S&P Dow Jones Will Debut Cryptocurrency Indexes in 2021

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S&P Dow Jones Will Debut Cryptocurrency Indexes in 2021

One of the world’s largest index providers has entered the bitcoin market. S&P Dow Jones Indices, a part of S&P Global, stated yesterday that it intends to introduce cryptocurrency indexing services for over 550 of the most popular currencies in 2021.

Key Takeaways

  • Next year, S&P Dow Jones Indices will introduce a cryptocurrency indexing service in collaboration with Lukka, a crypto data provider.
  • The service’s goal is to give accurate and transparent price data.
  • The move comes at a time when institutional interest in the asset class is increasing.

Clients will be able to use the service to develop bespoke indexes and other cryptocurrency benchmarking tools. For price data, S&P Dow Jones Indices will collaborate with Lukka, a crypto data provider. According to a news release, the collaboration aims to offer “accurate price data” for cryptocurrencies. Lukka already has a data agreement with IHS Markit, a research business bought by S&P recently.

In an interview with Coindesk, Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices, said that the digital asset sector was “at a stage of institutional interest in maturity” and that his company’s offering was designed to help to market transparency. “It’ll truly use best practices, both in terms of pricing the coins, picking the coins, weighing them, and all of the associated openness that we provide to the marketplace,” Roffman told Coindesk.

S&P Global’s action comes at a time when there is growing interest in Bitcoin (BTCUSD).Several prominent figures in conventional finance have included or explored the inclusion of Bitcoin in their portfolios. In November, Japanese investment firm Nomura Holdings created a hybrid custodian service for cryptocurrency geared at institutional investors. The economic uncertainty caused by the COVID-19 outbreak triggered a rise in cryptocurrency prices, which just reached an all-time high.

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The Bloomberg Galaxy Crypto Index (BGCI) and the ICE Cryptocurrency Data Feed are two more significant crypto indexing products on the market. Last year, the Nasdaq stock exchange announced the launch of an artificial intelligence-powered cryptocurrency index.

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