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S&P Dow Jones Indices announced launch of Cryptocurrency Indexes in 2021

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Crypto Business World

CBW -External Analyst

INDIA

Dec, 14 2020

Dec, 14 2020

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S&P Dow Jones Indices have made an official announcement about the launch of Cryptocurrency Indexes in 2021. This becomes the major finance company to make its establishment into the digital asset industry.


On December 3, 2020, it was reported that the performance of over 550 top traded crypto by market capitalization, for instance, Bitcoin will be measured by such indexes and the data will be used from Lukka, a New – York-based company.


Among other benchmarking tools on cryptocurrencies, the clients of S & P will be able to create customized indexes, according to a statement issued by both companies.


In accordance with the global head of Innovation and Strategy at S&P, Peter Roffman, cryptocurrencies are becoming a swiftly emerging asset class. So, the time is correct for authentic, independent, and user – friendly benchmarks.


In the joint statement, it was mentioned that both parties are expecting cryptocurrencies to obtain the stature of mainstream investments with the launch of indexes in 2021.


Enormous financial institutions have been flirting with the crypto arena, for instance, JP Morgan, who has been demonstrating an astonishing turnaround from their perspective towards Bitcoin, moving to a bullish perspective in the short, medium, and long period.


PayPal, a payment processing giant has been taking essential steps in order to embrace cryptocurrencies within their portfolio, as an official announcement in respect to the support of Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH) was made on October 21, 2020.


Dan Schulman, Chief Executive Officer at PayPal disclosed plans, for instance, an increase in purchasing limit on November 2, 2020, during an earnings call.


Deutsche Bank is also moving towards a bullish perspective on BTC as it contended that several investors have started viewing BTC as a credible asset to invest in where dollar risk and inflation are safeguarded with the use of gold.


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Crypto Business World

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