S&P is All Set to Launch Cryptocurrency Index

As the use of cryptocurrency indexes is increasing again S&P Dow Jones Indices has decided to introduce a cryptocurrency index like Bitcoin and Ether. S&P Dow Jones has mentioned in the official statement announced on Monday that the cryptocurrency index will be known as S&P Dow Jones indices.

The company is a global organization that conducts several types of research with index-based dataset data. The recently launched index will include three types of index. These are Ether based S&P Ethereum Index (SPETH), Bitcoin-based S&P Bitcoin Index (SPBTC), and S&P Cryptocurrency MegaCap Index (SPCMC). All these indexes will be visible on the S&P’s website that will help the user to track the cryptocurrency performance depending on the market capitalization.

The indices will provide the transparency that the users of these cryptocurrencies will look for. These indices are designed in such a way that they can measure the digital assets related to cryptocurrencies. This will automatically lead to minimum liquidity.

Data company Lukka will provide all these data that will be used as a reference to prepare crypto pricing index and crypto accounting. According to the sources, the project and also the firm, S&P Dow Jones is funded by well-known billionaire George Soros. This organization also has the backing of S&P DJI’s patent company S&P Global and is advised by CPA.com. The index will be launched in the latter half of 2021 and will try to cover at least 550 digital assets in the earlier months.

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