Bloomberg and Mike Novogratz, the founder of a leading digital asset management firm, team up and launches the ‘Bloomberg Galaxy Crypto Index’ (BGCI), according to an announcement published on May 9.
Their project is going to “to track the performance of the largest, most liquid portion of the cryptocurrency market,” including Bitcoin, Ethereum, Ripple, Monero, Zcash, and Dash, as mentioned in the announcement.
Alan Campbell, Global Product Manager for Bloomberg Indices stated,
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies. 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.”
The BGCI will be using a “rules-based methodology and data from sources”, which have been studied and passed the two companies requirements.
“The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets. We are excited to help drive the decentralized revolution forward through the creation of BGCI,” mentioned Novogratz, CEO and Founder of Galaxy Digital Capital Management.