S&P Dow Jones Indices To start Index For Cryptocurrency In 2021
S&P Dow Jones Indices To start Index For Cryptocurrency In 2021

S&P Dow Jones Indices, the financial data provider of S&P Global Inc, said on Thursday that it will launch crypto-currency indices in 2021, making it the latest major finance company to enter the nascent asset class. The S&P DJI-branded products will use data from New York-based virtual currency company Lukka on over 550 of the top traded coins, the companies said.

Notably, S&P's clients will be able to work with the index provider to generate customized indices and other benchmarking tools on crypto-currencies, S&P and Lukka said in a joint statement. S&P and Lukka hope more reliable pricing data will make it easier for investors to access the new asset class, and decrease some of the risks of the very volatile and speculative market, they said.

"With digital assets such as crypto-currencies becoming a speedily emerging asset class, the time is right for independent, reliable and user-friendly benchmarks," said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices.  The move by one of the world's most recognized index providers could help crypto-currencies become more mainstream investments.

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