On Thursday, Bloomberg announced that it would launch an index currently tracking the performance of nine different decentralized finance (DeFi) projects with Galaxy Digital Management, expanding their crypto offering.

According to Bloomberg, the decentralized finance projects were chosen on the basis of institutional trading, quality of pricing and custody readiness in the US.

These projects include Uniswap (UNI), Aave (AAVE), Yearn. Finance (YFI), Maker (MKR), 0x (ZXR), Compound (COMP), Synthetic (SNX), SushiSwap (SUSHI), and Uma (UMA).

"Decentralized finance is growing as the next major investment theme within crypto," said Alan Campbell, Head of Product Management for Bloomberg's Multi-Asset Index business. "As liquidity and institutional custody solutions continue to grow, DeFi has become an increasingly compelling option for institutional investors, and we'll continue working with Galaxy to expand our crypto index offering."

"Galaxy continues to pioneer inroads for institutions seeking exposure to the innovation happening within the crypto ecosystem," said Steve Kurz, Partner and Head of Asset Management at Galaxy Digital.

"The blockchain-based infrastructure behind DeFi is maturing at an accelerating rate and clear examples of how this new technology can disrupt financial services are emerging in real-time. This partnership with Bloomberg and our DeFi Index Fund provides investors with data and tools that deliver calculated exposure to the future of financial services."

The announcement comes three years after Mike Novogratz’s Galaxy Digital, first joined forces with Bloomberg, a global business and financial news giant to create a new crypto index tied to decentralized finance. DeFi Crypto Index Fund has been created for this new index and is operated by fund manager Bitwise.

Pavan A

CBW - External Analyst

INDIA