Bloomberg Partners Novogratz’s Galaxy Digital Capital To Release Crypto Benchmark Index
Bloomberg and Mike Novogratz’s crypto merchant bank have announced a collaborative launch of a crypto benchmark index.
Bloomberg and Mike Novogratz’s crypto merchant bank Galaxy Digital Management have launched the Bloomberg Galaxy Crypto Index (BGCI) that will track ten cryptocurrencies from the “largest, most liquid portion of the cryptocurrency market,” Bloomberg reports today, May 9.
The coins to be listed on the index currently are Bitcoin (BTC), Ethereum (ETH), Ripple, Bitcoin Cash, ESO, Litecoin, Dash, Monero, Ethereum Classic, and Zcash. Bloomberg writes that the BGCI offers the “first institutional benchmark for the cryptocurrency market.”
Global Product Manager for Bloomberg Indices, Alan Campbell, said that the “launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies.” Last week, Goldman Sachs reported that they would begin trading in Bitcoin contracts after being “inundated” with client requests for the service.
At the beginning of April, a former Goldman Sachs executive reportedly joined Galaxy Digital as its new COO. More recently, the owner of the New York Stock Exchange showed an interest in allowing its customers to hold and sell Bitcoin.