S&P Dow Jones Indices to Launch Customizable Crypto Index in 2021

Major financial data provider, S&P Dow Jones Indices announced on Thursday that it is going to launch a customizable cryptocurrency indexing and benchmarking solution next year.

The S&P Global Inc division has partnered with New York-based digital currency exchange Lukka to source the data of more than 550 top traded virtual currencies. The index provider will specifically use Lukka's aggregated data services, like Lukka Reference Data and Lukka Prime.

The mainstream financial data giant is launching the crypto index at a time when the decade-old asset class is seeing massive demand from institutions and wealthy investors.

Additionally, the crypto market has been going through a massive bullish run recently as Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term prices are pushing to set another all-time record.

“With digital assets such as Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term becoming a rapidly emerging asset class, the time is right for independent, reliable, and user-friendly benchmarks. We're excited to work with Lukka, who has been at the forefront of digital asset data services, to promote more transparency in this nascent sector,” Peter Roffman, Global Head of Innovation and Strategy at S&P Dow Jones Indices, said.

Rising Demand for Crypto Indices

S&P is not the first Wall Street player to come up with a cryptocurrency index. Bloomberg partnered with crypto exchange Galaxy for offering quotes on cryptocurrencies since 2018, while Nasdaq maintains multiple crypto indices.

As institutional investors are diving into this sector, demand for such indices will only increase.

“Customers with crypto data requirements will soon have access to the most trusted data in the industry underpinned by Lukka's institutional-quality standards, such as AICPA SOC Controls,” Lukka CEO, Robert Materazzi said.

Meanwhile, S&P Global is considering to buy another data providing giant, IHS-Markit, for $44 billion, Finance Magnates reported earlier.