Bloomberg Partners with Novogratz’s Digital Capital in an Attempt to Release Crypto Benchmark
Two of the largest financial crypto powers in the world, Bloomberg and Mike Novogratz’s are working together to launch the Bloomberg Galaxy Crypto Index. In case you didn’t know, Novogrtz’s is the founder of the Crypto Merchant Bank Galaxy Digital Management. Together, the two are attempting to track ten cryptocurrencies from the “largest, most liquid portion of the cryptocurrency market,” as stated by Bloomberg on May 9th.
The coins that will be listed on the index as of today are Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS, as well as Litecoin, Dash, Monero, Ethereum Classic, and Zcash. Bloomberg also declared that BGCI will be the first in the world to offer the “first institutional benchmark for the cryptocurrency market.
Alan Campbell, the Global Product Manager for Bloomberg Indices was also heard to say that the “launch of the Bloomberg Galaxy Crypto Index reflects our clients; growing interest in cryptocurrencies.” Recently, another report was made by Goldman Sachs – the major player declared they would begin trading in Bitcoin contracts after several clients made requests for them to do so.
In the beginning of April another former Goldman Sachs executive joined Galaxy Digital as the companies new COO. Even early than that, the owner of the New York Stock Exchange was seen putting a lot of interest into giving their customers the ability to hold and sell Bitcoin.
Once the new management system is launched, they will be focused primarily on three different, very distinct business models: The Blockchain Ecosystem Funds, Opportunistic Funds, and the Index Fund Management.
Once the index launches, it’s one more step towards crypto markets being adopted by different financial institutions. Bloomberg has also stated the “BGCI offers the first institutional benchmark for the cryptocurrency market.”
Campbell made another remark recently as well, as heard below:
“The launch of the Bloomberg Galaxy Crypto Index reflects clients’ growing interest in cryptocurrencies… The index brings rigorous approaches to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”
Novogratz’s a former wrestler, billionaire, and helicopter pilot/Goldman Sach’s trader is also a known BTC supporter. The financial genius is the main person backing the launch of the new system.
And after coming out of a massive retirement including a $500 million-dollar crypto hedge fund, his main goal is the successful launch of the new Galaxy Digital Management LP. He believes that the index will bring a transparency to the market like has never been seen before.