Mercari DAR Bitcoin Reference Rate and Mercari DAR Ethereum Reference Rate are the first local and robust crypto benchmarks denominated in Australian dollars.
Mercari, licensed to operate an Australian Tier 1 financial market for derivatives, and Digital Asset Research(DAR), a leading provider of crypto asset data and research, today announced the launch of Mercari DAR Crypto Reference Rates priced in Australian dollars (AUD). The new reference rates are the first local and robust AUD crypto asset benchmarks for the Australia and Asia markets.
Initially, the Mercari DAR Bitcoin Reference Rate and the Mercari DAR Ethereum Reference Rate are available, with additional reference rates expected to be announced in the future in response to market demand.
Institutional clients can use Mercari DAR Reference Rates to solve a variety of operational challenges, including writing derivatives contracts that utilize the reference rates, pricing passive fund indexes, and calculating accurate net asset value (NAV) in a portfolio.
Mercari DAR Reference Rates, which include both ticking intraday prices and end of day prices, are also available in other currencies, such as United States dollars (USD), to facilitate institutional and international transactions.
Prior to calculating crypto asset prices, DAR undertakes a robust Exchange Vetting process that combines quantitative and traditional qualitative due diligence to identify exchanges reporting accurate volumes and eliminate exchanges that are not appropriate for determining an accurate market price. The results of the vetting process determine which contributing exchanges are used to calculate asset prices that meet institutional standards for rigor and transparency.
“Reliable and attestable pricing benchmarks are fundamental for fair and orderly financial markets. The introduction of Mercari DAR Reference Rates will give market participants the ability to operate with increased confidence within the digital asset class. Trustworthy reference rates are critical for the settlement and benchmarking of derivatives contracts and we see the Mercari DAR Reference Rates as crucial for the development of institutional and regulated wholesale financial product in Australia,” said Brian Price, director of Mercari.
“We are pleased to work in partnership with Mercari as a licensed and institutional provider to bring the first set of robust crypto benchmarks to Australia. The Mercari DAR Reference Rates will provide investors and clients confidence in a fair and transparent price for crypto assets,” said Doug Schwenk, CEO of DAR.
Mercari is licensed in Australia to operate a Tier 1 wholesale financial derivatives market exchange (“AML”) under Section 791A of the Australian Corporations Act. Mercari also holds an Australian Financial Services Licence (“AFSL”) #229935.
Digital Asset Research (DAR) is a specialist provider of crypto data and research. Since 2017, DAR has combined its expertise in traditional financial services and the crypto space to meet the needs of institutional clients, including asset managers, banks, custodians, family offices, fintech firms, fund administrators, hedge funds, and venture capital firms; flagship clients include FTSE Russell, who partners with DAR to deliver FTSE DAR crypto-asset reference prices and indexes, and Bloomberg, who uses DAR’s taxonomy and pricing data in the Bloomberg Galaxy DeFi and Solana Indexes. DAR’s core offerings include Clean Pricing & Verified Volume Data, a Crypto Events Calendar, a Reference Data Master, the DATS Industry Taxonomy & Taxonomy Themes, Exchange Diligence, and Token Diligence, as well as related crypto market research.