Bloomberg LP and Billionaire, Mike Novogratz announced to partner with Bloomberg Galaxy Crypto Index (BGCI). It is tracking cumulative performance of large cap digital currencies. It is one of Bitcoin’s biggest bulls to ink a deal and create a cryptocurrency price index.
Global product Manger of Bloomberg indices says “the launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies, Further he adds that 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.
Former Hedge fund Manager at Fortress Investment Group, Novogratz says that he recently a lofted $250 million to create a cryptocurrency merchant bank which is publicly listed in Canada.
He states as follows:
“The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets. Thus, we are excited to help drive the decentralized revolution forward through the creation of BGCI”.
The index marks are moving towards an inchoate cryptocurrency trading market. However, it is appetizing a mainstream for financial institutions.
Recently, Coinbase and Grayscale have released a cryptocurrency index funds. It is lesser known firm which includes Bitwise Asset Management. Concurrently, Cryptocurrency startup blockstream is partnering with Intercontinental Exchange. The founder of NYSE (New York Stock Exchange) to create a cryptocurrency data feed and built for institutional clients.
The launch of index is flourishing a caustic shine on the past announcement from Bloomberg founder. The shareholder of major shares Micheal Bloomberg is a card carrying member of the “Blockchain not Bitcoin”. Last November, Bloomberg has joined Lloyd Blankfein, CEO of Lloyd Blankfien in an interview in that businessmen took turns for bashing cryptocurrencies.
Novogratz is betting the price volatility and regulation crackdown on crypto. It is eradicating the expanding of a decentralized medium of exchange or store of value. Recently, Hehmeyer Trading a Chicago based high frequency trader has jumped on the crypto-index bandwagon.