S&P Dow Jones announced the launch of 5 new indices that track cryptocurrencies; with these, the company now has a total of 8 indices dedicated to this growing industry.
S&P Dow Jones, the leading provider of stock market indices in the world, with more than 130 years of history and 130.000 indices produced to date, announces the launch of 5 new indices dedicated to the stock market industry. cryptocurrencies, and digital assets. On Tuesday, S&P Dow Jones, a division of the publicly traded firm S&P Global, announced the launch of 5 new stock market indices, which track the performance of more than 240 cryptocurrencies on the market.
In releaseS&P Dow Jones notes that it will include the S&P Cryptocurrency LargeCap, S&P Cryptocurrency BDM Ex-MegaCap, S&P Cryptocurrency BDM Ex-LargeCap, S&P Cryptocurrency LargeCap Ex-MegaCap Index and S&P Cryptocurrency Broad Digital Market (BDM) indices to expand its recently launched S&P DJI cryptocurrency and digital asset benchmark offering.
Of these, the most important is the S&P Cryptocurrency Broad Digital Market (BDM), which provides a broad snapshot of the market performance of over 240 cryptocurrencies. The other indices were designed to measure the performance of cryptocurrencies based on different classifications, for example, market capitalization, such as the S&P Cryptocurrency LargeCap.
With this integration, the S&P Dow Jones now features 8 cryptocurrency indices, such as the S&P Bitcoin, S&P Ethereum, and S&P Cryptocurrency MegaCap Index, which measure the performance of several of the largest and most important cryptocurrencies in the markets.
It may interest you: 650 US banks and institutions will allow 24 million customers to buy Bitcoin
Cryptocurrencies for Wall Street Investors
S&P Dow Jones benchmarks help the firm safely bring the full potential of cryptocurrencies and digital assets to Wall Street investors, the company said in a statement.
In a rapidly growing market such as cryptocurrencies, where more and more investors want to participate to gain exposure to crypto assets, S&P Dow Jones considers it necessary to create transparent solutions that allow the performance of these digital assets to be measured in a safe and reliable manner.
The company notes that digital-focused indices make it easier for institutional and retail investors to access and evaluate this new asset class, driven by emerging and revolutionary technology such as blockchainLikewise, S&P Dow Jones believes that its benchmark indices will help to potentially mitigate the risks associated with investing in this class of assets, considered highly volatile and traditionally speculative.
Peter Roffman, Global Head of Innovation and Strategy at S&P Dow Jones Indices, said that the introduction of the S&P Cryptocurrency Broad Digital Market Index to its service offering with more than a century of experience, helps the firm to provide an efficient response to the needs of cryptocurrency investors, who are experiencing within a new industry that is booming and developing.
S&P Dow Jones works with Lucca, a company that offers digital asset services for companies and institutions, to develop their indices. Lukka CEO, Robert Materazzi, has said that working with S&P Dow Jones helps it bridge the gap between the crypto ecosystem and traditional financial services. The company's collaboration with the stock index provider guarantees investors access to highly reliable industry data, backed by the highest institutional quality standards.
Continue reading: Brazil gives the green light to the first Ethereum ETF in the country and in Latin America
