Bloomberg Partners with Galaxy Digital Capital Management to Launch Cryptocurrency Index

Bloomberg and Galaxy Digital Capital Management LP, a cryptocurrency management company, founded by Michael Novogratz, work in collaboration. They launched the Bloomberg Galaxy Crypto Index (BGCI), Wednesday, May 9, according to a press release.

The first institutional benchmark for the cryptocurrency market

The index aims to track the performance of the most significant and liquid part of the digital currency market. Depending on the market capitalization, the BGCI is weighted, it measures the performance of ten crypto-currencies exchanged in US dollars including Bitcoin, Bitcoin Cash Ethereum, Ethereum Classique, Monero, EOS, Litecoin , the Ripple, the Dash and the Zcash.

According to the press release, both companies said the index uses a "methodology and regulated data". These are derived from sources scrutinized by both companies.

A benchmark for cryptocurrencies

Novogratz said on Twitter:

"The flock is moving"

"It's an essential part of architecture, and institutional accounts have to welcome it as a new asset class," he added.

https://twitter.com/novogratz/status/994203016885604352

Other indices relating to traditional finance are exploited by Bloomberg. These include fixed income indices, strategy, commodities and major global fiduciary currencies.

Alan Campbell, Global Head of Bloomberg Index Accounts announced:

The index favors our rigorous approach to building cryptocurrency indices and provides investors with a transparent benchmark (benchmark) for assessing the performance of the market as a whole.

What do you think of the Bloomberg and Galaxy Digital Capital Management cryptocurrency benchmark launch? Tell us in the comments section below.