By owais ahmad
On Dec 04, 2020
Another news that will make crypto enthusiasts happy has been announced. Major financial data provider S&P Dow Jones Indices is planning to launch cryptocurrency indexes in 2021. The company stated that they will launch the product in cooperation with crypto data company Lukka. The New York-based virtual currency company will use the data of more than 550 cryptocurrencies most traded in Lukka.
Recently, cryptocurrencies have attracted more attention from industrial firms and investors than ever before. Therefore, for cryptocurrency price data, indexes are expected to be in demand by Wall Street companies. In their statement, S&P and Lukka expressed their hope that more reliable pricing data will reduce some of the risks of the highly volatile and speculative market. According to the statement, cryptocurrencies could reach the status of “mainstream investments” with the launch of the indices in 2021. Besides, the product will make it easier for investors to access the new asset class.
S&P Dow Jones Indices, a joint venture between S&P Global, CME Group, and News Corp, also made a press release. In the announcement, it was stated that the need for reliable price data raised with the growing investor interest.
Peter Roffman, Head of Global Innovation and Strategy, S&P Dow Jones Indices, said:
“With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable, and user-friendly benchmarks.”
S&P DJI will take advantage of Lukka’s services, such as Lukka Reference and Lukka Prime, which provide price data for cryptocurrencies. They provide price data for cryptocurrencies based on information from various exchanges, over-the-counter dealing desks, and wallets. The initiative will launch a customizable crypto index product soon. In 2021, it will launch an index similar to the S&P500 that bears its name.
In 2018, Bloomberg commissioned the Galaxy Bloomberg Crypto Index, which is used as an indicator of the largest cryptocurrencies, with the crypto investment company Galaxy Digital. Later in September, Nasdaq, together with Brazilian fund manager Hashdex, launched the Nasdaq Crypto Index, which forms the basis of an exchange-traded fund traded on the Bermuda Stock Exchange.
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