The Emirati royal family has acquired 15% of the Crypto Price Index (CPI) project, which is creating a cryptocurrency analog of the Dow Jones index on the basis of blockchain technology. The solution will be available for residents of Eastern Europe, including Hungary.
Sheikh Abdullah Bin Rashed Al Sharqi from the ruling family of Fujairah, and His Excellency Khalfan Saeed Al Mazrouei, former undersecretary for the private office of the UAE president, became the project’s shareholders, according to a press release sent to the Budapest Business Journal.
“I am pleased that CPI has been backed by such strong partners as the Emirati royal family members, who share our project’s philosophy,” says Herbert Law, CEO of CPI. “The recognition of such experienced and long-time market participants means that CPI has every chance to become a single reference point for the sector.”
The CPI index will operate on the blockchain and collect data on the 200 leading cryptocurrencies, allowing market participants to quickly react to price fluctuations and save time when trying to get a full picture of market sentiment. The CPI team says that it is developing a specialized algorithm, which utilizes the latest data science techniques for real-time monitoring of a large amount of constantly changing parameters.
The companyʼs solution is one of the first that will allow investors to assess cryptocurrency markets by calling an API or reading the CPI blockchain, instead of individually scrutinizing the entire market manually, the press release claims.
“With the rapidly growing cryptocurrency market, monitoring of all the digital assets will only become more of a problem,” Law explains. “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.”
According to the companyʼs development director for Eastern Europe, Iosif Erdos, the project aims to expand its presence in Hungary, Romania, and Moldova.
“Romania is actively involved in the process of mass distribution of cryptocurrencies,” Erdos says. “According to recent data, 12% of the countryʼs inhabitants own these or those coins, while business owners use digital money when working with domestic and foreign clients. This is a remarkable figure, given that in the U.K. and France the amount of cryptocurrency enthusiasts is only half as large. Meanwhile, residents of Hungary and Moldova are actively using the services of crypto exchanges and vending machines, with the number of cryptocurrency transactions growing.”
The press release notes that the project is now 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 a number of partnerships with market leaders such as the ZBX exchange and ICO Malta.