Financial news provider Bloomberg has joined with Michael Novogratz's crypto merchant bank Galaxy Digital Capital Management LP to launch the Bloomberg Galaxy Crypto Index or BGCI to track ten major cryptocurrencies. The latest move aims to provide transparent benchmarking for cryptocurrency investors.
According to Bloomberg, BGCI is the first institutional grade benchmark for the cryptocurrency market. The index is market capitalization-weighted, and would track the performance of the largest, most liquid portion of the cryptocurrency market. It measures the performance of ten US dollar-traded digital currencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Dash, Monero, Ethereum Classic and Zcash.
In the index, Bitcoin and Ethereum will have 30 percent weightings each, while Ripple will have 14.14 percent and Bitcin Cash a 10.65 percent weighting.
The index is owned and administered by Bloomberg Index Services Limited and is co-branded with Galaxy Digital Capital.
Cryptocurrencies in recent times have been getting widespread acceptance among major financial institutions. Intercontinental Exchange, or ICE, the parent of the New York Stock Exchange, is developing an online Bitcoin trading platform for block trades, the New York Times reported.
Investment banking major Goldman Sachs is also planning to establish a bitcoin trading operation.
Nasdaq Chief Executive Officer Adena Friedman recently revealed that the exchange operator was open to becoming a cryptocurrency exchange over time.
Further, Business Insider Japan reported that Japanese banking giant SBI Holdings plans to launch its cryptocurrency exchange, SBI Virtual Currencies, in summer this year.
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