Bloomberg Partners with Novogratz to Launch Crypto Index

Advertisement

Bloomberg has launched a cryptocurrency index in conjunction with Galaxy Digital Capital Management, a digital assets merchant bank headed by billionaire ex-hedge fund manager Michael Novogratz.

The capitalization-weighted Bloomberg Galaxy Crypto Index (BGCI) will track the "performance of the largest, most liquid portion of the cryptocurrency market," specifically following bitcoin, ethereum, ethereum classic, monero, XRP, zcash, EOS, litecoin and dash, according to an announcement.

The companies said in a statement that the index utilizes a "rules-based methodology and data" derived from sources that both companies have scrutinized, though they did not reveal further details.

"The herd is on the move," Novogratz said of the partnership on Twitter. "This is an important piece of the architecture that institutional accounts need to treat crypto as a new asset class."

Bloomberg operates several other indices pertaining to traditional finance, including indices for fixed income index, strategy, commodities and leading global fiat currencies.

"The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market," Alan Campbell, Bloomberg Indices' global product manager said in the statement.

Bloomberg price tracker image via Naritsorn Hirunon / Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.




via CoinDesk https://ift.tt/1kITr2E
May 9, 2018 at 03:08PM

Speed up your bitcoin transactions at SpdyBit.io
Advertisement