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The online news agency Bloomberg has teamed up with Novogratz’s bank Galaxy Digital Capital Management to release a cryptocurrency index.

Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies,” announced 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 announcement was made on 9th May 2018 via Bloomberg‘s website. According to it, the Bloomberg Galaxy Crypto Index (BGCI) aims to track “the performance of the largest, most liquid portion of the cryptocurrency market”. BGCI will specialize mainly in following the performance of ten cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Monero, Ripple, EOS, Litecoin, Dash, and Zcash.

The index constituents are diversified across different categories of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets.”

According to the statement, the officials mentioned that BGCI uses a “rule-based methodology and data” that have been tested by both companies and is of common interest.

Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies,” explained 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,” according to the official Press Release.

Michael Novogratz, CEO, and Founder of Galaxy Digital Capital Management posted on Twitter this: “The herd is on the move. This is an important piece of the architecture that institutional accounts need to treat crypto as a new asset class.”

In addition to BGCI, New York-based Bloomberg owns other indices, designed for the “traditional finance, fixed income, commodities and fiat currency” domains.

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 Product Manager Alan Campbell.

For more information check on Bloomberg Indices.

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