Traditional finance wants to release the next crypto indexes, which include 550 coins.
The S&P Dow Jones Indices are a joint venture between S&P Global, the CME Group and News Corp. The Group plans to launch cryptographic currency indices for the first time in 2021, it has confirmed.
In a Thursday press release, S&P DJI described Bitcoin (BTC) and Altcoins as an „emerging asset class“.
Bitcoin and Altcoin come to Wall Street
The company will merge with Lukka, a US block chain data provider, to launch the indices. These will include 550 crypto-currencies.
„As digital assets such as crypto currencies are a rapidly evolving asset class, it is time to bring out independent, reliable and user-friendly benchmarks,“ said Peter Roffman, global head of innovation and strategy at S&P DJI, in the press release.
„We look forward to working with Lukka. The company is a leading data provider for digital assets and will help us promote transparency in this emerging sector“.
This is Wall Street’s reaffirmation of its support for Bitcoin and other digital currencies and underlines the interest in the institutional sector.
„Our collaboration with S&P DJI is another milestone that bridges the gap between the crypto asset ecosystem and traditional finance,“ said Robert Materazzi, CEO of Lukka.
„In a rapidly maturing industry, it is extremely important to work to institutional standards when working with highly respected names such as S&P DJI. Lukka is very pleased to be working with S&P DJI to help promote innovation“.
The press release did not specifically state which crypto-currencies the index covers. The methodology behind the selection is also not known if it is not based on market capitalisation.
Bitcoin has recently reached new all-time highs on various stock exchanges and has come very close to resistance at $20,000.