Last week it was made public the partnership between finance news outlet Bloomberg and the recently-created Galaxy Digital Capital, property of Wall Street broker Mike Novogratz. The startup will operate a cryptocurrency market capitalization index.
Allan Campbell, Global Product Manager for Bloomberg, informed mass media that the project is the response to investors’ interest in digital cryptocurrencies and it will be called Bloomberg Galaxy Crypto Index (BGCI). He also explained that it will work through data, rules and trusted information sources, as well as counting with personnel from both companies.
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies. 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,” pointed Campbell.
The main function of the BGCI, is tracking the performance and the info of the 10 cryptocurrencies with the most movement in the crypto-environment, which will be displayed according to their respective value in US Dollars, and ranked for their market cap.
For his part, Galaxy Digital’s director Steve Kurz was excited for the new partnership with Bloomberg, and the common interest in supporting the growth of the blockchain technology.
“We are thrilled to partner with Bloomberg on the BGCI. The index’s independent, rules-based methodology provides a strong foundation on which the cryptocurrency ecosystem will continue to grow and mature.”
Interest and massive growth
It is quite evident the boom blockchain technology has had worldwide, which has turned into the preferred system for its independency when it comes to managing finances. This has sparked a massive interest not only by governments around the world, but also by traditional banking entities.
In this regard, we can mention the US financial giant Goldman Sachs, who announced not so long ago the launch of a working desk in Bitcoin, in order to be ready for the wave of major and retail investors who are willing to bet on trading with cryptocurrencies, besides taking into account suggests and requirements from their clients.
Another example comes with the recent patent earned by the Winklevoss twins (who already own the cryptocurrency trading platform Gemini) that will allow them to settle exchange-traded products with cryptocurrencies.
It is undeniable – and seems to be unstoppable – the boom of this technology, which not only foresee a change in current financial systems, but also in lifestyle.