In the latest major move by traditional finance to incorporate crypto coins, 550 digital coins will appear in the new indices from next year.
S&P Dow Jones Indices, a joint venture between S&P Global, CME Group and News Corp, confirmed that it will release cryptomoney indices in 2021.
Why do the rich get richer according to the IMF?
In a press release on Thursday, S&P DJI described Bitcoin (BTC) and the altcoins as an „emerging asset class“.
Bitcoin and altcoins hit Wall Street finance
The company will partner with Lukka, a U.S. blockchain data provider, to launch the indices, which will cover 550 reported crypto currencies.
„With digital assets such as cryptomoney becoming a rapidly emerging asset class, the time is right for independent, reliable and user-friendly benchmarking,“ said Peter Roffman, global head of innovation and strategy at S&P DJI, in the press release.
„We are excited to work with Lukka, who has been at the forefront of digital asset data services, to promote greater transparency in this emerging sector“.
USDC Center Issuer Hires Wall Street Veteran as CEO
The move marks Wall Street’s latest commitment to adopt Bitcoin and other digital currencies, underlining the interest of the institutional sphere.
„Our collaboration with S&P DJI is another milestone that bridges the gap between the cryptoactive ecosystem and traditional financial services,“ added Robert Materazzi, CEO of Lukka.
„In a rapidly maturing industry, it is critical to build to institutional standards when working with highly respected brands such as S&P DJI. Lukka is delighted to help drive continued innovation in collaboration with S&P DJI.
The release did not indicate which specific cryptom currencies will be covered or the methodology behind their selection if it is not based on market capitalisation.
Everybody talks about cryptomonies to solve payment problems in Sub-Saharan Africa
The move comes as Bitcoin sets new all-time highs on several exchanges and challenges resistance at $20,000.