Busy trading floor of the New York Stock Exchange in New York, New York, USA on 22 September 2011. Shutterstock
Financial data provider S&P Dow Jones Indices (S&P DJI) will be introducing a new customizable cryptocurrency indexing service for Wall Street in 2021, the firm said in a press release on 3 December.
According to the announcement, the new service will be released in partnership with U.S.-based blockchain data provider Lukka, which will use its aggregated data services — including Lukka Reference Data and Lukka Prime — to support the new customized crypto index. The new service will not only support major cryptocurrencies, such as Bitcoin and Ethereum, but would reportedly cover over 500 digital assets. The Head of Innovation and Strategy at S&P DJI, Peter Roffman, said in a statement:
“With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and user-friendly benchmarks. We’re excited to work with Lukka, who has been at the forefront of digital asset data services, to promote more transparency in this nascent sector.”
S&P DJI further said that the initiative was spurred by the “need for reliable pricing data” in the cryptocurrency sector, which has evolved in recent years, and now attracts the attention of traditional investors. The new solution will help investors with easier access to the “emerging” asset class, and mitigate some of the risks associated with crypto trading. The CEO of Lukka, Robert Materazzi, said in a statement:
“Our collaboration with S&P DJI is yet another milestone that bridges the gap between the crypto asset ecosystem and traditional financial services. In a rapidly maturing industry, it is paramount to build to institutional standards when working with highly respected brands, such as S&P DJI.”