S&P DJI Indexes, a joint venture of S and P Global, the Chicago Mercantile Exchange and News Corp, have confirmed the launch of cryptocurrency indices in 2021.
In a December 3 press release, S&P Dow Jones Indexes called Bitcoin and altcoins a "emerging asset class."
Bitcoin and altcoins reach Wall Street financing
The company will partner with Lucca, a US blockchain data company, to launch the indices, which will cover roughly 550 cryptocurrencies.
“With digital assets such as cryptocurrencies rapidly becoming an emerging asset class, the time has come for independent, reliable, and easy-to-use standards,” Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indexes, said in the press release.
"We are excited to work with Lucca, which has been at the forefront of digital asset data services, to promote more transparency in this emerging sector."
The move marks the latest commitment from Wall Street to embrace Bitcoin and other digital currencies, confirming interest from the institutional sphere.
“Our collaboration with S and P Dow Jones Indexes is another milestone that bridges the gap between the ecosystem of crypto assets and traditional financial services,” said Robert Materazzi, CEO of Lucca, adding:
"In a rapidly maturing industry, it is critical to build corporate standards when working with reputable brands, such as S and P Dow Jones Indexes. Luca is pleased to help drive continued innovation in collaboration with S and P Dow Jones Indexes."
The release did not mention the specific cryptocurrencies that would be covered or the methodology behind choosing them if it was not based on market value.
The move comes at a time when Bitcoin is hitting an all-time high on various exchanges and is challenging the resistance at $ 20,000.
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