As of recently, Bloomberg has launched its own cryptocurrency index in conjunction with Galaxy Digital Capital Management, a digital assets merchant bank ran by Michael Novogratz, the billionaire ex-hedge fund manager.
Named Bloomberg Galaxy Crypto Index (BGCI), this new index will track the “performance of the largest, most liquid portion of the cryptocurrency market” following the leading cryptocurrencies including Bitcoin, Ethereum, Ethereum Classic, Monero, XRP, zCash, EOS, Litecoin and Dash.
As the announcement outlines, both of the companies said that the index utilizes a “rules-based methodology and data” which derives from sources that both companies have scrutinized. Still, these are the only details revealed by the companies.
Novogratz announced the partnership on Twitter and said:
“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.”
Meanwhile, Bloomberg is known for operating several other indices which pertain to traditional finance. These include the fixed income index, commodities, and leading global fiat currencies. According to Alan Campbell who is a global product manager for every Bloomberg index:
“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.”
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