Bloomberg Partners With Novogratz’s Galaxy Digital Capital To Launch Cryptocurrency Indexbr>
Bloomberg has partnered with Galaxy Digital Capital Management, a digital asset management firm founded by billionaire Mike Novogratz, to launch an index for the cryptocurrency industry.
Called Bloomberg Galaxy Crypto Index (BGCI), the index will track ten cryptocurrencies from the “largest, most liquid portion of the cryptocurrency market.” The ones currently listed are bitcoin, ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Dash, Monero, Ethereum Classic, and Zcash.
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies,” said Alan Campbell, Global Product Manager for Bloomberg Indices. “The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”
BGCI is owned and administered by Bloomberg Index Services Limited and is co-branded with Galaxy Digital Capital Management. It utilizes a rules-based methodology and data from sources that have passed both Bloomberg and Galaxy Digital Capital Management’s due diligence processes.
Novogratz, a former hedge fund manager at Fortress Investment Group, said that the Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets, adding that it would help drive the decentralized revolution forward.
“The herd is on the move,” Novogratz said. “This is an important piece of the architecture that institutional accounts need to treat crypto as a new asset class.”