Leading financial software company Bloomberg and digital asset management firm Galaxy Digital Capital have announced the launch of a new cryptocurrency benchmark, the Bloomberg Galaxy Crypto Index (BGCI).
Described by the companies as “the first institutional grade benchmark for the cryptocurrency market”, the creation and launch of BCGI further validates the digital asset market.
“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.”
The index is backed by leading Bitcoin investor Michael Novogratz, the CEO and Founder of Galaxy Digital Capital Management, whilst also becoming part of the Bloomberg family, using data and a methodology leveraged from the sources of both firms.
“The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets,” said Novogratz. “We are excited to help drive the decentralized revolution forward through the creation of BGCI.”
The cryptocurrencies it tracks include Bitcoin, Ethereum, Ripple, Zcash and Monero.