Bloomberg Has Released a Benchmark Index to Track Digital Currencies

Bloomberg and Galaxy Digital Capital Management LP have announced on May 9, 2018, the launch of their joint product - the Bloomberg Galaxy Crypto Index (BGCI). The benchmark index is set to measure the market capitalization of top 10 crypto coins.

“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,” Michael Novogratz, the CEO of Galaxy Digital Capital Management, said.

The fintech project is created for tracking the crypto market capitalization of USD-traded virtual coins, such as Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, Monero, EOS, Dash, Ethereum Classic, and Zcash. The index components consist of various kinds of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets.

The design of such an advanced financial technology plays an important role in the development of Bloomberg and Galaxy Digital Capital Management’s as well as the cryptocurrency market in general. The methodology and data of the BGCI have been thoroughly examined by both companies.

“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,” said Alan Campbell, Global Product Manager for Bloomberg Indices.