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By Vince Dioquino - CryptoDaily
S&P Dow Jones Indices recently announced that it has launched crypto indices for Bitcoin and Ethereum, with pricing data from New York-based crypto-asset software and data provider Lukka as reference.
With S&P Dow Jones’ announcement, three new indices for tracking the performance of the top two cryptocurrencies have been launched. The indices are named as follows: the S&P Bitcoin Index, S&P Ethereum Index, and the S&P Cryptocurrency MegaCap Index.
"Traditional financial markets and digital assets are no longer mutually exclusive markets," shared S&P Dow Jones Indices’ global head of innovation and strategy Peter Roffman.
"As cryptocurrency becomes more mainstream, investors now have access to reliable and transparent benchmarks backed by institutional quality pricing data," he added.
According to S&P Dow Jones’s press release, its global division will also continue to explore opportunities for mainstream adoption of digital currencies and cryptocurrencies. The firm has disclosed plans to index the top 550 cryptocurrencies going forward. With Canada recently launching Ethereum ETFs, a Bitcoin ETF at U.S exchanges will likely be realized soon.
This latest index launch from S&P Dow Jones Indices indicates a shift in strategy for its development of indices across a wide spectrum of asset classes, which now includes cryptocurrencies and digital assets related to the industry.
"The cryptocurrency space is unlike traditional financial markets, and certainly unlike the ones we have benchmarked at S&P DJI over the last 100 years," stated Sharon Leibowitz, senior director of innovation and strategy at the firm in a previous statement dated back in December as the project was first announced.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which was founded by Charles Dow since the invention of the first index in 1884. Charles Dow is also a co-founder of The Wall Street Journal, which he launched in 1889 with Edward Jones and Charles Bergstresser, pioneering traditional finance.
To date, S&P Dow Jones Indices serves as the largest global resource for index-based concepts, data, and research, and is home to prominent financial market indicators like S&P 500 and the Dow Jones Industrial Average. The joint venture was founded in 2011 by S&P Global, the CME Group, and News Corp. and was launched a year later.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
The original article was written by Vince Dioquino and published on CryptoDaily
