Royal Family Of UAE Acquired 15% Stake In Crypto Price Index’s CPA200
The Emirati royal family acquired 15% of the Crypto Price Index (CPI) project, which is creating a cryptocurrency analog of the Dow Jones index based on blockchain technology. Sheikh Abdullah Bin Rashed Al Sharqi from the ruling family of Fujairah, and Khalfan Saeed Al Mazrouei, the former Undersecretary for the Private Office of the UAE President became the project’s shareholders.
The occasion marks the first time when the royal family not only endorsed a decentralized finance platform but also joined it as a shareholder and investor.
Herbert Law, CEO of CPI, noted that such a partnership would contribute to the accelerated global expansion of decentralized financial products. He said:
“I am pleased to inform you that such strong partners have backed CPI as the Emirati royal family members, who share our project’s philosophy. The recognition of such experienced and long-time market participants means that CPI has all chances to become a single reference point for the sector.”
Representatives of the royal family believe that a dynamic and volatile cryptocurrency market needs such solutions as CPI, which will become a reliable tool for monitoring the industry.
The CPI index will operate on the blockchain and collect data on the 200 leading cryptocurrencies, which will allow market participants to quickly react to price fluctuations and save time when trying to get a full picture of market sentiment.
Having a full understanding of the fact that in trading everything is based on high speed, the CPI team is developing a specialized algorithm, which utilizes the latest data science techniques for real-time monitoring of a large amount of constantly changing parameters.
CPI’s broad distribution across multiple crypto-assets is one of the first solutions that will allow investors to assess the cryptocurrency markets by calling an API or reading the CPI blockchain instead of individually scrutinizing the entire market manually.
At the same time, CPI is designed to become more informative than existing currency indices like the Dow Jones or Coinbase, as such solutions usually collect information from 20-30 companies, an approach that does not always reflect the real state of the industry. While such data may help in analyzing certain intervals, it has a little objectivity on a continually changing market.
“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. Whether you are an experienced investor or a beginner, you’ll get a reliable, easy-to-use tool to have a global picture of the sector, without being distracted by tracking each coin.”
At the moment, the project is hosting a seed funding round and plans to present its token publicly at the end of this year. For this purpose, the founders of CPI have already entered into several partnerships with such market leaders as ZBX exchange and ICO Malta.
The latter provided the project with its DeFi Product Stack, which the CPI blockchain will operate on. By building on this proven and heavily audited technological layer, CPI offers its users full transparency and the ability to review their holdings instantly.
Jan Sammut, CEO of ICO Launch Malta, commented on this partnership:
“We are thrilled to be part of the CPI project, who’s ethos is congruent with our objective to democratize the financial industry by disintermediating it to a purely trustless P2P market.”
The current estimated value of the CPI200 index is around $25, which is calculated by market conditions and will change in real-time. In the future, the developers plan to release indices to evaluate other markets, such as the metal and gold markets.