The cryptocurrency industry just got another player. On Wednesday, Bloomberg and Galaxy Digital Capital Management LLP launched the Bloomberg Galaxy Crypto Index (BGCI). This is pretty significant news, and if you haven’t clued in as to why just yet, don’t worry – you’ll understand soon.
The Bloomberg Galaxy Crypto Index
Today, the Bloomberg Galaxy Crypto Index was launched. The key players in this index are Bloomberg and Galaxy Digital Capital Management LLP. More specifically, the index is owned by Bloomberg Index Services, while Galaxy Digital Capital co-brands the index. The latter is a digital asset management company, and it was founded by Michael Novogratz, an ex-hedge fund manager. In 2007 and 2008, Forbes ranked Michael Novogratz as a billionaire.
The Bloomberg Galaxy Crypto Index is essentially an index that will be used to track the performance of a certain section of the crypto market. Specifically, the largest and most liquid section of the market. It’s important to mention that the Bloomberg Galaxy Crypto Index is market-cap-weighted. Further, the Bloomberg Galaxy Crypto Index is designed to measure the performance of virtual currencies that are USD-traded. This includes Ethereum (available on Coinbase) (ETH), Bitcoin (available on Coinbase) (BTC), and Ripple (available on Binance) (XRP).
Mentioned briefly, this is a significant announcement. Why? Because the index is an important step in advancing the digital assets market. So what are people saying, now that the news is out in the open? Let’s see what we can find out.
What Does the Bloomberg and Galaxy Team Think?
Both Bloomberg and Galaxy have been vocal today on social media, spreading the news as best as they can. Bloomberg tweeted to its 50.3K followers the following message:
TogETHer with Galaxy Digital Capital Management LP, we’ve launched the Bloomberg Galaxy Crypto Index (BGCI), designed to track the performance of the largest, most liquid portion of the #cryptocurrency market: https://t.co/O13ake2gbk pic.twitter.com/kF8DRobdHQ
— Bloomberg Terminal (@TheTerminal) May 9, 2018
Meanwhile, OneChainFX joined the conversation as well, announcing it is a data partner to the companies for the Bloomberg Galaxy Crypto Index.
We’re thrilled to be a data partner to Bloomberg and Galaxy for their new cryptoasset index! Not bad for a six month old project 🙂
Much more to come! https://t.co/fMHlKbTmQL
— OnChainFX (@onchainfx) May 9, 2018
Even Michael Novogratz shared the news personally, tweeting to his 84.2K followers that he is “so excited” to be able to announce the Bloomberg Galaxy Crypto Index.
So excited to announce our partnership with Bloomberg. The herd is on the move. This is an important piece of the architecture that institutional accounts need to treat crypto as a new asset class. https://t.co/TRSY97XjCl
— Michael Novogratz (@novogratz) May 9, 2018