The Emirati royal family has taken a stake in the Crypto Price Index (CPI) project, a cryptocurrency analog of the Dow Jones Industrial Average that operates on the blockchain.
The development comes as the royal family believes that volatile and uncertain digital asset markets need solutions which gauge industry-wide performance, CPI said in a Wednesday press release.
“I am pleased to inform that CPI has been backed by such strong partners as the Emirati royal family members, which share our project’s philosophy,” CPI CEO Herber Law said in a statement.
“The recognition of such experienced and longtime market participants means that CPI has all chances to become a single reference point for the sector.”
The CPI will collect data on the leading 200 cryptocurrencies via specialized algorithms, providing the market a broader sentiment analysis tool.
“With the rapidly growing cryptocurrency market, monitoring of all the digital assets will only become more of a problem. At CPI, we are working on a cutting-edge fintech solution to provide users with real-time analytics.”
The CPI project is hosting a seed funding round and aims to present a token at the end of the year.
The CPI’s founders have entered partnerships with ZBX exchange and ICO Malta in efforts to democratize the industry, according to the company.
As of Thursday morning, the estimated value of the CPA200 index sat near $25.