3 of the best-known crypto trading firms are banding together on a new venture to bring crypto to the next level-5.71

A band of cryptocurrency trading desks is opening up their books to help institutions better understand the price of bitcoin — and they’re hoping the move will take the floundering market to the next level.

Three major cryptocurrency over-the-counter traders — Genesis Trading, Cumberland, and Circle Trade — announced they would provide data for a new index, dubbed MVIS Bitcoin US OTC Spot Index. The new product, which is run by MVIS, a division of asset manager VanEck, is a standout given it draws data from OTC desks as opposed to exchanges, such as Coinbase and Kraken. “Transparency is coming to the over-the-counter market,” Gabor Gurbacs, head of digital asset strategy at VanEck said in an exclusive interview with The Block. “Before this no one would publish the price and it happened behind the scenes.”

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