Beginning this week, TradeBlock’s XBX Index will serve as the official reference rate for Rebit.ph, a Satoshi Citadel company, that uses bitcoin to facilitate remittance services in the Philippines. The XBX Index provides Rebit.ph with a stable and accurate benchmark for the price of bitcoin, allowing the company to offer globally competitive rates while protecting its customers from market anomalies.
Rebit.ph, launched in July 2014, is Phillipine’s premier ‘rebittance’ site, and known for offering real-time transfers with zero service fees. Rebittance is a term for fiat remittances that leverage the Bitcoin network’s speed and transparency. According to the World Bank, personal remittances within the Philippines reached $28bn in 2014, ranking third highest in the world, and comprising roughly 10% of the nation’s GDP.
TradeBlock’s XBX Index is uniquely designed as a reference rate to track bitcoin liquidity while also adjusting for deviations caused by anomalies and manipulation attempts at individual bitcoin exchanges. The importance of a reliable reference rate is evidenced regularly in digital currency markets.
The XBX Index also serves as the reference rate for Grayscale’s Bitcoin Investment Trust, the world’s first publicly-traded bitcoin investment vehicle; Hedgy, a provider of blockchain-settled derivatives; BitMEX, a digital currency derivative trading platform, and thousands of bitcoin in daily over-the-counter trading volume on TradeBlock Professional.
For further information about the TradeBlock XBX Index, please see our online tools at https://tradeblock.com/markets/index.