Cryptocurrency Indexes in 2021

One of the largest providers of global cryptocurrency entry index. S&P Dow Jones Indexes, part of S&P Global, announced yesterday th...

One of the largest providers of global cryptocurrency entry index. S&P Dow Jones Indexes, part of S&P Global, announced yesterday that it plans to launch crypto indexing services for more than 550 major trading currencies in 2021.

This service allows clients to create custom indexes and other performance measurement tools related to cryptocurrencies. Dow Jones S&P Indicators work with Lukka, a crypto data company, for price data. According to the press release, the partnership is a step towards providing “reliable pricing data” for cryptocurrencies. Luca previously collaborated with IHS Markit, a research firm recently acquired by S&P.

Speaking to Coindesk Online, Peter Roffman, Global Director of Innovation and Strategy at S&P Indexes Peter Ruffman said the digital asset industry is “in institutional maturity” and that his company’s product to help market transparency “really works the best way, both in terms of pricing Coins, their selection, their weight, and all the simultaneous transparency we provide to the market,” said Coindesk.

S&P Global's move comes at a time of renewed interest in Bitcoin (BTCUSD). Several big names in mainstream finance have either included or discussed the possibility of including Bitcoin in their securities. In November, Japanese investment bank Nomura Holdings launched a cryptocurrency custodian tool aimed at institutional investors. The economic uncertainty caused by the COVID-19 pandemic has pushed the price of cryptocurrencies to a new high recently.

Other notable crypto-indexing products on the market include the Galaxy Bloomberg Crypto Index (BGCI) and the ICE Cryptocurrency Data Feed. Nasdaq also announced that it released a list of AI-based cryptocurrencies last year.