S&P Dow Jones to Launch Two Crypto Indices in Association With Lukka

S&P Dow Jones Indices, a subsidiary of financial data provider S&P Global Inc has become the latest mainstream financial company to join the growing crypto…

S&P Dow Jones Indices, a subsidiary of financial data provider S&P Global Inc has become the latest mainstream financial company to join the growing crypto bandwagon as they announced that they would be listing two cryptocurrency indices by 2021 The listed crypto indexes would make use of data from a New-York based virtual currency company Lukka.

Advertisement

A joint statement released by S&P DJI and Lukka revealed that clients of the financial firm would work with them to create customized indices and benchmarking tools for cryptocurrencies. The interest of S&P DJI in digital assets is an indication that cryptocurrencies are going mainstream, the indices would make it easier for investors to access digital assets. With such large players getting involved in the nascent technology, the time has come for cryptocurrencies to compete with mainstream assets.

Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices believes that the time has come to create independent, reliable, and user-friendly benchmarks as crypto assets are entering the mainstram. He said,

“With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and user-friendly benchmarks,”

What Could This Mean For Crypto Asset Class?

S&P DJI is one of the most noted and traded indices around the globe and exposure to cryptocurrency via crypto indices would propel cryptocurrencies to new heights. An S&P index listing means that the demand and market for digital assets have started to expand and investors don’t see it as a “get rich quick scheme.”

The S&P DJI listing can also open the gates for Bitcoin Exchange Traded Fund or Bitcoin ETF which has been rejected up until now for a reason that the market is not big enough or wide enough for ETFs. The news about the listing is in fact even more bullish than PayPal allowing crypto trading through its platform.

Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Recent Posts

Ethereum Breaks ATH After 3 Years On Several Exchanges, What’s Next?

Ethereum finally broke its previous all-time high of $1432 to create a new ATH at…

24 mins ago

Institutional-grade Crypto Exchange AAX Reports Record Fiat-Crypto Purchases in 2021

Singapore, January 12, 2021 — Cryptocurrency exchange AAX has reported record-breaking volume in the early…

1 hour ago

Former Ripple CTO Dumps 28.6 Million XRP For The First Time Post SEC Lawsuit

Jed McCaleb, former CTO of Ripple dumped another 28.6million XRP for the first time since…

2 hours ago

100 Million USDT Moved From Tether [USDT] Treasury, Analyst Peter Brandt Casts Doubts Over Tether & BTC Pumps

100 Million Tether [USDT] were recently moved from Tether treasury to an unknown wallet and…

2 hours ago

Former IMF Chief Economist Calls Bitcoin (BTC) A Classic Bubble

Just as the Bitcoin (BTC) price scales new heights, a lot of world leaders and…

4 hours ago

On-Chain Metrics Suggests Ethereum [ETH] Price Poised to Breach ATH

ETH price currently trading at a new yearly high of $1,340 with over 12% gains…

5 hours ago