Bloomberg Launches Cryptocurrency Benchmark Index for Investors

  • Urvashi Verma
    📰 News

    The Bloomberg Galaxy Crypto Index is designed in response to clients’ growing interest in cryptocurrencies

Bloomberg Launches Cryptocurrency Benchmark Index for Investors

Bloomberg, financial business news leader, launched the first institutional-grade benchmark designed to track liquidity of cryptocurrency markets, Wednesday.

The Bloomberg Galaxy Crypto Index  (BGCI) measures the performance of ten USD traded cryptocurrencies including Bitcoin, Ethereum, Monero, Ripple, and Zcash. Constituents of the (BCGI) are diversified across different categories of digital assets, such as stores of value, mediums of exchange, smart contract protocols and privacy assets.

In a statement released earlier today, Alan Campbell, manager of Global Product Indices at Bloomberg, says:

"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."

Bloomberg clients can now access the index by using the ticker BGCI Index <GO>.

The index was developed in partnership with Galaxy Digital Capital Management LP, a leading digital asset management firm founded by Michael Novogratz, formerly a partner at Goldman Sachs.

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The BGCI has been developed using a rules-based methodology and data sources that have passed through the high level due diligence at both Bloomberg and Galaxy Digital Capital Management, the companies say.

Galaxy Digital Capital Management LP is a diversified asset management firm dedicated to the digital currency and blockchain sectors.  The firm manages three distinct business lines: Index Fund Management, Blockchain Ecosystem Funds, and Opportunistic Funds for clients.

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