SolidX Partners Inc., a company that specializes in blockchain-based identity services, has registered with the Securities and Exchange Commission (SEC) to launch the SolidX Bitcoin Trust, an exchange-traded fund (ETF) that will provide shareholders exposure to the daily change in the U.S. dollar price of bitcoin, minus expenses and liabilities of the trust, as measured by the TradeBlock XBX Index.
The trust will list on the New York Stock Exchange under the ticker symbol “XBTC,” the company announced on its website. It will not be actively managed.
The SolidX Bitcoin Trust will utilize the XBX Index price to determine the daily net asset value, providing stakeholders with an accurate and reliable benchmark for the price of bitcoin. Once approved, shares of the SolidX Bitcoin Trust will list and trade on NYSE Arca, the exchange for the largest gold ETF, the SPDR Gold Trust (GLD).
An electronic version of the SolidX Bitcoin Trust registration statement can be accessed through the SEC's website at www.sec.gov.
TradeBlock’s XBX Index has become the leading institutional reference rate for the price of bitcoin, and is designed to serve the needs of ETF traders and providers. The index value is a live rate calculated once per second based on trading activity on bitcoin exchanges.
The XBX Index weighs the most liquid exchanges more heavily to maximize replicability of the index rate in live spot markets. It algorithmically discounts price deviations caused by market anomalies and manipulation attempts in real time.
The XBX Index governance protocol and calculation methodology are based on the IOSCO Principles for Financial Benchmarks, which further ensure the unbiased nature and reliability of the reference rate. More than $100 million of derivative assets rely on XBX as the benchmark reference rate.
SolidX Bitcoin Trust's adoption of TradeBlock's SBX Index continues the accelerating adoption trend by bitcoin companies. The index also serves as the reference rate for Grayscale’s Bitcoin Investment Trust, the first publicly-traded bitcoin investment vehicle; Chainalysis, a provider of compliance services and tools; BitGo, a bitcoin wallet provider; Rebit.ph, a bitcoin-based remittance provider; various cash-to-bitcoin ATM network operators; private funds and software companies.
TradeBlock XBX Index also serves as the benchmark rate for thousands of bitcoin in daily over-the-counter spot trading on the TradeBlock Professional platform.
For further information about the TradeBlock XBX Index, visit https://tradeblock.com/markets/index.
Also read: ETF 'Spider Woman' gets behind BTC ETF
SolidX Partners recently launched a solution it characterizes as the world’s first full-stack identity solution using blockchain technology. Called Vida, the solution provides enterprises with identity management capabilities without having to hold personal identifying information. Vida provides one identity across numerous applications, streamlining permissioned access to services and data without shared-secret based access mechanisms such as passwords, usernames and ID numbers.
Vida utilizes the blockchain as a distributed key server, removing risks associated with centralized key storage. The platform provides an additional layer of security by leveraging a unique, three-party authentication methodology to eliminate “man-in-the-middle” attacks.
By decentralizing risk and enabling secure recordkeeping, Vida improves corporate security and simultaneously empowers users with better control over usage, establishment and protection of personal identifying information across platforms.
Vida enables time stamping, file fingerprinting, authentication, credential verification, storage, email verification and document signing. Service providers and their customers do not have to remember and store passwords since the platform authenticates requests with verifiable digital signatures.
“Vida represents a first of its kind enterprise-grade identity platform using public key infrastructure and built on blockchain technology,” said Daniel H. Gallancy, chief executive officer of SolidX Partners. “Vida’s use of the blockchain enables a level of security not possible in the past.”
“We look forward to supporting enterprises in improving security and eliminating the liabilities associated with centralized recordkeeping,” Gallancy continued. “Vida’s blockchain-based identity system creates value for enterprises, customers and employees without compromising privacy or control of personally identifying information.”
Featured image from Shutterstock.
Last modified (UTC): July 15, 2016 1:42 PM