Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

The Winklevoss Twins Are Creating A New Bitcoin Price Index Called The 'Winkdex'

Rob WileFeb 20, 2014, 02:46 IST

The Winklevoss twins want to dominate the Bitcoin world.

So much so that they're now going to tell you what its price is.

In the latest filing (first spotted by the New York Times' Nathaniel Popper) for their Bitcoin ETF, the brothers lay out how it will work:

"Math-Based Asset Index, LLC ("Index Provider") [the twins' firm - ed.] developed, calculates and publishes Winkdex on a continuous basis using a patent-pending mathematical formula developed for such purpose. The formula provides a volume-weighted, exponential moving average market price by blending trading data from the largest Bitcoin Exchanges by volume on a list of Sponsor-approved Bitcoin Exchanges. Bitcoin Exchange criteria for inclusion as a Winkdex constituent include (i) trading denominated in US Dollar, (ii) availability of trading data, (iii) volume criteria and (iv) lack of recent trading halts. The Index Provider maintains a monitoring system that tests for these criteria on an ongoing basis."

And there's already a website - winkdex.com.

Winkdex.com