S&P Dow Jones Indices Set to Debut Cryptocurrency Indexes In 2021
Over recent times, the cryptocurrency industry has seen various financial firms entering into the market including MicroStrategy and PayPal. Now, another financial giant is also planning on stepping into this industry. Known as the leading index provider in the world, S&P Dow Jones Indices (S&P DJI) has announced that it has planned to roll out cryptocurrency indexes by the next year. With the launch of these indexes, the index providing firm intends to make its place in the crypto industry. This is also a significant move for the mainstream adoption of Bitcoin (BTC) and other digital currencies.
S&P Dow Jones Indices to Work with Lukka
For launching cryptocurrency indexes by 2021, S&P Dow Jones Indices is going to collaborate with the leading United States-based digital asset software and data firm Lukka. As per the announcement published Thursday on the 3rd of December, the proprietary cryptocurrency pricing data will support “S&P DJI-branded and customized indexing and benchmarking solutions” provided by S&P Dow Jones Indices.
Commenting on this, the Global Head of Innovation and Strategy at S&P Dow Jones Indices Peter Roffman said in a statement that they are very delighted to work and collaborate with Lukka over this project for nurturing transparency further in this so-called “nascent industry”. While adding more to his remarks, he called digital currencies “emerging asset class” saying “the time is right for independent, reliable and user-friendly benchmarks”.
While on the other hand, the Chief Executive Officer (CEO) of Lukka Robert Materazzi said that their partnership with the world’s leading index provider marks a significant milestone for bridging the gap between traditional financial services and the ecosystem of cryptocurrencies. “In a rapidly maturing industry, it is paramount to build to institutional standards when working with highly respected brands, such as S&P DJI. Lukka is thrilled to help drive ongoing innovation in collaboration with S&P DJI,” Robert added.
Reportedly, a total of 550 famous cryptocurrencies will be covered in these indexes and the cryptocurrency firm Lukka will provide data on all of these top-traded digital tokens.
A Significant Move For the mainstream adoption of Bitcoin
With this announcement, the world’s largest cryptocurrency in terms of market capitalization has arrived on Wall Street. This significant move will accelerate Bitcoin’s popularity and it may further drive the mainstream adoption of the top-ranked digital currency as well as other cryptocurrencies.
This announcement from the major index provider has come shortly after the leading cryptocurrency recorded its all-time high value by surging above $19,900 recently. However, it could not break the price level of $20,000 where it is now facing a huge resistance. At the press time, the price value of BTC is up nearly 2 percent over the last day while trading at around $19,300.
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