Cryptocurrency market capitalisation leader Bitcoin will be entering the Wall Street early next year, it has been confirmed. S&P Dow Jones Indices — a joint venture between S&P Global, the CME Group and News Corp — will debut cryptocurrency indexes in 2021.
S&P DJI have described Bitcoin (BTC) and altcoins as an “emerging asset class” in a press statement released on December 3.
The firm says it will partner with Lukka, a U.S. blockchain data provider, to launch the indexes, which will cover a reported 550 cryptocurrencies.
“With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and user-friendly benchmarks,” Peter Roffman, global head of innovation and strategy at S&P DJI, stated.
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.”
The move marks the latest commitment from Wall Street to embrace Bitcoin and other digital currencies, underscoring interest from the institutional sphere.
“Our collaboration with S&P DJI is yet another milestone that bridges the gap between the crypto asset ecosystem and traditional financial services,” Robert Materazzi, CEO of Lukka, added.
“In a rapidly maturing industry, it is paramount to build to institutional standards when working with highly respected brands, such as S&P DJI. Lukka is thrilled to help drive ongoing innovation in collaboration with S&P DJI.
The release did not state which specific cryptocurrencies will be covered or the methodology behind their selection if it is not based on market capitalization.
The move comes as Bitcoin sets new all-time highs on various exchanges heading towards $20,000. At the time this article was published, the price of Bitcoin stood at USD 19,307.