First crypto index in Hong Kong

Index Review

2Q 2019

Market Overview

Historical Crypto Market Capitalization (free-floated) & Bitcoin Price

(Dec 2018 - June 2019)

Source: CoinMarketCap as of 29/06/2019

The Crypto Market has a big surge in Q2 2019

Bitcoin PriceMarket Cap

Q2 2019

Crypto market overview

2,200+ Crypto Currencies

94 Billion USD Daily Volume

335 Billion USD Market Capital

Source: CoinMarketCap as of 29/6/2019

2019 Q2 No Name Market Cap Price % Change

1 Bitcoin $215,154,777,015 $12,095.71 +195%

2 Ethereum $32,859,879,746 $307.99 +116%

3 XRP $17,764,510,837 $0.417 +35%

4 Litecoin $7,950,952,556 $127.33 +108%

5 Bitcoin Cash $7,710,067,006 $431.59 +153%

6 EOS $5,733,816,542 $6.22 +45%

7 Binance Coin $4,831,529,036 $34.22 +107%

8 Bitcoin SV $3,783,807,661 $211.92 +228%

9 Tether $3,598,658,466 $1.00 0%

10 Cardano $2,286,861,582 $0.08 +14%

Top 10 Crypto

Crypto market overview

2,200+ Crypto Currencies

54 Billion USD Daily Volume*

335 Billion USD Market Capital

Source: CoinMarketCap as of 29/6/2019

2019 Q2 2019 Q1

2,000+ Crypto Currencies

22 Billion USD Daily Volume*

145 Billion USD Market Capital

From last review, there is 131% growth in Market Cap & 145% growth in Daily Volume*

* 90 days Average volume

Libra is a new currency that is being proposed by Facebook in association with Visa, MasterCard, Uber and others. The aim of Libra is to enable a simple global currency and financial infrastructure that empowers billions of people and also protect the value of currency from tampering and protect the payment process.

NEO is the largest cryptocurrency which has emerged from China and backed by Chinese Government and is sometimes referred to as a “Chinese Ethereum”. From the value of $0.16 per token in January 2017, NEO climbed to about $162 per token by one year later. This constitutes a return of more than 111,000%. As of March 2019, NEO is priced at $17.32 with a market cap of $1.2Bn.

JPMorgan Chase (JPM) is expecting to pilot its own cryptocurrency JPM Coin by the end of 2019. The coin will function as a stable coin with fiat cash being deposited in exchange for the token, which can then be transferred via a permissioned distributed ledger. The recipient can later redeem the token for cash from JPMorgan.

Bakkt will launch in 2019 according to the International Exchange (ICE), the company behind Bakkt and NYSE. Investors are hopeful that Bakkt will usher in a large amount of institutional funds into crypto and help alleviate the crypto bear market. Bakkt is also partnering with Microsoft and Starbucks.

Crypto Highlights

Libra

NEO

JPM Coin

Bakkt

Neo: https://www.investopedia.com/tech/china-neo-cryptocurrency/

JPM: https://www.jpmorgan.com/global/news/digital-coin-payments

Libra: https://blockgeeks.com/guides/understanding-facebooks-cryptocurrency-libra/

Bakkt: https://cointelegraph.com/news/bakkt-to-roll-out-first-bitcoin-futures-testing-in-july-2019

Source:

Source: CoinMarketCap as of 29/06/2019

* Adjusted Volume - Volume from spot markets excluding markets with no fees and transaction mining

Rank Name Adj. Vol (24h)* Volume (24h) Volume (7d) No. Markets Launched

1 Binance $2,806,603,439 $2,806,603,439 $19,968,850,432 503 Jul-17

2 OKEx $2,201,272,969 $2,201,272,969 $17,032,203,792 420 Oct-17

3 Huobi Global $2,111,865,796 $2,111,865,796 $17,472,870,909 451 Apr-18

4 DigiFinex$1,887,807,755 $1,887,807,755 $14,263,095,867 175 Jan-14

5 BitForex$1,719,459,732 $1,719,459,732 $11,523,254,720 181 Apr-18

6 Bibox$1,681,461,441 $1,681,461,441 $10,631,837,526 181 Jun-16

7 LATOKEN$1,671,136,235 $1,671,136,235 $8,761,349,965 212 Sep-17

8 Coineal$1,635,872,375 $1,635,872,375 $10,690,896,399 58 Jun-18

9 CoinBene$1,615,061,777 $1,615,069,887 $8,980,870,124 208 Sep-13

10 LBank$1,535,147,304 $1,535,147,304 $15,198,942,351 112 Jan-17

Top 10 Crypto Exchanges by volume

Top 10 exchanges accounted for 20% of the total market trading volume

Top 10 Crypto Exchanges comparison with last quarter

Ranking This Review (Q2 2019) Review (Q1 2019)

1 Binance Binance

2 OKEx LBank

3 Huobi DigiFinex

4 DigiFinex OKEx

5 BitForex Coineal

6 Bibox Bit-Z

7 LATOKEN CoinBene

8 Coineal BitForex

9 CoinBene Huobi

10 LBank BW.com

Binance remains as the top crypto exchange in the world

New

New

Company Name Origin Index NameNum. of

ConstituentsDissemination Data Source

Bloomberg US BGCI 9(<=12) Daily Mosaic and OnChainFX

Huobi China HUOBI 10 INDEX 10 Per 15 seconds Huobi Exchange

Bitmain ChinaCCI (BLC 10) 10 Per 1 second

11 ExchangesDRP 10 Daily

BBINDEX US

B7 Family 7

Per 3 minutes UnknownB20 Family 20

BT30 Family 30

B50 Family 50

Cryptoindices US

CI10 15

Per 5 minutes UnknownCI20 30

CI50 100

CS&P US CCI30 30 Per 10 seconds CoinMarketCap

Bitwise US

BITX 10

Daily UnknownBIT20 20

BIT70 70

BIT100 100

Cryptoindex US CIX100 100 Per 1 second Unknown

Some world popular Crypto Indexes

New

New

Name Ranking By ATV

(2019 Q2)

Ranking By ATV

(2019 Q1)

Bitcoin 1 1

Ethereum 2 2

Litecoin 3 4

EOS 4 3

Bitcoin-cash 5 6

Ripple 6 5

Tron 7 9

Ethereum-classic 8 12

Neo 9 10

Zcash 10 11

Top 10 Trading Volume Crypto (Comparison)

New

New

ixCrypto Index 2Q 2019

Review Result

IndexIndex

Level

%Change

1 - Mth 3 - Mth 6 - Mth 1 - Yr YTD

IXCI 2,371.06 +28.58% +168.90% +49.32% -25.06% +139.51%

IndexStandard deviation

1 - Mth 3 - Mth 6 - Mth 1 - Yr YTD

IXCI 2189.10 2530.83 881.76 2371.06 1489.30

Period: 03/12/2018 - 29/06/2019

Performance

Inception date: 03/12/2018 (HKT)

Inception index level: 1000

IXCI vs Bitcoin

Q1 Q2

Period: 03/12/2018 – 29/06/2019

IXCI performance since inception

IXCI

IXCI level almost doubled since the inception

Result of the index review

There is no constituent changes. The number of constituents remains at 7

The free-float adjusted market capitalization coverage is 84.26%

The 7 ixCrypto constituents represent 73.02% of the 90-day-average-volume preceding the review date

*The MC above is based on the 90-day-average-free-float adjusted market capitalization preceding the review date 29th June 2019

Crypto Market Cap Before CapRatio

40% Market

Cap Ratio

Cum. MarketCap

Coverage

1 Bitcoin $127,107,574,272.70 74.73% 40.00% 57.58%

2 Ethereum $23,079,774,246.66 11.24% 26.69% 68.04%

3 Ripple $15,668,758,906.82 6.16% 14.62% 75.14%

4 Bitcoin-cash $6,307,681,904.11 2.64% 6.27% 78.00%

5 Litecoin $6,053,290,915.22 2.54% 6.03% 80.74%

6 EOS $5,473,598,005.26 1.95% 4.63% 83.22%

7 Stellar $2,287,999,917.81 0.74% 1.75% 84.26%

There is no constituent changes.

The number of constituents remains at 7 with a 84.26% MC coverage.

ixCrypto Index Constituents

Top Crypto Trading Volume

Source: CoinMarketCap as of 29/06/2019

Top 25: 80.9%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Top 30 Cumulative Volume %

Name Market capitalization90-day Average Trading

Volume (ATV)Ranking By ATV

Bitcoin $215,154,777,015 19,969,361,116 1

Ethereum $32,859,879,746 8,583,467,814 2

Litecoin $7,950,952,556 3,812,264,271 3

EOS $5,733,816,542 2,756,481,481 4

Bitcoin-cash $7,710,067,006 2,035,420,683 5

Ripple $17,764,510,837 1,743,126,885 6

Tron $2,257,754,707 736,418,035.2 7

Ethereum-classic $887,546,458 641,852,393.1 8

Neo $1,255,834,392 443,908,462.3 9

Zcash $762,404,452 380,395,219.1 10

Top 10 Trading Volume Crypto (Q2)

Cryptos highlighted in grey are not included in our constituents list due to Market Cap below threshold*

* The threshold is the line drawn until the last crypto reaches or crosses the 80% market capitalization level

ATV comparison with last quarter

Ranking By ATV This Review (Q2 2019) Review (Q1 2019)

1 Bitcoin Bitcoin

2 Ethereum Ethereum

3 Litecoin EOS

4 EOS Litecoin

5 Bitcoin-cash Ripple

6 Ripple Bitcoin cash

7 Tron Qtum

8 Ethereum-classic Dash

9 Neo Tron

10 Zcash Neo

Ethereum-classic and Zcash are the new entrants in top 10 Crypto ranked by ATV

*Average transaction value

New

New

Introduction of

ixCrypto Index's methodology

Introduction

The ix Crypto Index (“IXCI”) serves as a market benchmark that reflects the overall performance of the world crypto market.

The IXCI will be launched on 12 December 2018. The IXCI measures the performance of the largest and most liquid cryptocurrencies listed in the world.

The IXCI is a free float-adjusted market capitalisation weighted index with a cap on the weighting of individual constituent cryptocurrency and is calculated and disseminated daily.

Constituents Eligibility

Universe

The cryptocurrency must fit the definition of a cryptocurrency*.

The cryptocurrency must be traded publicly, and actively traded on at least two (2) exchanges

* Definition of a cryptocurrency refers to https://en.wikipedia.org/wiki/Cryptocurrency

1

2

Selection Criteria

The cryptocurrency should be among the top N free-floating adjusted market capitalization (“adjusted MC”) cryptocurrencies, where the N cryptos’ market coverage should just exceed 80%.

The cryptocurrency should rank in top 25 in terms of 90-day average trading volume.

If the cryptocurrency in top N in terms of adjusted MC cannot meet the liquidity requirement, it will be kicked off and replaced by the next one or more eligible cryptocurrencies until the total coverage exceed 80%.

3

2

1

Index Review

1 Quarterly Review

2 Buffer Rule

3 Fast Entry Rule

Quarterly Review & Announcement schedule

Review Schedule

Ix Fintech undertakes regular quarterly reviews of IXCI constituents with data cut-off dates of end of March, June, September and December each year.

Announcement dates of constituent changes will be the second Friday after the cut-off dates of March, June, September and December.

Effective dates of constituent changes will be the third Friday after the cut-off dates of March, June, September and December.

Buffer rule

In order to avoid frequent change of constituents, set a 5%buffer zone for market capitalization. It means that, in term of adjusted MC, only when the sum of constituents’ weights is below 75%, it need reconstitution.

Fast entry rule

A new crypto will be added if it meets below requirements for 5 consecutive days:

Daily trading value ranks top 2.

MC is more than 30% weighting of the total market MC.2

1

*MC = Market Capitalization

Capping Rule

All constituents are initially weighted by their adjusted MC based. In order to avoid overweighting. The maximum weight for any constituents is 40% (Cap) of the Index’s adjusted MC.

Crypto Initial Weights 30% Cap Adjusted 40% Cap Adjusted 50% Cap Adjusted

Bitcoin 74.73% 30.00% 40.00% 50.00%

Ethereum 11.24% 30.00% 26.69% 22.24%

Ripple 6.16% 17.41% 14.62% 12.19%

Bitcoin-cash 2.64% 7.67% 6.27% 5.23%

Litecoin 2.54% 7.39% 6.03% 5.03%

EOS 1.95% 5.15% 4.63% 3.86%

Stellar 0.74% 2.39% 1.75% 1.46%

Source: CoinMarketCap as of 29/06/2019

• Ix Crypto Index will be published at 12:00 noon HKT every working day.

• Dissemination methods:

Index Distribution

ixOption 期權王 ixOptionhttp://ixfintech.com/crypto.html

Appendix 1 Data source comparison

* All above refer to public data

Data source* CryptoCompare CoinMarketCap

Strength Provide every 3 hours data for latest 24h.

Provide all

Open/High/Low/Close/Volume/Market Cap

daily data from one crypto’s inception day

WeaknessOnly provide price data.

Historical data are discontinuous.Don’t provide minute-level data

Data difference The difference between 3 cryptos (BTC, ETH, LTC) within 1 month is 1.096% on average.

Source: CoinMarketCap and CryptoCompare as of 29/06/2019

No Name Market Cap Price Vol (24h.)

1 Bitcoin $215,154,777,015 $12,095.71 $30,489,107,620

2 Ethereum $32,859,879,746 $307.99 $10,357,764,559

3 XRP $17,764,510,837 $0.417 $1,600,599,053

4 Litecoin $7,950,952,556 $127.33 $4,823,693,592

5 Bitcoin Cash $7,710,067,006 $431.59 $2,129,405,955

6 EOS $5,733,816,542 $6.22 $2,998,775,550

7 Binance Coin $4,831,529,036 $34.22 $317,636,161

8 Bitcoin SV $3,783,807,661 $211.92 $591,533,309

9 Tether $3,598,658,466 $1.00 $28,522,381,699

10 Cardano $2,286,861,582 $0.08 $160.465.610

Appendix 2 Top 10 Cryptocurrencies

No Name Market Cap Price Vol (24h.)

1 Bitcoin $72,202,088,875 $4,098.37 $10,918,665,557

2 Ethereum $15,025,361,637 $142.50 $5,125,602,702

3 Ripple(XRP) $12,842,645,325 $0.31 $854,583,316

4 EOS $3,882,296,554 $4.28 $2,376,111,090

5 Litecoin $3,745,935,357 $61.30 $1,977,436,351

6 Bitcoin Cash $3,016,920,025 $170.45 $560,103,605

7 Binance Coin $2,330,827,187 $16.51 $172,002,338

8 Stellar $2,069,480,528 $0.11 $289,766,754

9 Tether $2,025,447,734 $1.00 $9,802,241,562

10 Cardano $1,848,311,707 $0.07 $125,904,170

2019 Q2 2019 Q1

Source: CoinMarketCap as of 29/06/2019

No Name Price (2019 Q1) Price (2019 Q2) % Change

1 Bitcoin $4,098.37 $12,095.71 +195%

2 Ethereum $142.50 $307.99 +116%

3 XRP $0.31 $0.417 +35%

4 Litecoin $61.30 $127.33 +108%

5 Bitcoin Cash $170.45 $431.59 +153%

6 EOS $4.28 $6.22 +45%

7 Binance Coin $16.51 $34.22 +107%

8 Bitcoin SV 64.68 $211.92 +228%

9 Tether $1.00 $1.00 0%

10 Cardano $0.07 $0.08 +14%

Appendix 3 Top 10 Cryptocurrencies (Price Comparison)

Source: CoinMarketCap as of 29/06/2019

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