offer "a simple path to the crypto market."
The first index, Smart LyCI, focuses on the top ten blockchain platforms that concentrate on smart contracts—these are protocols that let parties execute agreements without courts, lawyers, or other intermediaries. The index includes Ethereum, Ethereum Classic, NEM, TRON, Tezos, Ontology, EOS, Cardano, NEO and Stellar.
The second offering, Pay LyCI, monitors the ten largest cryptocurrencies designed for purchasing goods and services. The holdings are Bitcoin, Bitcoin Cash, Bitcoin SV, Dash, Dogecoin, IOTA, Litecoin, Monero, XRP and Zcash.
Richard Olsen, Lykke's founder and CEO, said: "In the traditional finance industry, professional investors have been making a lot of money for a long time through index investing. We are introducing a wonderful opportunity for everyone to make money and get involved in the exciting emerging crypto space. Democratization of a previously closed and secretive industry is inevitable and we are proud to be pioneering it."
In January, the company introduced the LyCI Service Token, which allows buyers to gain exposure to twenty-five cryptocurrencies selected by the LyCI index. Lykke launched the underlying LyCI index late last year as a market-cap weighted basket of the top crypto assets, rebalancing every minute. Investors can request delivery of the underlying holdings at any point.
The indexes give investors a way to access the entire crypto market without needing to monitor price movements or accept the risk that individual tokens pose. Using these products, investors avoid the headache of tracking rapid market changes while spreading risk across multiple assets. Trading the indexes happens on the Lykke Exchange, the company's marketplace for cryptocurrencies and fiat currencies, with zero fees.
Founded in Switzerland in 2015, Lykke operates as a fintech company building a global exchange for financial assets. The company maintains operations in Zurich, Vanuatu, Cyprus, the UK, Singapore and the US. Its platform uses the Colored Coin protocol to list and represent financial instruments.
