Now Bloomberg joins the institutional rush to crypto
The world's leading financial data provider launches 'first institutional benchmark' digital currency index and promises 'unprecedented transparency'
The world’s leading provider of financial data and index services, Bloomberg, has launched the Bloomberg Galaxy Crypto Index (BGCI), which, it says, is the “first institutional benchmark for the crypto-currency market.”
The service, co-owned by Bloomberg and Galaxy Digital Capital Management, will track 10 crypto-currencies from the “largest, most liquid portion of the crypto-currency market.”
The coins currently listed on the index are Bitcoin (BTC), Ethereum (ETH), Ripple, Bitcoin Cash, ESO, Litecoin, Dash, Monero, Ethereum Classic, and Zcash.
Bloomberg said the Index reflects a “growing interest in crypto-currencies” from its clients and it comes after the New York Stock Exchange, PayPal co-founder Peter Thiel, Goldman Sachs all recently announced that they were working on crypto-trading platform launches. Goldman said it had been “inundated” with client requests.
Galaxy Digital CEO Mike Novogratz, who is a former Goldman Sachs trader ranked by Forbes as a billionaire in 2007, has been famously and outspokenly bullish about crypto-currencies. Novogratz said, via Twitter: “So excited to announce our partnership with Bloomberg. The herd is on the move. This is an important piece of the architecture that institutional accounts need to treat crypto as a new asset class.”
Novogratz added the index would bring “unprecedented transparency” to the markets. “We are excited to help drive the decentralized revolution forward through the creation of BGCI.”
Existing Bloomberg clients can access the index using the ticker BGCI.
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