New York’s S&P Dow Jones Indices set to unfurl cryptocurrency price index in 2021

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New York’s S&P Dow Jones Indices set to unfurl cryptocurrency price index in 2021

On Thursday, S&P Dow Jones Indices, a New York-based subsidiary of the financial data provider S&P Global Inc., had issued a statement saying that it would set off cryptocurrency price indices as early as by next year, suggesting a breakthrough development for crypto assets which had long been struggling to make an impression in mainstream fiscal marketplaces.

On top of that, S&P Global Inc. had been quoted saying earlier in the US trading hours that the planned S&P Dow Jones Indices-branded cryptocurrency indices would operate based on the data from New York-based virtual asset company Lukka, while S&P DJI had been looking to rollout indices for more than 550 top-traded digital coins, Lukka and S&P Global said in separate statements.

Besides, under the terms of Lukka deal, S&P Dow Jones Indices’ clients would be able to create customized crypto indices alongside other benchmark tools on digital assets, according to data provided by Lukka.

Lukka, S&P team up to offer reliable crypto pricing data

In tandem, S&P and Lukka had told in a joint statement that the S&P DJI move would enable investors to access more reliable pricing data for crypto assets and might help offset some of the risks stemmed off the highly volatile and speculative cryptocurrency market.

Apart from that, latest announcement from S&P Dow Jones Indices came forth as bitcoin kept climbing to record highs against a sharply softening American currency, while during preparation of the report, GMT.

23.30, bitcoin, the original cryptocurrency, was trading 0.2 per cent higher to $19,481.1. Meanwhile, citing a through and through optimism over the S&P Dow Jones Indices’ latest move to launch indices for crypto assets as early as by next year, a global head of innovation and strategy at S&P Dow Jones Indices, Peter Roffman said after the announcement, “With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and user-friendly benchmarks”.