Mike Novogratz (founder of crypto hedge-firm Galaxy Digital Capital Management) has announced a partnership with Bloomberg LP to provide a market index that they claim will be more transparent and better for crypto investors searching for accurate pricing information.
Bloomberg LP, one of the leading financial info companies in the world with a range of technological solutions for traders (in particular the iconic Bloomberg terminal) has just made the announcement. It comes at a time when the crypto industry is developing solutions (like trading terminals, financial instrument platforms, and trading funds) to make crypto trading more in line with conventional asset trading.
Novogratz, a long-time evangelist for the productivity and investment potential of cryptocurrencies, adds the venture to a long line of blockchain projects. Aside from the crypto hedge fund he founded, he has been an advisor to several projects and actively involved in the space for years. Previously, he worked as a trader at Goldman Sachs.
They are targetting the unreliable market transparency in crypto. His colleague at Galaxy, Steve Kurz (Head of Asset Management) said:
“We are thrilled to partner with Bloomberg on the BGCI. The index’s independent, rules-based methodology provides a strong foundation on which the cryptocurrency ecosystem will continue to grow and mature.”
With ever-more complex trading strategies being employed by crypto investors, fast and accurate information has become a sore need in the space.
Crypto Index – A basket of the 10 biggest
The first coins listed are a predictable basket of the top 10 by market cap:
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Dash, Monero, Ethereum Classic, and Zcash.
Novogratz himself said of the index: “The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets. We are excited to help drive the decentralized revolution forward through the creation of BGCI.” Currently, sites like coingecko pull in information from the likes of Bitfinex and Kraken, so it will be interesting to see what improvements if any Novagratz and his team can bring about.