Bloomberg launches Cryptocurrency Benchmark Index

The launch of the Bloomberg Galaxy Crypto Index (BCGI) provides the first institutional grade benchmark for the cryptocurrency market.

Global business and financial information behemoth, Bloomberg, has partnered with Galaxy Digital Capital Management LP, a leading digital asset management firm, to launch the index.

The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI utilizes a rules-based methodology, and data from sources that have passed both Bloomberg and Galaxy Digital Capital Management’s due diligence, to measure the performance of 10 USD-traded cryptocurrencies, including Bitcoin, Ethereum, Monero, Ripple, and Zcash.

Independent benchmarking for cryptocurrency investors

The creation of the index will provide unprecedented transparency levels as well as independent benchmarking to crypto investors, marking an important step in the evolution of the digital assets space, according to the companies.

“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.”

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

The announcement follows hot on the heels of the pilot launch of the first Bitcoin banknotes by Switzerland-based hardware-software platform developer, Tangem, in Singapore last week.

(First appeared on Bloomberg.com May 9 2018)

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All figures correct as at 19.11.2018.