Bloomberg has launched a cryptocurrency index, together with the Galaxy Digital Capital Management, commercial Bank’s digital assets, led by the former Manager of hedge Fund Michael Novogratz.
Aimed at capitalizing Bloomberg Galaxy Crypto Index (BGCI) will track “indicators the largest, most liquid cryptocurrency market”: bitcoin, ethereum, ethereum classic, monero, XRP, zcash for, EOS, litecoin and DASH.
The company stated that the index uses a “rules-based methodology and data” from sources that have been carefully studied by both companies, although what kind of sources are not specified.
Novogratz commented on this partnership in his Twitter:
Institutional investors are in motion. This is an important part of the system, as cryptocurrencies have become a full-fledged new asset.
Bloomberg provides its clients with several indices that relate to traditional Finance, including indexes fixed income, strategy, commodities and major world currencies.
Alan Campbell, product Manager at Bloomberg, commented on the emergence of a new index:
This index brings our rigorous approach to building indexes in the world of cryptocurrency and will provide investors with a transparent benchmark for assessing the efficiency of the market.