Cryptocurrency Indices are expected to Launch in 2021 from S&P Dow Jones Indices

S&P Dow Jones Indices has made it official: they will launch cryptocurrency indexes in 2021, becoming the latest big finance company to debut in the digital asset industry.

More than 550 of the highest traded coins to be included in the indexes

As Reuters initially reported on December 3, 2020, such indices will measure the performance of over 550 best-traded crypto by market cap, including bitcoin, and will use data from the New York-based company Lukka .

According to the release issued by both companies, S&P clients could create customized indices, among other benchmarking tools on cryptocurrencies. Peter Roffman, head of global Innovation and Strategy at Dow Jones S&P Indices, told Reuters:

With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and easy-to-use benchmarks.

Both sides also mentioned in the joint statement that they expect cryptocurrencies to achieve “mainstream investments” status with the launch of the indices in 2021.

Larger financial institutions have been flirting with the crypto sphere, like JP Morgan, which has been showing a dramatic shift in their attitude towards Bitcoin, movement to a bullish outlook in the medium and long term.

Also, the payment processing giant Paypal has been taking significant steps to adopt cryptocurrencies in their portfolio, as they announced on October 21, 2020, official support of bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH) , and litecoin (LTC).

During a earnings call held on November 2, 2020, PayPal CEO Dan Schulman unveiled plans such as increased crypto-asset purchase restrictions.

Another major bank moving to bullish views on BTC is Deutsche Bank, which argued that “more investors are starting to see it emerge as a credible asset to invest in,” where gold is used to hedge dollar risk, and inflation.

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