S&P Dow Jones Indices To Launch Its Own Cryptocurrency Index Amid Bitcoin Resurgence

The S&P Down Jones Indices, a unit of market data provider S&P Global SPGI, is collaborating with Lukka Inc to introduce a global cryptocurrency index sometime next year.

Lukka is a New York-headquartered software company centered around blockchain technology and the digital assets domain.

What Happened: S&P DJI will incorporate Lukka’s proprietory digital asset pricing data to create custom solutions for indexing and benchmarking.

"With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and user-friendly benchmarks,” S&P DJI Global Head of Innovation and Strategy Peter Roffman said, talking about the need for a cryptocurrency index.

Why Does It Matter: Bitcoin has been trading near all-time-high levels above $19,000 this week and the mainstream interest related to investments in the digital asset space is piqued again.

The latest announcement by S&P DJI follows the recent $44 billion acquisition of IHS Markit Ltd INFO. The all-stock deal, announced last week, will give S&P 67.75% controlling interest in the newly formed entity, whereas IHS Market shareholders with control the remaining stake.

In mid-November, IHS Markit signed up with Lukka and agreed to bundle the cryptocurrency software company’s products along with its own offerings.

Price Action: SPGI stock closed 2% lower on Thursday at $326.61. Bitcoin traded 0.8% higher at $19,306.11.

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Posted In: CryptocurrencyNewsMarketsMediaBitcoinDigital AssetsLukka IncS&P Dow Jones Indices
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