S&P Dow Jones Indices Launches Cryptocurrency Indexes

S&P Dow Jones Indices, a division of US financial data provider S&P Global, has announced it will launch cryptocurrency indexes in 2021.

December 3, 2020, | AtoZ Markets – S&P Dow Jones announced Thursday that it will launch its own cryptocurrency indexes. The new products will reportedly be launched in 2021.

Cryptocurrency indexes to hit the S&P Dow Jones in 2021

S&P DJI-branded products will use data from New York-based Lukka for more than 550 of the world’s most traded coins, one of the world’s most prominent index providers explained.

The companies said in a joint statement that S&P clients will be able to work with the firm to create customized indices and other benchmarking tools for digital currencies.

“As digital assets such as cryptocurrencies are becoming a booming asset class, it is time for independent, reliable and user-friendly benchmarks,” said Peter Roffman, director of innovation and strategy at S&P Dow Jones Indices.

Lukka CEO Robert Materazzi believes their collaboration is another step towards bridging the gap between the cryptoasset ecosystem and traditional financial services.

“In a fast-paced industry, it is imperative that you meet institutional standards when dealing with respected brands like S&P DJI,” he added.

More widespread attention for cryptocurrencies?

The S&P announcement is just the latest in a series of developments that appear to bring cryptocurrencies closer to adoption this year.

Major Bitcoin investments by corporate treasuries, such as those from MicroStrategy and Square, have helped attract new interest in the industry.

Similarly, major payments platform PayPal announced support for cryptocurrency services in October. These developments have also inspired interest among major financial institutions, including JP Morgan, Deutsche Bank, and Citibank.

Earlier, the Singapore Stock Exchange (SGX) added the first ever cryptocurrency indices to its platform.

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