S&P Dow Jones Indices – a joint venture between S&P Global, CME Group and News Corp – will create cryptocurrency indices in 2021. In the S&P DJI press release on Thursday described Bitcoin (BTC) and altcoins as a “nascent asset class”.
Bitcoin and altcoins are coming up on Wall Street
The company will work with the US blockchain data provider Lucca i they will create together 550 cryptocurrency indices.
“In this connection, that assets digital, such as cryptocurrenciesare becoming a rapidly growing asset class, it is time for independent, reliable and user-friendly indicators. We are excited to work with Lucca, which has been at the forefront of digital asset data services, to promote greater transparency in this growing sector. “
Said Peter Roffman, global head of innovation and strategy at S&P DJI
The move also highlighted Wall Street’s recent commitment to cryptocurrency adoption.
“Our partnership with S&P DJI is another milestone that bridges the gap between the cryptocurrency ecosystem and traditional financial services. In a rapidly evolving industry, working with highly respected brands such as S&P DJI is critical to building institutional standards. Lucca is excited to work with S&P DJI to contribute to continuous innovation “
– added Robert Materazzi, CEO of Lucca.
The specific currencies were not specified in the press release. The methodology of their selection was not presented either. However, the word “top” in the article may indicate that they will be selected by market capitalization.
Institutions enter Bitcoin
In 2020, the increase in interest is undoubtedly noticeable cryptocurrencies among institutional investors. It all started with Microstrategy, which invested $ 425 million in reserves in BTC. Other companies followed, including Jack Dorsey’s Square or Stone Ridge.
The possibility of buying, selling and storing digital currencies was also made available by the payment giant PayPal. This event had a huge impact on the recent increases. Unfortunately, the platform does not allow you to withdraw funds to an external wallet. When buying crypto on PayPal, the user only has exposure to the given asset, but not private keys