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

by Arnab Shome
  • The data provider has partnered with crypto exchange Lukka for sourcing crypto market data.
S&P Dow Jones Indices to Launch Customizable Crypto Index in 2021
Bitcoin

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 prices are pushing to set another all-time record.

“With digital assets such as Cryptocurrencies 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.

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 prices are pushing to set another all-time record.

“With digital assets such as Cryptocurrencies 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.

About the Author: Arnab Shome
Arnab Shome
  • 6306 Articles
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6306 Articles
  • 80 Followers

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