Bloomberg, the global financial news leader, announced the launch of a cryptocurrency market capitalization index (Bloomberg Galaxy Crypto Index) upon its partnership with the newly formed cryptocurrency management firm, Galaxy Digital Capital Management LP, founded by well-known Wall Street trader Mike Novogratz.
The launch was announced by the same media group yesterday, where it was confirmed that the index is designed to track the performance and information of 10 crypto coins that are among the most traded in the cryptocurrencies market, which will be represented by their values in U.S. dollars and weighted by their market capitalization.
The initiative will be called the Bloomberg Galaxy Crypto Index, under the acronym BGCI, which is directly owned by Bloomberg and Novogratz’s firms, stating that they will manage the platform under a methodology based on rules and data from proven sources by specialists from both companies.
Bloomberg Galaxy Cryptocurrencies Index will quote Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), among others
Among the cryptocurrencies to be quoted in this index, there are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Monero (XMR), Litecoin (LTC), Zcash (ZEC), Dash (DASH), and Bitcoin Cash (BCH), which will be diversified into different categories depending on their function as digital assets.
In this way, the index will provide information on data, pricing, analysis, distribution, exchange facilities, smart contract protocols, and privacy-focused aspects.
Both companies stressed that the main objective of the Bloomberg Galaxy Crypto Index is to provide a service to investors that will facilitate the exposure of the cryptocurrencies market in a more diversified manner, thus providing a more transparent and institutional benchmarking.
Alan Campbell, global product manager at Bloomberg, said that the launch of this platform demonstrates the growing interest of investors in the cryptocurrencies, as well as the development and impact of this ecosystem on more traditional finance:
[Yesterday’s] launch of the Bloomberg Galaxy Crypto Index reflects our customers’ growing interest in cryptos. The index takes our rigorous approach to building cryptomarket indices and will provide investors with a transparent benchmark to measure the performance of a broader market.
